Arrowstreet Capital Limited Partnership Raises Stock Position in Lear Corporation $LEA

Arrowstreet Capital Limited Partnership boosted its holdings in shares of Lear Corporation (NYSE:LEA) by 69.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 417,897 shares of the auto parts company’s stock after purchasing an additional 170,953 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.79% of Lear worth $39,692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Jump Financial LLC acquired a new stake in Lear during the first quarter worth about $1,463,000. Dynamic Technology Lab Private Ltd purchased a new stake in Lear in the 1st quarter worth approximately $725,000. Voya Investment Management LLC grew its stake in shares of Lear by 34.4% during the 1st quarter. Voya Investment Management LLC now owns 45,690 shares of the auto parts company’s stock worth $4,031,000 after purchasing an additional 11,696 shares during the period. Eagle Global Advisors LLC increased its holdings in shares of Lear by 11.5% during the 1st quarter. Eagle Global Advisors LLC now owns 75,531 shares of the auto parts company’s stock valued at $6,663,000 after purchasing an additional 7,800 shares in the last quarter. Finally, Comerica Bank lifted its stake in shares of Lear by 9.8% in the 1st quarter. Comerica Bank now owns 40,086 shares of the auto parts company’s stock valued at $3,536,000 after purchasing an additional 3,575 shares during the period. 97.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LEA has been the topic of several analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Lear in a research report on Wednesday, October 8th. Citigroup restated a “neutral” rating on shares of Lear in a research report on Tuesday, October 14th. Barclays upped their price target on Lear from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Monday, November 10th. Evercore ISI increased their price target on Lear from $110.00 to $120.00 and gave the stock an “in-line” rating in a research report on Monday, November 24th. Finally, Wall Street Zen cut Lear from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. Two research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, Lear currently has an average rating of “Hold” and an average price target of $119.60.

Lear Price Performance

NYSE:LEA opened at $107.70 on Friday. The stock has a 50 day moving average of $103.93 and a two-hundred day moving average of $101.35. Lear Corporation has a 12 month low of $73.85 and a 12 month high of $113.10. The firm has a market cap of $5.59 billion, a P/E ratio of 13.17, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. The company has a current ratio of 1.35, a quick ratio of 1.05 and a debt-to-equity ratio of 0.53.

Lear (NYSE:LEA) last issued its quarterly earnings results on Friday, October 31st. The auto parts company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.03. Lear had a return on equity of 13.44% and a net margin of 1.92%.The firm had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.63 billion. During the same period in the previous year, the company posted $2.89 earnings per share. The business’s revenue was up 1.7% on a year-over-year basis. On average, analysts expect that Lear Corporation will post 12.89 earnings per share for the current fiscal year.

Lear Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Wednesday, December 10th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.9%. Lear’s dividend payout ratio is presently 37.65%.

Lear Profile

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.