Allspring Global Investments Holdings LLC Has $11.85 Million Stock Position in Lear Corporation (NYSE:LEA)

Allspring Global Investments Holdings LLC reduced its position in shares of Lear Corporation (NYSE:LEA) by 22.2% in the 1st quarter, Holdings Channel reports. The firm owned 135,345 shares of the auto parts company’s stock after selling 38,510 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Lear were worth $11,847,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in LEA. Sanctuary Advisors LLC raised its position in Lear by 12.1% during the fourth quarter. Sanctuary Advisors LLC now owns 2,301 shares of the auto parts company’s stock valued at $223,000 after purchasing an additional 249 shares in the last quarter. SRS Capital Advisors Inc. raised its position in Lear by 14,322.2% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,298 shares of the auto parts company’s stock valued at $123,000 after purchasing an additional 1,289 shares in the last quarter. Steward Partners Investment Advisory LLC raised its position in Lear by 9.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,221 shares of the auto parts company’s stock valued at $305,000 after purchasing an additional 282 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Lear by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 495,764 shares of the auto parts company’s stock valued at $46,949,000 after purchasing an additional 27,901 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Lear by 27.9% during the fourth quarter. Victory Capital Management Inc. now owns 27,143 shares of the auto parts company’s stock valued at $2,570,000 after purchasing an additional 5,922 shares in the last quarter. 97.04% of the stock is currently owned by institutional investors and hedge funds.

Lear Stock Performance

Shares of Lear stock opened at $103.58 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. Lear Corporation has a twelve month low of $73.85 and a twelve month high of $126.85. The stock has a market cap of $5.54 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 0.58 and a beta of 1.29. The company’s fifty day moving average is $91.36 and its 200 day moving average is $91.64.

Lear (NYSE:LEA) last issued its quarterly earnings data on Tuesday, May 6th. The auto parts company reported $3.12 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.48. Lear had a net margin of 2.09% and a return on equity of 14.53%. The company had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $5.47 billion. During the same quarter in the previous year, the firm posted $3.18 earnings per share. Lear’s revenue for the quarter was down 7.2% on a year-over-year basis. Sell-side analysts forecast that Lear Corporation will post 12.89 EPS for the current year.

Lear Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Thursday, June 5th were given a dividend of $0.77 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $3.08 dividend on an annualized basis and a yield of 2.97%. Lear’s dividend payout ratio (DPR) is currently 36.11%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LEA. Cowen downgraded shares of Lear from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. upped their price target on shares of Lear from $119.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Wells Fargo & Company upped their price target on shares of Lear from $100.00 to $103.00 and gave the stock an “equal weight” rating in a report on Tuesday. Barclays downgraded shares of Lear from an “equal weight” rating to a “negative” rating in a report on Tuesday, April 15th. Finally, Morgan Stanley lowered their price target on shares of Lear from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $108.55.

Insider Buying and Selling

In other Lear news, Director Conrad L. Mallett, Jr. sold 1,187 shares of the company’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $92.86, for a total transaction of $110,224.82. Following the sale, the director owned 84 shares of the company’s stock, valued at approximately $7,800.24. This represents a 93.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.91% of the company’s stock.

About Lear

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.