Lear Corporation $LEA Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in shares of Lear Corporation (NYSE:LEA) by 0.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 515,002 shares of the auto parts company’s stock after selling 3,830 shares during the period. Bank of New York Mellon Corp owned 1.02% of Lear worth $62,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in LEA. Life Cycle Investment Partners Ltd acquired a new stake in Lear during the fourth quarter worth approximately $22,539,000. Impax Asset Management Group plc boosted its holdings in shares of Lear by 33.1% in the 4th quarter. Impax Asset Management Group plc now owns 17,264 shares of the auto parts company’s stock valued at $1,978,000 after buying an additional 4,293 shares in the last quarter. Convergence Investment Partners LLC grew its position in shares of Lear by 154.6% in the 4th quarter. Convergence Investment Partners LLC now owns 24,720 shares of the auto parts company’s stock valued at $2,833,000 after buying an additional 15,010 shares during the last quarter. Leuthold Group LLC raised its stake in Lear by 41.5% during the 4th quarter. Leuthold Group LLC now owns 47,513 shares of the auto parts company’s stock worth $5,445,000 after acquiring an additional 13,937 shares in the last quarter. Finally, Norges Bank acquired a new stake in Lear during the 4th quarter worth $82,016,000. 97.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Lear news, CFO Jason M. Cardew sold 5,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $147.50, for a total transaction of $737,500.00. Following the completion of the transaction, the chief financial officer owned 13,241 shares in the company, valued at approximately $1,953,047.50. This represents a 27.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 completion of the sale, the director directly owned 1,683 shares in the company, valued at approximately $237,875.22. The trade was a 10.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 62,026 shares of company stock valued at $8,498,248 in the last ninety days. Company insiders own 1.02% of the company’s stock.

Lear News Roundup

Here are the key news stories impacting Lear this week:

• Positive Sentiment: Recent commentary from Zacks says Lear looks like a strong long-term value stock, pointing to favorable valuation and style-score factors. Why Lear (LEA) is a Top Value Stock for the Long-Term
• Positive Sentiment: Another Zacks piece asks whether Lear is undervalued right now, reinforcing the idea that the stock may still have upside if the market re-rates its earnings and cash flow outlook. Is Lear (LEA) Stock Undervalued Right Now?
• Positive Sentiment: Zacks also compared Lear with Modine and framed LEA as a competitive value option in the automotive supplier group, which can attract value-focused investors. LEA or MOD: Which Is the Better Value Stock Right Now?
• Positive Sentiment: One article noted Lear has a strong earnings surprise record and could beat estimates again in its next report, which would be a catalyst for the stock. Will Lear (LEA) Beat Estimates Again in Its Next Earnings Report?

Analysts Set New Price Targets

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

Lear Price Performance

Shares of NYSE:LEA opened at $143.82 on Thursday. The company has a 50-day simple moving average of $138.82 and a 200-day simple moving average of $130.14. 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 quick ratio of 1.05 and a current ratio of 1.33. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 0.69 and a beta of 1.25.

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

Lear Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Wednesday, June 3rd. Lear’s dividend payout ratio is 30.80%.

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.