Lear Corporation (LEA) Cut to “Neutral” at Guggenheim

Guggenheim lowered shares of Lear Corporation (NYSE:LEA) from a buy rating to a neutral rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. The firm currently has $167.00 price objective on the auto parts company’s stock.

Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Lear Corporation from a strong-buy rating to a buy rating in a research note on Tuesday, July 25th. KeyCorp reaffirmed a buy rating and set a $180.00 target price on shares of Lear Corporation in a research note on Sunday, September 17th. Robert W. Baird reaffirmed a buy rating and set a $178.00 target price on shares of Lear Corporation in a research note on Friday, September 1st. Jefferies Group LLC initiated coverage on shares of Lear Corporation in a research note on Thursday, September 28th. They set a buy rating and a $197.00 target price on the stock. Finally, Zacks Investment Research raised shares of Lear Corporation from a hold rating to a buy rating and set a $195.00 target price on the stock in a research note on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $173.13.

Shares of Lear Corporation (LEA) traded down 1.25% during trading on Thursday, reaching $174.94. 612,105 shares of the company’s stock were exchanged. Lear Corporation has a 12-month low of $112.54 and a 12-month high of $178.80. The company has a 50 day moving average of $170.22 and a 200 day moving average of $150.88. The stock has a market cap of $11.82 billion, a P/E ratio of 10.91 and a beta of 1.35.

Lear Corporation (NYSE:LEA) last announced its earnings results on Wednesday, October 25th. The auto parts company reported $3.96 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.16. Lear Corporation had a net margin of 5.79% and a return on equity of 31.79%. The firm had revenue of $4.98 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same period in the prior year, the firm earned $3.19 EPS. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities research analysts anticipate that Lear Corporation will post $16.79 EPS for the current year.

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In related news, SVP Mel Stephens sold 2,411 shares of the company’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $172.88, for a total value of $416,813.68. Following the completion of the sale, the senior vice president now owns 44,484 shares in the company, valued at approximately $7,690,393.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Henry D. G. Wallace sold 4,139 shares of the company’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $166.71, for a total transaction of $690,012.69. Following the completion of the sale, the director now owns 4,100 shares of the company’s stock, valued at approximately $683,511. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,404 shares of company stock valued at $1,601,681. 0.49% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its position in Lear Corporation by 1.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 1,574 shares of the auto parts company’s stock valued at $223,000 after purchasing an additional 20 shares during the last quarter. CIBC World Markets Inc. raised its position in Lear Corporation by 0.3% in the 2nd quarter. CIBC World Markets Inc. now owns 12,656 shares of the auto parts company’s stock valued at $1,798,000 after purchasing an additional 40 shares during the last quarter. Parallel Advisors LLC raised its position in Lear Corporation by 3.9% in the 2nd quarter. Parallel Advisors LLC now owns 1,117 shares of the auto parts company’s stock valued at $166,000 after purchasing an additional 42 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Lear Corporation by 6.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 831 shares of the auto parts company’s stock valued at $118,000 after purchasing an additional 48 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in Lear Corporation by 2.8% in the 2nd quarter. Pacer Advisors Inc. now owns 2,433 shares of the auto parts company’s stock valued at $346,000 after purchasing an additional 66 shares during the last quarter. Hedge funds and other institutional investors own 94.18% 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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