Fifth Third Bancorp Has $2.84 Million Holdings in Lear Corporation $LEA

Fifth Third Bancorp grew its holdings in shares of Lear Corporation (NYSE:LEA) by 5,987.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,436 shares of the auto parts company’s stock after buying an additional 23,051 shares during the quarter. Fifth Third Bancorp’s holdings in Lear were worth $2,838,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Life Cycle Investment Partners Ltd bought a new stake in shares of Lear during the 4th quarter valued at approximately $22,539,000. Oldfield Partners LLP raised its stake in shares of Lear by 5.5% during the fourth quarter. Oldfield Partners LLP now owns 644,286 shares of the auto parts company’s stock valued at $73,835,000 after acquiring an additional 33,313 shares during the last quarter. Impax Asset Management Group plc raised its stake in shares of Lear by 33.1% during the fourth quarter. Impax Asset Management Group plc now owns 17,264 shares of the auto parts company’s stock valued at $1,978,000 after acquiring an additional 4,293 shares during the last quarter. Convergence Investment Partners LLC lifted its holdings in shares of Lear by 154.6% during the fourth quarter. Convergence Investment Partners LLC now owns 24,720 shares of the auto parts company’s stock worth $2,833,000 after purchasing an additional 15,010 shares during the period. Finally, Leuthold Group LLC lifted its holdings in shares of Lear by 41.5% during the fourth quarter. Leuthold Group LLC now owns 47,513 shares of the auto parts company’s stock worth $5,445,000 after purchasing an additional 13,937 shares during the period. Institutional investors own 97.04% of the company’s stock.

Lear Stock Down 1.1%

Shares of Lear stock opened at $140.21 on Tuesday. Lear Corporation has a one year low of $91.67 and a one year high of $150.33. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.33 and a quick ratio of 1.05. The stock’s 50-day moving average is $138.57 and its 200 day moving average is $129.74. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 0.68 and a beta of 1.25.

Lear (NYSE:LEA) last issued its earnings results on Friday, May 1st. The auto parts company reported $3.87 earnings per share for the quarter, topping analysts’ consensus estimates of $3.51 by $0.36. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.84 billion. Lear had a return on equity of 13.69% and a net margin of 2.25%.The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.12 earnings per share. Equities research analysts anticipate that Lear Corporation will post 14.81 EPS for the current year.

Lear Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Wednesday, June 3rd were given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, June 3rd. Lear’s dividend payout ratio is 30.80%.

Analyst Ratings Changes

A number of analysts recently weighed in on LEA shares. Wells Fargo & Company increased their price objective on Lear from $133.00 to $137.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. The Goldman Sachs Group lifted their target price on Lear from $115.00 to $131.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft set a $133.00 price target on Lear in a research report on Monday, May 4th. TD Cowen raised Lear from a “hold” rating to a “buy” rating and increased their price target for the company from $138.00 to $165.00 in a research note on Tuesday, May 26th. Finally, Barclays raised their price objective on Lear from $150.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $144.62.

Insider Transactions at Lear

In other Lear news, CFO Jason M. Cardew sold 5,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $147.50, for a total value of $737,500.00. Following the transaction, the chief financial officer directly owned 13,241 shares of the company’s stock, valued at approximately $1,953,047.50. This trade represents a 27.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Conrad L. Mallett, Jr. sold 190 shares of Lear stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $141.34, for a total transaction of $26,854.60. Following the transaction, the director owned 1,683 shares of the company’s stock, valued at $237,875.22. This represents a 10.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 62,026 shares of company stock valued at $8,498,248. 1.02% of the stock is currently owned by corporate insiders.

About Lear

Lear Corporation (NYSE: LEA) is a global supplier of automotive seating and electrical distribution systems. The company designs, engineers and manufactures complete seat systems, seat components and power solutions for major vehicle manufacturers. Its electrical business delivers modules and components for battery management, infotainment, body and safety electronics, as well as advanced connectivity and electrification solutions.

The seating division develops lightweight, ergonomic seat structures, trim and mechanisms that address comfort, safety and environmental targets.