Lear (LEA) Price Target Cut to $181.00

Lear (NYSE:LEA) had its target price lowered by stock analysts at Morgan Stanley from $185.00 to $181.00 in a research note issued to investors on Monday, BenzingaRatingsTable reports. The brokerage currently has an “overweight” rating on the auto parts company’s stock. Morgan Stanley’s target price would suggest a potential upside of 15.95% from the company’s current price.

Several other analysts have also issued reports on the stock. Longbow Research restated a “buy” rating and set a $190.00 target price on shares of Lear in a research report on Wednesday, April 10th. Argus began coverage on shares of Lear in a research report on Thursday, March 28th. They issued a “hold” rating for the company. Deutsche Bank lowered shares of Lear from a “buy” rating to a “hold” rating and dropped their price target for the stock from $162.00 to $159.00 in a research report on Tuesday, March 19th. ValuEngine lowered shares of Lear from a “hold” rating to a “sell” rating in a research report on Thursday, February 28th. Finally, Seaport Global Securities began coverage on shares of Lear in a research report on Wednesday, February 13th. They issued a “buy” rating and a $199.00 price target for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $178.87.

Shares of NYSE LEA opened at $156.10 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.40 and a quick ratio of 1.13. The company has a market cap of $9.76 billion, a P/E ratio of 8.57, a price-to-earnings-growth ratio of 3.53 and a beta of 1.33. Lear has a 12-month low of $114.45 and a 12-month high of $206.36.

Lear (NYSE:LEA) last announced its earnings results on Friday, January 25th. The auto parts company reported $4.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.96 by $0.09. The company had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.99 billion. Lear had a net margin of 5.37% and a return on equity of 27.12%. The firm’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same period in the previous year, the business posted $4.38 earnings per share. Equities research analysts anticipate that Lear will post 17.89 EPS for the current year.

Lear declared that its board has authorized a share buyback program on Thursday, February 7th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the auto parts company to repurchase up to 15.6% of its stock through open market purchases. Stock repurchase programs are usually an indication 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 transaction of $546,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Terrence B. Larkin sold 18,985 shares of the company’s stock in a transaction on Wednesday, February 13th. The stock was sold at an average price of $155.28, for a total transaction of $2,947,990.80. Following the transaction, the executive vice president now owns 2,752 shares of the company’s stock, valued at approximately $427,330.56. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Meeder Asset Management Inc. boosted its position in shares of Lear by 23.5% during the first quarter. Meeder Asset Management Inc. now owns 13,869 shares of the auto parts company’s stock worth $1,882,000 after acquiring an additional 2,640 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Lear during the first quarter worth $866,000. Ferguson Wellman Capital Management Inc. bought a new position in shares of Lear during the first quarter worth $210,000. North Star Investment Management Corp. boosted its position in shares of Lear by 1,286.3% during the first quarter. North Star Investment Management Corp. now owns 4,436 shares of the auto parts company’s stock worth $602,000 after acquiring an additional 4,116 shares during the last quarter. Finally, Hennessy Advisors Inc. boosted its position in shares of Lear by 92.9% during the first quarter. Hennessy Advisors Inc. now owns 32,800 shares of the auto parts company’s stock worth $4,451,000 after acquiring an additional 15,800 shares during the last quarter. Hedge funds and other institutional investors own 98.09% of the company’s stock.

About Lear

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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