Denali Advisors LLC lessened its holdings in shares of Lear Co. (NYSE:LEA) by 27.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,000 shares of the auto parts company’s stock after selling 17,300 shares during the quarter. Denali Advisors LLC owned approximately 0.07% of Lear worth $6,243,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the business. Norges Bank acquired a new position in Lear during the fourth quarter worth $653,026,000. Oregon Public Employees Retirement Fund raised its stake in Lear by 11,007.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,898,551 shares of the auto parts company’s stock worth $40,000 after acquiring an additional 4,854,451 shares in the last quarter. Harris Associates L P grew its holdings in shares of Lear by 65.9% during the fourth 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 last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Lear by 140.4% during the fourth 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 last quarter. Finally, Pzena Investment Management LLC bought a new stake in shares of Lear during the fourth quarter worth $339,861,000. 97.95% of the stock is currently owned by institutional investors.
Lear stock traded up $1.40 during midday trading on Friday, reaching $146.24. The stock had a trading volume of 476,306 shares, compared to its average volume of 704,693. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.13 and a current ratio of 1.34. The firm has a market cap of $9.11 billion, a PE ratio of 8.03, a P/E/G ratio of 3.26 and a beta of 1.32. Lear Co. has a 1-year low of $114.45 and a 1-year high of $206.36.
Lear announced that its Board of Directors has approved a share buyback plan on Thursday, February 7th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the auto parts company to repurchase up to 15.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Several analysts have recently commented on LEA shares. Morgan Stanley set a $185.00 target price on Lear and gave the stock a “buy” rating in a report on Tuesday, January 29th. Buckingham Research upgraded Lear from a “neutral” rating to a “buy” rating in a report on Monday, January 7th. UBS Group upgraded Lear from a “neutral” rating to a “buy” rating in a report on Friday, January 4th. Zacks Investment Research upgraded Lear from a “hold” rating to a “buy” rating and set a $164.00 price target on the stock in a report on Tuesday, January 15th. Finally, Goldman Sachs Group reiterated a “buy” rating and issued a $182.00 price target (up previously from $163.00) on shares of Lear in a report on Monday, January 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. Lear has an average rating of “Buy” and an average target price of $178.53.
In other Lear news, EVP Terrence B. Larkin sold 18,985 shares of Lear stock in a transaction on Wednesday, February 13th. The stock was sold at an average price of $155.28, for a total value of $2,947,990.80. Following the completion of the transaction, the executive vice president now directly owns 2,752 shares of the company’s stock, valued at approximately $427,330.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Shari L. Burgess sold 3,500 shares of Lear stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $156.00, for a total value of $546,000.00. The disclosure for this sale can be found here. Insiders own 0.37% of the company’s stock.
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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