Jefferies Financial Group Equities Analysts Cut Earnings Estimates for Lear Co. (NYSE:LEA)

Lear Co. (NYSE:LEAGet Rating) – Investment analysts at Jefferies Financial Group decreased their Q1 2023 earnings per share estimates for shares of Lear in a research note issued to investors on Sunday, January 22nd. Jefferies Financial Group analyst D. Kelley now anticipates that the auto parts company will earn $2.73 per share for the quarter, down from their previous estimate of $3.15. The consensus estimate for Lear’s current full-year earnings is $8.43 per share. Jefferies Financial Group also issued estimates for Lear’s Q2 2023 earnings at $3.33 EPS, Q4 2023 earnings at $3.73 EPS and FY2023 earnings at $13.01 EPS.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley dropped their price target on shares of Lear from $140.00 to $133.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 2nd. Citigroup lifted their target price on Lear from $138.00 to $146.00 and gave the stock a “neutral” rating in a research report on Friday, January 13th. Benchmark increased their price target on Lear from $162.00 to $170.00 and gave the company a “buy” rating in a report on Friday, January 20th. Deutsche Bank Aktiengesellschaft lifted their price objective on Lear from $138.00 to $143.00 in a report on Thursday, January 19th. Finally, Wells Fargo & Company downgraded Lear from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $149.00 to $139.00 in a report on Wednesday, December 14th. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lear currently has a consensus rating of “Hold” and an average price target of $155.00.

Lear Stock Down 2.6 %

Shares of NYSE:LEA opened at $134.94 on Wednesday. The company has a 50 day moving average of $133.29 and a two-hundred day moving average of $135.42. Lear has a 52-week low of $114.67 and a 52-week high of $176.80. The company has a quick ratio of 1.03, a current ratio of 1.33 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $7.98 billion, a price-to-earnings ratio of 34.96, a price-to-earnings-growth ratio of 0.29 and a beta of 1.50.

Lear (NYSE:LEAGet Rating) last issued its earnings results on Tuesday, November 1st. The auto parts company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.19. The company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.13 billion. Lear had a return on equity of 9.21% and a net margin of 1.14%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LEA. American Century Companies Inc. boosted its position in Lear by 4.0% during the 1st quarter. American Century Companies Inc. now owns 10,192 shares of the auto parts company’s stock worth $1,454,000 after acquiring an additional 390 shares during the period. Private Advisor Group LLC acquired a new stake in shares of Lear in the first quarter valued at $657,000. Bank of Montreal Can lifted its holdings in shares of Lear by 81.0% in the first quarter. Bank of Montreal Can now owns 19,834 shares of the auto parts company’s stock valued at $2,890,000 after buying an additional 8,878 shares during the period. Raymond James Trust N.A. lifted its holdings in shares of Lear by 47.8% in the first quarter. Raymond James Trust N.A. now owns 1,948 shares of the auto parts company’s stock valued at $277,000 after buying an additional 630 shares during the period. Finally, Aviva PLC lifted its holdings in shares of Lear by 62.8% in the first quarter. Aviva PLC now owns 39,256 shares of the auto parts company’s stock valued at $5,598,000 after buying an additional 15,137 shares during the period. Institutional investors and hedge funds own 99.56% of the company’s stock.

Insider Buying and Selling

In related news, CEO Raymond E. Scott sold 6,143 shares of the company’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $149.43, for a total transaction of $917,948.49. Following the completion of the transaction, the chief executive officer now directly owns 23,382 shares in the company, valued at approximately $3,493,972.26. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Lear news, CEO Raymond E. Scott sold 6,143 shares of the business’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $149.43, for a total transaction of $917,948.49. Following the completion of the transaction, the chief executive officer now owns 23,382 shares in the company, valued at approximately $3,493,972.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Frank C. Orsini sold 19,501 shares of the business’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $150.13, for a total value of $2,927,685.13. Following the transaction, the executive vice president now owns 11,842 shares of the company’s stock, valued at approximately $1,777,839.46. The disclosure for this sale can be found here. Insiders sold a total of 35,970 shares of company stock worth $5,216,989 in the last three months. 0.67% of the stock is owned by insiders.

Lear Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 27th. Investors of record on Wednesday, December 7th were paid a dividend of $0.77 per share. The ex-dividend date of this dividend was Tuesday, December 6th. This represents a $3.08 dividend on an annualized basis and a yield of 2.28%. Lear’s payout ratio is currently 79.79%.

About Lear

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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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