Eagle Asset Management Inc. cut its holdings in Lear Co. (NYSE:LEA) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,030 shares of the auto parts company’s stock after selling 350 shares during the period. Eagle Asset Management Inc.’s holdings in Lear were worth $6,987,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. Pinebridge Investments L.P. increased its holdings in shares of Lear by 233.8% in the 4th quarter. Pinebridge Investments L.P. now owns 65,180 shares of the auto parts company’s stock worth $11,515,000 after buying an additional 45,652 shares during the last quarter. Global X Management Co. LLC increased its holdings in shares of Lear by 23.1% in the 4th quarter. Global X Management Co. LLC now owns 1,467 shares of the auto parts company’s stock worth $259,000 after buying an additional 275 shares during the last quarter. Global Financial Private Capital LLC increased its holdings in shares of Lear by 23.1% in the 4th quarter. Global Financial Private Capital LLC now owns 15,041 shares of the auto parts company’s stock worth $2,657,000 after buying an additional 2,826 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of Lear by 37.4% in the 4th quarter. Toronto Dominion Bank now owns 4,008 shares of the auto parts company’s stock worth $709,000 after buying an additional 1,092 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Lear by 1.4% in the 4th quarter. Wells Fargo & Company MN now owns 574,106 shares of the auto parts company’s stock worth $101,422,000 after buying an additional 7,721 shares during the last quarter. Hedge funds and other institutional investors own 91.46% of the company’s stock.
LEA has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Lear from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. Royal Bank of Canada upgraded shares of Lear from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $183.00 to $213.00 in a report on Thursday, October 26th. ValuEngine upgraded shares of Lear from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Deutsche Bank boosted their target price on shares of Lear from $167.00 to $176.00 and gave the stock a “hold” rating in a report on Thursday, October 26th. Finally, Longbow Research initiated coverage on shares of Lear in a report on Friday, January 5th. They issued a “buy” rating and a $225.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Lear has an average rating of “Buy” and an average target price of $192.06.
Lear (NYSE:LEA) last issued its quarterly earnings results on Friday, January 26th. The auto parts company reported $4.38 EPS for the quarter, beating the consensus estimate of $4.25 by $0.13. The company had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.27 billion. Lear had a net margin of 6.42% and a return on equity of 30.32%. The firm’s revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.80 EPS. equities analysts predict that Lear Co. will post 18.38 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 26th. Shareholders of record on Wednesday, March 7th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.48%. This is a boost from Lear’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, March 6th. Lear’s payout ratio is 10.75%.
Lear announced that its board has initiated a stock repurchase plan on Wednesday, February 14th that authorizes the company to repurchase $954.00 million in shares. This repurchase authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other Lear news, CEO Matthew Simoncini sold 100,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $190.14, for a total value of $19,014,000.00. Following the completion of the sale, the chief executive officer now directly owns 56,818 shares of the company’s stock, valued at approximately $10,803,374.52. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Mel Stephens sold 796 shares of the business’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $179.00, for a total transaction of $142,484.00. Following the completion of the sale, the senior vice president now directly owns 40,000 shares of the company’s stock, valued at $7,160,000. The disclosure for this sale can be found here. Over the last three months, insiders sold 261,911 shares of company stock valued at $49,841,815. 0.49% of the stock is owned by corporate insiders.
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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