Bank of America Corp DE boosted its stake in Lear Co. (NYSE:LEA) by 64.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 740,800 shares of the auto parts company’s stock after purchasing an additional 291,264 shares during the quarter. Bank of America Corp DE’s holdings in Lear were worth $91,016,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in LEA. CIBC World Markets Inc. grew its stake in Lear by 5.2% during the third quarter. CIBC World Markets Inc. now owns 13,611 shares of the auto parts company’s stock worth $1,974,000 after buying an additional 668 shares during the period. IMS Capital Management purchased a new stake in Lear during the third quarter worth approximately $38,000. Hudson Capital Management LLC grew its stake in Lear by 19.8% during the fourth quarter. Hudson Capital Management LLC now owns 9,108 shares of the auto parts company’s stock worth $1,119,000 after buying an additional 1,508 shares during the period. Citigroup Inc. grew its stake in Lear by 17.3% during the fourth quarter. Citigroup Inc. now owns 177,365 shares of the auto parts company’s stock worth $21,792,000 after buying an additional 26,155 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Lear during the third quarter worth approximately $385,000. Hedge funds and other institutional investors own 88.96% of the company’s stock.
LEA has been the subject of several research reports. Buckingham Research upgraded shares of Lear from a “neutral” rating to a “buy” rating in a research note on Monday, January 7th. UBS Group boosted their price objective on shares of Lear from $143.00 to $164.00 and gave the stock a “buy” rating in a research note on Wednesday, January 16th. Deutsche Bank initiated coverage on shares of Lear in a research note on Thursday, December 13th. They set a “buy” rating for the company. Morgan Stanley set a $185.00 price objective on shares of Lear and gave the stock a “buy” rating in a research note on Tuesday, January 29th. Finally, KeyCorp started coverage on shares of Lear in a research report on Monday, December 10th. They set an “overweight” rating and a $178.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $179.13.
NYSE LEA opened at $132.12 on Friday. Lear Co. has a 52 week low of $114.45 and a 52 week high of $206.36. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.13 and a current ratio of 1.40. The firm has a market cap of $8.26 billion, a PE ratio of 7.25, a PEG ratio of 3.03 and a beta of 1.35.
Lear (NYSE:LEA) last posted its earnings results on Friday, January 25th. The auto parts company reported $4.05 EPS for the quarter, topping analysts’ consensus estimates of $3.96 by $0.09. Lear had a net margin of 5.37% and a return on equity of 27.12%. The business had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the previous year, the company posted $4.38 earnings per share. The business’s revenue for the quarter was down 7.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Lear Co. will post 17.92 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Friday, March 1st were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, February 28th. This is a boost from Lear’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a yield of 2.27%. Lear’s dividend payout ratio is currently 16.47%.
Lear announced that its board has initiated a stock repurchase plan on Thursday, February 7th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the auto parts company to purchase up to 15.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, VP Shari L. Burgess sold 3,500 shares of the company’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $156.00, for a total value of $546,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Terrence B. Larkin sold 18,985 shares of the company’s stock in a transaction on Wednesday, February 13th. The shares were sold at an average price of $155.28, for a total transaction of $2,947,990.80. Following the completion of the sale, the executive vice president now directly owns 2,752 shares in the company, valued at $427,330.56. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.
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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 worldwide. It operates in two segments, Seating and E-Systems. The Seating segment offers leather and fabric products, seat trim covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles; and heating and cooling systems.
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