Quadrature Capital Ltd increased its stake in Lear Co. (NYSE:LEA) by 144.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,724 shares of the auto parts company’s stock after acquiring an additional 6,924 shares during the period. Quadrature Capital Ltd’s holdings in Lear were worth $2,072,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in LEA. Global X Management Co. LLC lifted its stake in Lear by 23.1% in the fourth quarter. Global X Management Co. LLC now owns 1,467 shares of the auto parts company’s stock worth $259,000 after purchasing an additional 275 shares during the last quarter. FDx Advisors Inc. lifted its stake in Lear by 3.8% in the third quarter. FDx Advisors Inc. now owns 8,819 shares of the auto parts company’s stock worth $1,526,000 after purchasing an additional 319 shares during the last quarter. ETRADE Capital Management LLC lifted its stake in Lear by 6.1% in the third quarter. ETRADE Capital Management LLC now owns 5,633 shares of the auto parts company’s stock worth $975,000 after purchasing an additional 325 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Lear by 13.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,818 shares of the auto parts company’s stock worth $400,000 after purchasing an additional 334 shares during the last quarter. Finally, Commonwealth Equity Services Inc lifted its stake in Lear by 8.6% in the third quarter. Commonwealth Equity Services Inc now owns 4,218 shares of the auto parts company’s stock worth $730,000 after purchasing an additional 334 shares during the last quarter. Institutional investors own 91.46% of the company’s stock.
Several analysts have weighed in on LEA shares. Zacks Investment Research raised shares of Lear from a “hold” rating to a “buy” rating and set a $199.00 price target for the company in a research note on Tuesday, December 26th. ValuEngine raised shares of Lear from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Barclays reissued a “hold” rating and issued a $200.00 price target on shares of Lear in a research note on Sunday, January 21st. Longbow Research started coverage on shares of Lear in a research note on Friday, January 5th. They issued a “buy” rating and a $225.00 price target for the company. Finally, Robert W. Baird reissued a “buy” rating and issued a $213.00 price target on shares of Lear in a research note on Friday, January 26th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Lear has an average rating of “Buy” and a consensus target price of $192.06.
Lear (NYSE:LEA) last released its quarterly earnings results on Friday, January 26th. The auto parts company reported $4.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.25 by $0.13. Lear had a net margin of 6.42% and a return on equity of 30.32%. The company had revenue of $5.36 billion during the quarter, compared to the consensus estimate of $5.27 billion. During the same period in the prior year, the firm earned $3.80 earnings per share. Lear’s revenue was up 15.5% on a year-over-year basis. sell-side analysts predict that Lear Co. will post 18.38 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 26th. Investors of record on Wednesday, March 7th will be paid a $0.70 dividend. This is an increase from Lear’s previous quarterly dividend of $0.50. This represents a $2.80 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date is Tuesday, March 6th. Lear’s dividend payout ratio is presently 10.75%.
Lear announced that its Board of Directors has authorized a share buyback program on Wednesday, February 14th that allows the company to repurchase $954.00 million in outstanding shares. This repurchase authorization allows the auto parts company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.
In related news, insider Jay K. Kunkel sold 6,694 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $190.14, for a total value of $1,272,797.16. Following the completion of the transaction, the insider now directly owns 12,056 shares of the company’s stock, valued at $2,292,327.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Mel Stephens sold 17,006 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $193.00, for a total transaction of $3,282,158.00. Following the completion of the sale, the senior vice president now owns 15,694 shares in the company, valued at approximately $3,028,942. The disclosure for this sale can be found here. Over the last three months, insiders sold 261,911 shares of company stock valued at $49,841,815. 0.49% of the stock is owned by insiders.
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Lear 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’s segments include Seating and E-Systems.
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