Ardevora Asset Management LLP bought a new position in shares of Lear Corporation (NYSE:LEA) during the second quarter, Holdings Channel reports. The institutional investor bought 243,100 shares of the auto parts company’s stock, valued at approximately $34,540,000.
Several other large investors have also modified their holdings of the stock. BlackRock Inc. increased its stake in Lear Corporation by 1,617.8% in the first quarter. BlackRock Inc. now owns 7,113,550 shares of the auto parts company’s stock valued at $1,007,136,000 after buying an additional 6,699,449 shares during the period. Prudential Financial Inc. increased its stake in Lear Corporation by 43.8% in the first quarter. Prudential Financial Inc. now owns 685,822 shares of the auto parts company’s stock valued at $97,099,000 after buying an additional 209,000 shares during the period. Principal Financial Group Inc. increased its stake in Lear Corporation by 156.8% in the first quarter. Principal Financial Group Inc. now owns 315,253 shares of the auto parts company’s stock valued at $44,634,000 after buying an additional 192,473 shares during the period. Vanguard Group Inc. increased its stake in Lear Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 6,251,039 shares of the auto parts company’s stock valued at $885,022,000 after buying an additional 173,513 shares during the period. Finally, Credit Suisse AG increased its stake in Lear Corporation by 72.9% in the first quarter. Credit Suisse AG now owns 405,372 shares of the auto parts company’s stock valued at $57,392,000 after buying an additional 170,923 shares during the period. 96.29% of the stock is currently owned by hedge funds and other institutional investors.
Lear Corporation (NYSE:LEA) traded up 0.68% on Monday, hitting $148.40. The stock had a trading volume of 472,487 shares. The stock’s 50-day moving average is $144.38 and its 200-day moving average is $140.99. Lear Corporation has a 52-week low of $103.37 and a 52-week high of $153.28. The company has a market cap of $10.22 billion, a P/E ratio of 10.33 and a beta of 1.32.
Lear Corporation (NYSE:LEA) last posted its quarterly earnings results on Wednesday, April 26th. The auto parts company reported $4.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.95 by $0.32. Lear Corporation had a net margin of 5.46% and a return on equity of 32.76%. The business had revenue of $5 billion during the quarter, compared to analyst estimates of $4.93 billion. During the same period in the prior year, the business posted $3.40 earnings per share. The company’s revenue was up 7.2% on a year-over-year basis. Analysts expect that Lear Corporation will post $16.06 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 28th. Shareholders of record on Friday, June 9th were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, June 7th. This represents a $2.00 annualized dividend and a yield of 1.35%. Lear Corporation’s payout ratio is 13.90%.
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Several research firms recently weighed in on LEA. Royal Bank Of Canada reissued a “hold” rating and set a $148.00 price objective on shares of Lear Corporation in a report on Monday, April 10th. Robert W. Baird raised Lear Corporation from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $160.00 to $161.00 in a report on Thursday, April 20th. Zacks Investment Research downgraded Lear Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. BidaskClub raised Lear Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Finally, Guggenheim began coverage on Lear Corporation in a report on Wednesday, June 21st. They set a “buy” rating and a $167.00 price objective on the stock. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Lear Corporation has a consensus rating of “Hold” and an average target price of $146.15.
In other Lear Corporation news, Director Greg C. Smith sold 2,266 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $145.12, for a total transaction of $328,841.92. Following the completion of the sale, the director now directly owns 13,885 shares in the company, valued at $2,014,991.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.49% of the company’s stock.
About Lear Corporation
Lear Corporation (Lear) is a supplier to the global automotive industry. The Company is engaged in supplying seating, electrical distribution systems and electronic modules, as well as related sub-systems, components and software, to automotive manufacturers. The Company’s segments include Seating and E-Systems.
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