Zacks Investment Research lowered shares of Lear Corp. (NYSE:LEA) from a buy rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “Lear Corporation is a leading global supplier of automotive seating systems, electrical distribution systems and electronics. The seating segment consists of the manufacture, assembly and supply of vehicle seating requirements. The Company produces seat systems for automobiles and light trucks that are fully assembled and ready for installation. The electrical and electronic segment consists of the manufacture, assembly and supply of electrical and electronic systems and components for the vehicle. The Company is able to provide its customers with engineering and design solutions and manufactured systems, modules and components that optimally integrate the electrical distribution system of wiring, terminals and connectors, junction boxes and electronic modules within the overall architecture of the vehicle. Lear Corporation is headquartered in Southfield, Michigan. “
LEA has been the topic of several other reports. Royal Bank Of Canada lowered Lear Corp. from an outperform rating to a sector perform rating and increased their price objective for the company from $120.00 to $121.00 in a research report on Friday, October 14th. Goldman Sachs Group Inc. lowered Lear Corp. from a neutral rating to a sell rating and reduced their price objective for the company from $116.00 to $107.00 in a research report on Thursday, October 6th. RBC Capital Markets cut Lear Corp. from an outperform rating to a sector perform rating and increased their target price for the company from $120.00 to $121.00 in a report on Friday, October 14th. They noted that the move was a valuation call. Bank of America Corp. cut Lear Corp. from a neutral rating to an underperform rating and dropped their target price for the company from $145.00 to $115.00 in a report on Wednesday, November 9th. Finally, JPMorgan Chase & Co. increased their target price on Lear Corp. from $129.00 to $130.00 and gave the company a neutral rating in a report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $126.75.
Shares of Lear Corp. (NYSE:LEA) opened at 128.68 on Wednesday. The stock’s 50 day moving average price is $121.05 and its 200 day moving average price is $115.83. Lear Corp. has a 12-month low of $93.54 and a 12-month high of $130.59. The company has a market cap of $9.03 billion, a P/E ratio of 9.77 and a beta of 1.29.
Lear Corp. (NYSE:LEA) last announced its quarterly earnings data on Wednesday, October 26th. The company reported $3.19 EPS for the quarter, beating the consensus estimate of $2.96 by $0.23. The firm had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.45 billion. Lear Corp. had a return on equity of 31.86% and a net margin of 5.26%. The company’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.56 EPS. On average, analysts forecast that Lear Corp. will post $13.69 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 9th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Wednesday, December 7th. Lear Corp.’s payout ratio is presently 9.12%.
In other news, Director Jonathan F. Foster sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total value of $178,860.00. Following the completion of the transaction, the director now owns 4,025 shares in the company, valued at approximately $479,941. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.33% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. boosted its position in Lear Corp. by 0.4% in the first quarter. Panagora Asset Management Inc. now owns 129,690 shares of the company’s stock worth $14,418,000 after buying an additional 508 shares during the last quarter. Babson Capital Management LLC boosted its position in Lear Corp. by 1.1% in the first quarter. Babson Capital Management LLC now owns 28,760 shares of the company’s stock worth $3,197,000 after buying an additional 310 shares during the last quarter. Royal Bank of Canada boosted its position in Lear Corp. by 206.0% in the first quarter. Royal Bank of Canada now owns 277,247 shares of the company’s stock worth $30,822,000 after buying an additional 186,629 shares during the last quarter. BlueMountain Capital Management LLC raised its position in Lear Corp. by 19.2% in the first quarter. BlueMountain Capital Management LLC now owns 302,889 shares of the company’s stock worth $33,672,000 after buying an additional 48,707 shares during the period. Finally, Origin Asset Management LLP raised its position in Lear Corp. by 15.3% in the first quarter. Origin Asset Management LLP now owns 292,521 shares of the company’s stock worth $32,520,000 after buying an additional 38,844 shares during the period. Institutional investors own 97.85% of the company’s stock.
Lear Corp. Company Profile
Lear Corporation (Lear) is a supplier to the global automotive industry. The Company is engaged in supplying seating, electrical distribution systems and electronic modules, as well as related sub-systems, components and software, to automotive manufacturers. The Company operates through two segments: seating and electrical.