Seizert Capital Partners LLC lifted its stake in Lear Co. (NYSE:LEA) by 1.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,871 shares of the auto parts company’s stock after buying an additional 905 shares during the period. Seizert Capital Partners LLC’s holdings in Lear were worth $7,854,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pinnacle Bank purchased a new position in shares of Lear in the 4th quarter valued at $31,000. Massey Quick Simon & CO. LLC purchased a new position in shares of Lear in the 4th quarter valued at $32,000. Oregon Public Employees Retirement Fund grew its position in shares of 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 during the last quarter. Rational Advisors LLC purchased a new position in shares of Lear in the 4th quarter valued at $49,000. Finally, Quadrant Capital Group LLC grew its position in shares of Lear by 78.2% in the 1st quarter. Quadrant Capital Group LLC now owns 531 shares of the auto parts company’s stock valued at $69,000 after buying an additional 233 shares during the last quarter. 97.57% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently commented on LEA. KeyCorp dropped their target price on shares of Lear from $190.00 to $185.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Morgan Stanley dropped their target price on shares of Lear from $181.00 to $174.00 and set an “overweight” rating on the stock in a research report on Thursday. Longbow Research reaffirmed a “buy” rating and issued a $190.00 target price on shares of Lear in a research report on Wednesday, April 10th. 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 target price on the stock. Finally, Deutsche Bank downgraded shares of Lear from a “buy” rating to a “hold” rating and dropped their target price for the company from $162.00 to $159.00 in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $175.07.
Lear (NYSE:LEA) last issued its quarterly earnings results on Friday, April 26th. The auto parts company reported $4.00 earnings per share for the quarter, missing the Zacks’ consensus estimate of $4.06 by ($0.06). The business had revenue of $5.16 billion for the quarter, compared to analyst estimates of $5.25 billion. Lear had a return on equity of 25.28% and a net margin of 4.94%. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.10 EPS. As a group, research analysts expect that Lear Co. will post 17.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 26th. Investors of record on Friday, June 7th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Thursday, June 6th. Lear’s dividend payout ratio is currently 16.47%.
Lear announced that its Board of Directors has authorized a share buyback program on Thursday, February 7th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the auto parts company to reacquire up to 15.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, VP Shari L. Burgess sold 3,500 shares of the 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.37% of the stock is owned by corporate insiders.
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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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