Ardevora Asset Management LLP purchased a new position in shares of Lear Corporation (NYSE:LEA) during the second quarter, according to its most recent filing with the SEC. The institutional investor purchased 243,100 shares of the auto parts company’s stock, valued at approximately $34,540,000. Ardevora Asset Management LLP owned 0.35% of Lear Corporation as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its position in shares of 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 worth $1,007,136,000 after buying an additional 6,699,449 shares during the last quarter. Prudential Financial Inc. raised 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 worth $97,099,000 after buying an additional 209,000 shares during the period. Principal Financial Group Inc. raised 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 worth $44,634,000 after buying an additional 192,473 shares during the period. Vanguard Group Inc. raised 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 worth $885,022,000 after buying an additional 173,513 shares during the period. Finally, Credit Suisse AG raised 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 worth $57,392,000 after buying an additional 170,923 shares during the period. 97.57% of the stock is owned by hedge funds and other institutional investors.
Lear Corporation (NYSE:LEA) opened at 142.74 on Friday. Lear Corporation has a 12-month low of $110.77 and a 12-month high of $153.28. The firm has a 50-day moving average of $145.26 and a 200-day moving average of $142.88. The stock has a market cap of $9.72 billion, a PE ratio of 9.51 and a beta of 1.32.
Lear Corporation (NYSE:LEA) last posted its quarterly earnings data on Wednesday, July 26th. The auto parts company reported $4.39 earnings per share for the quarter, beating the consensus estimate of $4.11 by $0.28. Lear Corporation had a return on equity of 32.34% and a net margin of 5.51%. The company had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $4.89 billion. During the same period in the prior year, the business earned $3.66 earnings per share. Lear Corporation’s revenue for the quarter was up 8.4% compared to the same quarter last year. Equities analysts predict that Lear Corporation will post $16.49 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 19th. Stockholders of record on Thursday, August 31st will be given a $0.50 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $2.00 annualized dividend and a dividend yield of 1.40%. Lear Corporation’s dividend payout ratio is 13.28%.
A number of equities analysts have recently commented on the stock. BidaskClub lowered shares of Lear Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Barclays PLC raised their target price on shares of Lear Corporation from $146.00 to $152.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 27th. Robert W. Baird raised shares of Lear Corporation from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $160.00 to $161.00 in a research report on Thursday, April 20th. Royal Bank Of Canada reissued a “hold” rating and set a $157.00 price objective on shares of Lear Corporation in a report on Wednesday, July 12th. Finally, Seaport Global Securities raised shares of Lear Corporation from a “neutral” rating to a “buy” rating and set a $163.00 price objective on the stock in a report on Thursday, May 4th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $148.64.
In related news, Director Greg C. Smith sold 2,266 shares of the firm’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $145.12, for a total value of $328,841.92. Following the completion of the transaction, the director now directly owns 13,885 shares of the company’s stock, valued at $2,014,991.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.49% of the stock is currently owned by corporate insiders.
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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