Toronto Dominion Bank boosted its stake in shares of Lear Co. (NYSE:LEA – Get Rating) by 9.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,114 shares of the auto parts company’s stock after buying an additional 1,048 shares during the quarter. Toronto Dominion Bank’s holdings in Lear were worth $1,727,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the stock. Capital International Investors acquired a new stake in Lear in the 4th quarter valued at approximately $378,998,000. Pzena Investment Management LLC boosted its position in shares of Lear by 21.4% during the first quarter. Pzena Investment Management LLC now owns 6,265,529 shares of the auto parts company’s stock worth $893,402,000 after buying an additional 1,103,398 shares during the period. Sanders Capital LLC grew its stake in shares of Lear by 2,314.2% in the fourth quarter. Sanders Capital LLC now owns 590,520 shares of the auto parts company’s stock valued at $108,036,000 after buying an additional 566,060 shares in the last quarter. BlackRock Inc. lifted its stake in Lear by 3.6% during the 4th quarter. BlackRock Inc. now owns 7,777,143 shares of the auto parts company’s stock worth $1,422,828,000 after acquiring an additional 266,928 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Lear by 12.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,429,575 shares of the auto parts company’s stock valued at $444,490,000 after acquiring an additional 261,518 shares during the period. 95.46% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have issued reports on LEA. Cowen cut their price target on shares of Lear from $203.00 to $180.00 in a research note on Wednesday, May 4th. TheStreet lowered shares of Lear from a “b-” rating to a “c” rating in a report on Monday, May 16th. Cowen boosted their price target on shares of Lear to $196.00 in a research note on Tuesday, August 9th. Exane BNP Paribas upgraded Lear from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $117.00 to $140.00 in a research note on Monday, July 11th. Finally, BNP Paribas raised Lear from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $117.00 to $140.00 in a research note on Monday, July 11th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Lear has a consensus rating of “Hold” and an average price target of $169.60.
Insider Transactions at Lear
In related news, CEO Raymond E. Scott sold 6,143 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $150.51, for a total transaction of $924,582.93. Following the transaction, the chief executive officer now owns 41,811 shares in the company, valued at approximately $6,292,973.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Conrad L. Mallett, Jr. sold 764 shares of the stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $130.74, for a total transaction of $99,885.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Raymond E. Scott sold 6,143 shares of Lear stock in a transaction on Monday, August 15th. The shares were sold at an average price of $150.51, for a total transaction of $924,582.93. Following the completion of the transaction, the chief executive officer now owns 41,811 shares in the company, valued at $6,292,973.61. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,383 shares of company stock worth $3,721,770. Corporate insiders own 0.67% of the company’s stock.
Lear Price Performance
Shares of NYSE LEA opened at $146.19 on Thursday. The stock’s 50-day simple moving average is $136.81 and its 200-day simple moving average is $140.87. The firm has a market capitalization of $8.68 billion, a PE ratio of 77.76, a price-to-earnings-growth ratio of 0.48 and a beta of 1.48. Lear Co. has a fifty-two week low of $118.38 and a fifty-two week high of $195.43. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.33.
Lear (NYSE:LEA – Get Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The auto parts company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.34 by $0.45. Lear had a net margin of 0.58% and a return on equity of 6.78%. The company had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.01 billion. During the same period in the prior year, the firm posted $2.45 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. As a group, equities research analysts forecast that Lear Co. will post 8.58 EPS for the current fiscal year.
Lear Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 20th. Shareholders of record on Thursday, September 1st will be paid a $0.77 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $3.08 annualized dividend and a yield of 2.11%. Lear’s dividend payout ratio is presently 163.83%.
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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