Norges Bank Buys New Stake in Lear Corporation $LEA

Norges Bank acquired a new position in shares of Lear Corporation (NYSE:LEA) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 715,670 shares of the auto parts company’s stock, valued at approximately $82,016,000.

Several other hedge funds also recently made changes to their positions in the company. Pallas Capital Advisors LLC grew its holdings in shares of Lear by 4.3% during the fourth quarter. Pallas Capital Advisors LLC now owns 2,389 shares of the auto parts company’s stock worth $274,000 after buying an additional 99 shares during the last quarter. Allworth Financial LP lifted its position in shares of Lear by 32.0% during the 4th quarter. Allworth Financial LP now owns 408 shares of the auto parts company’s stock valued at $47,000 after acquiring an additional 99 shares during the period. Lakewood Asset Management LLC lifted its position in shares of Lear by 1.0% during the 4th quarter. Lakewood Asset Management LLC now owns 13,644 shares of the auto parts company’s stock valued at $1,564,000 after acquiring an additional 132 shares during the period. Signaturefd LLC lifted its position in shares of Lear by 10.8% during the 4th quarter. Signaturefd LLC now owns 1,840 shares of the auto parts company’s stock valued at $211,000 after acquiring an additional 179 shares during the period. Finally, Waterfront Wealth Inc. lifted its position in shares of Lear by 1.1% during the 3rd quarter. Waterfront Wealth Inc. now owns 16,834 shares of the auto parts company’s stock valued at $1,685,000 after acquiring an additional 186 shares during the period. Hedge funds and other institutional investors own 97.04% of the company’s stock.

Insider Buying and Selling at Lear

In other news, CFO Jason M. Cardew sold 5,000 shares of the 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 transaction, the chief financial officer owned 13,241 shares in the company, valued at $1,953,047.50. This represents a 27.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Nicholas Jon Roelli sold 2,336 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $141.38, for a total transaction of $330,263.68. Following the transaction, the senior vice president owned 2,339 shares in the company, valued at approximately $330,687.82. This trade represents a 49.97% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 11,880 shares of company stock worth $1,708,003. 1.02% of the stock is currently owned by company insiders.

Trending Headlines about Lear

Here are the key news stories impacting Lear this week:

• Positive Sentiment: Lear’s most recent earnings report beat EPS expectations and showed year-over-year revenue growth, reinforcing the view that fundamentals are improving and helping support the stock near its highs.
• Positive Sentiment: The company recently declared a quarterly dividend of $0.77 per share, signaling ongoing cash generation and shareholder returns, which can support investor confidence.
• Neutral Sentiment: Lear announced it will participate in a Wolfe Research Autos and Mobility Conference on June 18. This is an investor-relations event and may draw attention to the stock, but it does not change fundamentals by itself. Article Title: Lear to Participate in Wolfe Research Autos and Mobility Conference
• Neutral Sentiment: Insider selling by CFO Jason Cardew was disclosed, but the sale was relatively small versus his remaining holdings, so it is more of a cautionary signal than a major red flag.
• Negative Sentiment: The CFO’s share sale could create some short-term caution after the stock’s strong run, as some investors may wonder whether insider confidence is limited at current levels.

Lear Trading Down 1.9%

Lear stock opened at $141.29 on Friday. The stock has a market capitalization of $7.08 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 0.73 and a beta of 1.23. Lear Corporation has a 12-month low of $88.04 and a 12-month high of $150.33. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.33 and a quick ratio of 1.05. The firm has a 50 day simple moving average of $130.77 and a 200-day simple moving average of $123.72.

Lear (NYSE:LEA) last issued its quarterly earnings results on Friday, May 1st. The auto parts company reported $3.87 EPS for the quarter, beating the consensus estimate of $3.51 by $0.36. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.84 billion. Lear had a net margin of 2.25% and a return on equity of 13.69%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.12 EPS. As a group, equities research analysts expect that Lear Corporation will post 14.61 EPS for the current fiscal year.

Lear Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Wednesday, June 3rd will be given a $0.77 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $3.08 dividend on an annualized basis and a yield of 2.2%. Lear’s dividend payout ratio is presently 30.80%.

Analysts Set New Price Targets

Several brokerages recently issued reports on LEA. UBS Group cut their price objective on Lear from $145.00 to $135.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. TD Cowen raised shares of 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. Benchmark began coverage on Lear in a research note on Thursday, February 19th. They issued a “buy” rating and a $170.00 target price for the company. Citigroup upped their price objective on shares of Lear from $177.00 to $179.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Lear in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, Lear has an average rating of “Hold” and an average target price of $143.08.

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.