Steward Partners Investment Advisory LLC lowered its stake in shares of Lear Co. (NYSE:LEA – Get Rating) by 19.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,381 shares of the auto parts company’s stock after selling 1,045 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Lear were worth $625,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC bought a new stake in shares of Lear during the 4th quarter worth approximately $32,000. Allworth Financial LP bought a new stake in Lear in the 1st quarter valued at $34,000. Signaturefd LLC raised its stake in Lear by 81.1% in the 1st quarter. Signaturefd LLC now owns 239 shares of the auto parts company’s stock valued at $34,000 after acquiring an additional 107 shares during the period. National Bank of Canada FI bought a new stake in Lear in the 4th quarter valued at $35,000. Finally, Desjardins Global Asset Management Inc. bought a new stake in Lear in the 4th quarter valued at $36,000. Institutional investors own 95.46% of the company’s stock.
Analysts Set New Price Targets
Several research firms have weighed in on LEA. TheStreet cut Lear from a “b-” rating to a “c” rating in a research report on Monday, May 16th. Exane BNP Paribas upgraded Lear from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $117.00 to $140.00 in a research report on Monday, July 11th. Royal Bank of Canada lowered their price objective on Lear from $163.00 to $151.00 in a research report on Wednesday, May 4th. BNP Paribas raised Lear from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $117.00 to $140.00 in a report on Monday, July 11th. Finally, StockNews.com began coverage on Lear in a report on Thursday, March 31st. They set a “hold” rating on the stock. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lear presently has a consensus rating of “Hold” and a consensus target price of $168.27.
Lear Stock Performance
Lear (NYSE:LEA – Get Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The auto parts company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.24. Lear had a return on equity of 7.51% and a net margin of 1.15%. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.02 billion. During the same period last year, the company earned $3.73 earnings per share. The firm’s revenue was down 2.9% compared to the same quarter last year. Equities research analysts forecast that Lear Co. will post 8.32 EPS for the current year.
Lear Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 29th. Shareholders of record on Friday, June 10th were issued a $0.77 dividend. The ex-dividend date was Thursday, June 9th. This represents a $3.08 dividend on an annualized basis and a yield of 2.13%. Lear’s payout ratio is currently 84.85%.
Insiders Place Their Bets
In other Lear news, CEO Raymond E. Scott sold 4,000 shares of Lear stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $131.38, for a total value of $525,520.00. Following the completion of the sale, the chief executive officer now directly owns 60,240 shares in the company, valued at $7,914,331.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Raymond E. Scott sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $131.38, for a total transaction of $525,520.00. Following the completion of the sale, the chief executive officer now owns 60,240 shares in the company, valued at $7,914,331.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Alicia J. Davis sold 2,659 shares of the business’s stock in a transaction that occurred on Thursday, May 26th. The shares were sold at an average price of $135.14, for a total value of $359,337.26. Following the sale, the senior vice president now owns 1,949 shares of the company’s stock, valued at approximately $263,387.86. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,240 shares of company stock worth $2,797,188. 0.67% of the stock is owned by corporate insiders.
Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers in North America, Europe, Africa, Asia, and South America. Its Seating segment offers seat systems, seat subsystems, keyseat components, seat trim covers, seat mechanisms, seat foams, and headrests, as well as surface materials, such as leather and fabric for automobiles and light trucks, compact cars, pick-up trucks, and sport utility vehicles.
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