Meeder Asset Management Inc. Has $1.88 Million Position in Lear Co. (LEA)

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Meeder Asset Management Inc. increased its holdings in Lear Co. (NYSE:LEA) by 23.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,869 shares of the auto parts company’s stock after purchasing an additional 2,640 shares during the quarter. Meeder Asset Management Inc.’s holdings in Lear were worth $1,882,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of LEA. Norges Bank bought a new stake in shares of Lear in the fourth quarter worth $653,026,000. Oregon Public Employees Retirement Fund grew its stake in shares of Lear by 11,007.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,898,551 shares of the auto parts company’s stock worth $40,000 after purchasing an additional 4,854,451 shares during the last quarter. Pzena Investment Management LLC bought a new stake in shares of Lear in the fourth quarter worth $339,861,000. Massachusetts Financial Services Co. MA lifted its holdings in Lear by 140.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,841,520 shares of the auto parts company’s stock valued at $349,110,000 after buying an additional 1,659,488 shares during the period. Finally, Harris Associates L P lifted its holdings in Lear by 65.9% in the fourth quarter. Harris Associates L P now owns 3,424,807 shares of the auto parts company’s stock valued at $420,772,000 after buying an additional 1,360,164 shares during the period. 98.09% of the stock is currently owned by institutional investors.

In other news, VP Shari L. Burgess sold 3,500 shares of the company’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $156.00, for a total transaction of $546,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Terrence B. Larkin sold 18,985 shares of the company’s stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $155.28, for a total transaction of $2,947,990.80. Following the transaction, the executive vice president now owns 2,752 shares in the company, valued at approximately $427,330.56. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by corporate insiders.

Several research firms recently issued reports on LEA. Morgan Stanley dropped their target price on shares of Lear from $185.00 to $181.00 and set an “overweight” rating on the stock in a report on Monday. Longbow Research restated a “buy” rating and issued a $190.00 target price on shares of Lear in a report on Wednesday, April 10th. Argus began coverage on shares of Lear in a report on Thursday, March 28th. They issued a “hold” rating on the stock. Deutsche Bank lowered shares of Lear from a “buy” rating to a “hold” rating and dropped their target price for the company from $162.00 to $159.00 in a report on Tuesday, March 19th. Finally, ValuEngine lowered shares of Lear from a “hold” rating to a “sell” rating in a report on Thursday, February 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. Lear has an average rating of “Buy” and a consensus target price of $178.87.

LEA stock opened at $156.10 on Wednesday. Lear Co. has a 12-month low of $114.45 and a 12-month high of $206.36. The firm has a market capitalization of $9.76 billion, a P/E ratio of 8.57, a PEG ratio of 3.50 and a beta of 1.32. The company has a current ratio of 1.40, a quick ratio of 1.13 and a debt-to-equity ratio of 0.45.

Lear (NYSE:LEA) last announced its quarterly earnings data on Friday, January 25th. The auto parts company reported $4.05 earnings per share for the quarter, beating the consensus estimate of $3.96 by $0.09. Lear had a net margin of 5.37% and a return on equity of 27.12%. The firm had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the prior year, the business earned $4.38 earnings per share. The business’s quarterly revenue was down 7.9% compared to the same quarter last year. Equities analysts anticipate that Lear Co. will post 17.85 earnings per share for the current fiscal year.

Lear declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 7th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the auto parts company to reacquire up to 15.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Friday, March 1st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, February 28th. This represents a $3.00 annualized dividend and a dividend yield of 1.92%. This is a positive change from Lear’s previous quarterly dividend of $0.70. Lear’s dividend payout ratio is currently 16.47%.

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Lear Company Profile

Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers worldwide. It operates in two segments, Seating and E-Systems. The Seating segment offers leather and fabric products, seat trim covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles; and heating and cooling systems.

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Institutional Ownership by Quarter for Lear (NYSE:LEA)

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