New York State Common Retirement Fund lifted its position in Lear Co. (NYSE:LEA – Get Rating) by 3.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,741 shares of the auto parts company’s stock after acquiring an additional 3,195 shares during the quarter. New York State Common Retirement Fund owned 0.18% of Lear worth $15,505,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Lear by 3.6% in the fourth quarter. BlackRock Inc. now owns 7,777,143 shares of the auto parts company’s stock valued at $1,422,828,000 after acquiring an additional 266,928 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Lear by 12.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,429,575 shares of the auto parts company’s stock worth $444,490,000 after purchasing an additional 261,518 shares in the last quarter. Capital International Investors bought a new position in Lear in the fourth quarter worth about $378,998,000. Nordea Investment Management AB raised its holdings in Lear by 6.1% in the first quarter. Nordea Investment Management AB now owns 919,782 shares of the auto parts company’s stock worth $132,706,000 after purchasing an additional 53,043 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Lear by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 815,348 shares of the auto parts company’s stock worth $148,945,000 after purchasing an additional 44,251 shares in the last quarter. 95.46% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts have commented on LEA shares. The Goldman Sachs Group boosted their target price on shares of Lear from $158.00 to $174.00 and gave the stock a “buy” rating in a report on Wednesday. Exane BNP Paribas upgraded Lear from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $117.00 to $140.00 in a research note on Monday, July 11th. Cowen dropped their price target on Lear from $203.00 to $180.00 in a research note on Wednesday, May 4th. Wells Fargo & Company boosted their price target on Lear from $170.00 to $173.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Royal Bank of Canada boosted their price target on Lear from $144.00 to $158.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Lear currently has a consensus rating of “Hold” and a consensus price target of $170.33.
Lear Trading Down 3.4 %
Lear (NYSE:LEA – Get Rating) last posted its earnings results on Tuesday, August 2nd. The auto parts company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.45. The company had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.01 billion. Lear had a net margin of 0.58% and a return on equity of 6.78%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.45 earnings per share. Research analysts forecast that Lear Co. will post 8.36 earnings per share for the current year.
Lear Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 29th. Investors of record on Friday, June 10th were given a dividend of $0.77 per share. The ex-dividend date was Thursday, June 9th. This represents a $3.08 dividend on an annualized basis and a yield of 2.15%. Lear’s dividend payout ratio is presently 163.83%.
Insider Activity at Lear
In other Lear news, SVP Alicia J. Davis sold 2,659 shares of Lear stock in a transaction 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 completion of the transaction, the senior vice president now owns 1,949 shares of the company’s stock, valued at $263,387.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Lear news, CEO Raymond E. Scott sold 6,143 shares of Lear stock in a transaction on Friday, July 15th. The shares were sold at an average price of $127.83, for a total value of $785,259.69. Following the completion of the transaction, the chief executive officer now owns 47,954 shares of the company’s stock, valued at $6,129,959.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Alicia J. Davis sold 2,659 shares of Lear stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $135.14, for a total transaction of $359,337.26. Following the completion of the transaction, the senior vice president now directly owns 1,949 shares of the company’s stock, valued at approximately $263,387.86. The disclosure for this sale can be found here. Insiders sold 21,240 shares of company stock worth $2,797,188 over the last three months. Company insiders own 0.67% of the company’s stock.
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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