Lear Co. (NYSE:LEA) announced a quarterly dividend on Wednesday, February 14th, RTT News reports. Stockholders of record on Wednesday, March 7th will be paid a dividend of 0.70 per share by the auto parts company on Monday, March 26th. This represents a $2.80 annualized dividend and a dividend yield of 1.50%. The ex-dividend date is Tuesday, March 6th. This is an increase from Lear’s previous quarterly dividend of $0.50.
Lear has raised its dividend payment by an average of 35.7% per year over the last three years and has increased its dividend every year for the last 7 years. Lear has a dividend payout ratio of 11.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lear to earn $18.99 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 10.5%.
Shares of Lear (NYSE:LEA) opened at $186.57 on Thursday. The stock has a market cap of $12,605.74, a PE ratio of 11.08 and a beta of 1.48. Lear has a 1 year low of $132.01 and a 1 year high of $202.42. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.11 and a current ratio of 1.36.
Lear announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 14th that allows the company to buyback $954.00 million in outstanding shares. This buyback authorization allows the auto parts company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Several analysts have recently issued reports on LEA shares. Zacks Investment Research raised shares of Lear from a “hold” rating to a “buy” rating and set a $221.00 price target on the stock in a research report on Thursday, February 1st. Cowen reissued a “buy” rating and set a $220.00 price target on shares of Lear in a research report on Friday, January 19th. Longbow Research started coverage on shares of Lear in a research report on Friday, January 5th. They set a “buy” rating and a $225.00 price target on the stock. Jefferies Group reissued a “buy” rating and set a $231.00 price target on shares of Lear in a research report on Monday, January 29th. Finally, Robert W. Baird reissued a “buy” rating and set a $213.00 price target on shares of Lear in a research report on Friday, January 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $192.06.
In other Lear news, CEO Matthew Simoncini sold 100,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $190.14, for a total value of $19,014,000.00. Following the transaction, the chief executive officer now directly owns 56,818 shares in the company, valued at $10,803,374.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Thomas A. Didonato sold 9,618 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $190.16, for a total transaction of $1,828,958.88. Following the completion of the transaction, the senior vice president now owns 15,694 shares in the company, valued at $2,984,371.04. The disclosure for this sale can be found here. Insiders have sold 261,115 shares of company stock worth $49,699,331 over the last 90 days. Insiders own 0.49% of the company’s stock.
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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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