OP Asset Management Ltd Buys New Stake in Lear Corporation $LEA

OP Asset Management Ltd bought a new stake in Lear Corporation (NYSE:LEA) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,479 shares of the auto parts company’s stock, valued at approximately $542,000.

A number of other institutional investors have also modified their holdings of the company. Cidel Asset Management Inc. purchased a new stake in shares of Lear in the 1st quarter valued at $232,000. Krilogy Financial LLC increased its stake in Lear by 13.3% during the first quarter. Krilogy Financial LLC now owns 1,901 shares of the auto parts company’s stock worth $226,000 after purchasing an additional 223 shares during the period. Evolve Private Wealth LLC lifted its position in shares of Lear by 95.6% during the first quarter. Evolve Private Wealth LLC now owns 4,788 shares of the auto parts company’s stock worth $580,000 after purchasing an additional 2,340 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Lear by 57.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 576 shares of the auto parts company’s stock worth $66,000 after purchasing an additional 210 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its stake in shares of Lear by 3.1% in the fourth quarter. Corient Private Wealth LLC now owns 15,937 shares of the auto parts company’s stock valued at $1,827,000 after purchasing an additional 481 shares during the period. 97.04% of the stock is owned by institutional investors and hedge funds.

Lear Trading Up 0.0%

NYSE LEA opened at $133.83 on Wednesday. Lear Corporation has a 52 week low of $91.67 and a 52 week high of $150.33. The firm has a 50 day moving average of $137.17 and a two-hundred day moving average of $127.85. The company has a quick ratio of 1.05, a current ratio of 1.33 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $6.71 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 0.68 and a beta of 1.23.

Lear (NYSE:LEA) last announced its quarterly earnings data on Friday, May 1st. The auto parts company reported $3.87 earnings per share for the quarter, beating analysts’ consensus estimates of $3.51 by $0.36. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.84 billion. Lear had a net margin of 2.25% and a return on equity of 13.69%. The company’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $3.12 EPS. As a group, research analysts expect that Lear Corporation will post 14.64 EPS for the current fiscal year.

Lear Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Wednesday, June 3rd were issued a $0.77 dividend. The ex-dividend date was Wednesday, June 3rd. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.3%. Lear’s dividend payout ratio is presently 30.80%.

Insiders Place Their Bets

In other Lear news, CEO Raymond E. Scott sold 50,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $135.37, for a total value of $6,768,500.00. Following the transaction, the chief executive officer directly owned 49,789 shares in the company, valued at $6,739,936.93. This represents a 50.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Conrad L. Mallett, Jr. sold 190 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $141.34, for a total transaction of $26,854.60. Following the completion of the transaction, the director owned 1,683 shares in the company, valued at $237,875.22. This represents a 10.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,026 shares of company stock worth $8,498,248 over the last 90 days. Insiders own 1.02% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on LEA. JPMorgan Chase & Co. upped their target price on shares of Lear from $152.00 to $153.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. Citigroup raised their price target 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. TD Cowen upgraded shares of Lear from a “hold” rating to a “buy” rating and boosted their price target for the stock from $138.00 to $165.00 in a research note on Tuesday, May 26th. Royal Bank Of Canada upped their price objective on Lear from $134.00 to $138.00 and gave the stock a “sector perform” rating in a research report on Tuesday, May 5th. Finally, Wells Fargo & Company lifted their target price on Lear from $133.00 to $137.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $143.38.

Key Stories Impacting Lear

Here are the key news stories impacting Lear this week:

• Positive Sentiment: Lear said the StoneShield acquisition should strengthen its automation capabilities, which could support efficiency, manufacturing flexibility, and longer-term margin improvement. Lear expands automation capabilities with StoneShield acquisition
• Neutral Sentiment: Several unrelated articles in the feed covered learning software, AI in education, and crypto topics, with no direct impact on Lear’s core auto parts business.

Lear Company Profile

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.