Lear Corp. (NYSE:LEA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and 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 subject of a number of other research reports. JPMorgan Chase & Co. increased their price objective on Lear Corp. from $129.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, July 29th. Citigroup Inc. increased their price objective on Lear Corp. from $145.00 to $153.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd. Bank of America Corp. downgraded shares of Lear Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 21st. Seaport Global Securities initiated coverage on shares of Lear Corp. in a research note on Tuesday, August 9th. They set a “neutral” rating on the stock. Finally, Barclays PLC set a $127.00 target price on shares of Lear Corp. and gave the company a “hold” rating in a research note on Monday, August 1st. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $129.11.
Lear Corp. (NYSE:LEA) opened at 121.25 on Wednesday. The firm’s 50 day moving average price is $116.78 and its 200-day moving average price is $113.14. The firm has a market cap of $8.67 billion, a PE ratio of 9.70 and a beta of 1.22. Lear Corp. has a 52 week low of $93.54 and a 52 week high of $127.00.
Lear Corp. (NYSE:LEA) last announced its quarterly earnings data on Thursday, July 28th. The company reported $3.66 EPS for the quarter, beating analysts’ consensus estimates of $3.32 by $0.34. Lear Corp. had a return on equity of 31.69% and a net margin of 5.14%. The company earned $4.70 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the firm earned $2.82 EPS. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, analysts forecast that Lear Corp. will post $13.27 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 1st were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend was Tuesday, August 30th. Lear Corp.’s dividend payout ratio (DPR) is presently 9.58%.
In other news, Director Jonathan F. Foster sold 1,500 shares of the company’s stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $119.24, for a total value of $178,860.00. Following the transaction, the director now directly owns 4,025 shares of the company’s stock, valued at $479,941. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.33% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of LEA. Checchi Capital Advisers LLC increased its position in Lear Corp. by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 1,023 shares of the company’s stock worth $104,000 after buying an additional 26 shares during the period. Societe Generale bought a new position in Lear Corp. during the second quarter worth $121,000. Assetmark Inc. increased its position in Lear Corp. by 8,535.3% in the second quarter. Assetmark Inc. now owns 1,468 shares of the company’s stock worth $150,000 after buying an additional 1,451 shares during the period. Pacer Advisors Inc. increased its position in Lear Corp. by 9.4% in the second quarter. Pacer Advisors Inc. now owns 1,509 shares of the company’s stock worth $154,000 after buying an additional 130 shares during the period. Finally, Creative Planning increased its position in Lear Corp. by 24.4% in the second quarter. Creative Planning now owns 1,532 shares of the company’s stock worth $156,000 after buying an additional 300 shares during the period. 94.70% of the stock is currently owned by institutional investors and hedge funds.
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.
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