Actinver Wealth Management Inc. purchased a new position in shares of Lear Co. (NYSE:LEA) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,700 shares of the auto parts company’s stock, valued at approximately $242,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in LEA. Oregon Public Employees Retirement Fund lifted its stake in Lear by 11,007.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,898,551 shares of the auto parts company’s stock valued at $40,000 after buying an additional 4,854,451 shares in the last quarter. Harris Associates L P lifted its stake in shares of Lear by 65.9% during the 4th quarter. Harris Associates L P now owns 3,424,807 shares of the auto parts company’s stock worth $420,772,000 after purchasing an additional 1,360,164 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Lear by 140.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,841,520 shares of the auto parts company’s stock worth $349,110,000 after purchasing an additional 1,659,488 shares during the period. Pzena Investment Management LLC purchased a new position in shares of Lear during the 4th quarter worth $339,861,000. Finally, Boston Partners lifted its stake in shares of Lear by 31.7% during the 4th quarter. Boston Partners now owns 2,063,594 shares of the auto parts company’s stock worth $253,533,000 after purchasing an additional 496,194 shares during the period. 98.06% of the stock is owned by institutional investors.
Shares of LEA stock opened at $156.30 on Tuesday. The company has a current ratio of 1.40, a quick ratio of 1.13 and a debt-to-equity ratio of 0.45. Lear Co. has a one year low of $114.45 and a one year high of $206.36. The stock has a market cap of $9.88 billion, a PE ratio of 8.58, a P/E/G ratio of 3.47 and a beta of 1.32.
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Friday, March 1st were paid a $0.75 dividend. The ex-dividend date was Thursday, February 28th. This represents a $3.00 annualized dividend and a dividend yield of 1.92%. This is a positive change from Lear’s previous quarterly dividend of $0.70. Lear’s dividend payout ratio (DPR) is presently 16.47%.
Lear declared that its board has initiated a stock buyback program on Thursday, February 7th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the auto parts company to reacquire up to 15.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
A number of research analysts have weighed in on the company. Zacks Investment Research lowered Lear from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Morgan Stanley dropped their price objective on Lear from $185.00 to $181.00 and set an “overweight” rating for the company in a report on Monday. Longbow Research restated a “buy” rating and set a $190.00 price objective on shares of Lear in a report on Wednesday, April 10th. Argus initiated coverage on Lear in a report on Thursday, March 28th. They set a “hold” rating for the company. Finally, ValuEngine upgraded Lear from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $178.87.
In other Lear news, VP Shari L. Burgess sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $156.00, for a total value of $546,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Terrence B. Larkin sold 18,985 shares of the firm’s stock in a transaction that occurred on Wednesday, February 13th. The shares were 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 in the company, valued at approximately $427,330.56. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by company insiders.
Lear Company Profile
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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