Aviva PLC cut its position in Lear Co. (NYSE:LEA) by 1.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,375 shares of the auto parts company’s stock after selling 350 shares during the period. Aviva PLC’s holdings in Lear were worth $3,396,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of LEA. BlackRock Inc. raised its holdings in Lear by 32.6% in the first quarter. BlackRock Inc. now owns 7,360,023 shares of the auto parts company’s stock worth $1,334,003,000 after purchasing an additional 1,811,101 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Lear by 10.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,068,778 shares of the auto parts company’s stock worth $374,966,000 after purchasing an additional 196,768 shares during the period. Clearbridge Investments LLC acquired a new stake in Lear in the first quarter worth $33,692,000. Pzena Investment Management LLC raised its holdings in Lear by 3.8% in the second quarter. Pzena Investment Management LLC now owns 4,824,770 shares of the auto parts company’s stock worth $845,686,000 after purchasing an additional 175,030 shares during the period. Finally, Boston Partners raised its holdings in Lear by 4.1% in the first quarter. Boston Partners now owns 1,795,391 shares of the auto parts company’s stock worth $325,496,000 after purchasing an additional 70,912 shares during the period. Institutional investors own 95.77% of the company’s stock.
A number of brokerages recently commented on LEA. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Lear from $198.00 to $188.00 and set a “hold” rating on the stock in a report on Monday, August 9th. Benchmark dropped their price objective on shares of Lear from $227.00 to $198.00 and set a “buy” rating on the stock in a report on Tuesday, August 10th. Credit Suisse Group dropped their price objective on shares of Lear from $225.00 to $215.00 and set an “outperform” rating on the stock in a report on Tuesday, August 10th. Cowen dropped their price objective on shares of Lear from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, August 9th. Finally, The Goldman Sachs Group upgraded shares of Lear from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $198.00 to $228.00 in a report on Thursday, June 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $194.93.
Lear (NYSE:LEA) last announced its quarterly earnings data on Thursday, August 5th. The auto parts company reported $2.45 EPS for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.02). Lear had a net margin of 3.73% and a return on equity of 17.71%. The firm had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same period last year, the business earned ($4.14) EPS. The business’s revenue was up 94.7% on a year-over-year basis. Analysts expect that Lear Co. will post 11.55 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 21st. Stockholders of record on Thursday, September 2nd will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Wednesday, September 1st. This is an increase from Lear’s previous quarterly dividend of $0.25. Lear’s dividend payout ratio (DPR) is 37.52%.
Lear Company Profile
Lear Corp. engages in the design, manufacture and supply of automotive seat, electrical distribution systems and electronic modules, as well as related sub-systems, components, and software. It operates through the following segments: Seating and E-Systems. The Seating segment consists of the design, engineering, just-in-time assembly and delivery of complete seat systems, as well as the manufacture of all major seat components, including seat covers and surface materials such as leather and fabric, seat structures and mechanisms, seat foam and headrests.
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