Lear Corp. (LEA) Rating Lowered to Hold at Zacks Investment Research
Lear Corp. (NYSE:LEA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Lear Corporation is a leading global supplier of automotive seating systems, electrical distribution systems and electronics. The seating segment consists of the manufacture, assembly and supply of vehicle seating requirements. The Company produces seat systems for automobiles and light trucks that are fully assembled and ready for installation. The electrical and electronic segment consists of the manufacture, assembly and supply of electrical and electronic systems and components for the vehicle. The Company is able to provide its customers with engineering and design solutions and manufactured systems, modules and components that optimally integrate the electrical distribution system of wiring, terminals and connectors, junction boxes and electronic modules within the overall architecture of the vehicle. Lear Corporation is headquartered in Southfield, Michigan. “
A number of other equities analysts have also weighed in on LEA. Bank of America Corp. lowered shares of Lear Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 21st. JPMorgan Chase & Co. upped their target price on shares of Lear Corp. from $129.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. Barclays PLC set a $127.00 target price on shares of Lear Corp. and gave the stock a “hold” rating in a research note on Monday, August 1st. Citigroup Inc. upped their target price on shares of Lear Corp. from $145.00 to $153.00 and gave the stock a “buy” rating in a research note on Tuesday, August 2nd. Finally, Seaport Global Securities started coverage on shares of Lear Corp. in a research note on Tuesday, August 9th. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $127.44.
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Lear Corp. (NYSE:LEA) traded down 0.64% during midday trading on Wednesday, reaching $121.01. The company had a trading volume of 1,247,213 shares. The firm has a market capitalization of $8.66 billion, a P/E ratio of 9.68 and a beta of 1.22. Lear Corp. has a one year low of $93.54 and a one year high of $127.00. The stock’s 50 day moving average price is $117.57 and its 200-day moving average price is $113.35.
Lear Corp. (NYSE:LEA) last announced its earnings results on Thursday, July 28th. The company reported $3.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.32 by $0.34. The firm earned $4.70 billion during the quarter, compared to analyst estimates of $4.86 billion. Lear Corp. had a net margin of 5.14% and a return on equity of 31.69%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.82 EPS. On average, equities research analysts anticipate that Lear Corp. will post $13.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 1st were issued a $0.30 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.99%. Lear Corp.’s payout ratio is 9.58%.
In other news, Director Jonathan F. Foster sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $119.24, for a total value of $178,860.00. Following the sale, the director now directly owns 4,025 shares of the company’s stock, valued at approximately $479,941. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.33% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Aperio Group LLC boosted its stake in shares of Lear Corp. by 3.1% in the first quarter. Aperio Group LLC now owns 29,118 shares of the company’s stock worth $3,237,000 after buying an additional 876 shares during the last quarter. Nisa Investment Advisors L.L.C. raised its position in shares of Lear Corp. by 42.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 5,000 shares of the company’s stock worth $556,000 after buying an additional 1,500 shares during the period. Teachers Advisors Inc. raised its position in shares of Lear Corp. by 3.2% in the first quarter. Teachers Advisors Inc. now owns 351,940 shares of the company’s stock worth $39,125,000 after buying an additional 10,799 shares during the period. Prudential Financial Inc. raised its position in shares of Lear Corp. by 95.1% in the first quarter. Prudential Financial Inc. now owns 200,433 shares of the company’s stock worth $22,283,000 after buying an additional 97,700 shares during the period. Finally, Columbia Partners L L C Investment Management raised its position in shares of Lear Corp. by 16.7% in the first quarter. Columbia Partners L L C Investment Management now owns 8,421 shares of the company’s stock worth $936,000 after buying an additional 1,208 shares during the period. 94.70% of the stock is currently owned by institutional investors.
Lear Corp. Company Profile
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 operates through two segments: seating and electrical.
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