Lear Corp. (LEA) Stock Rating Upgraded by Zacks Investment Research
Lear Corp. (NYSE:LEA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $136.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 12.39% from the company’s previous close.
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 research analysts also recently weighed in on LEA. Bank of America Corp. downgraded Lear Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 21st. JPMorgan Chase & Co. raised their price target on Lear Corp. from $129.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, July 29th. Barclays PLC set a $127.00 price target on Lear Corp. and gave the company a “hold” rating in a research note on Monday, August 1st. Citigroup Inc. lifted their target price on 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 Lear Corp. in a research note on Tuesday, August 9th. They set a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. Lear Corp. currently has a consensus rating of “Hold” and an average price target of $127.44.
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Shares of Lear Corp. (NYSE:LEA) traded down 0.64% during midday trading on Tuesday, hitting $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. The firm’s 50-day moving average is $117.57 and its 200-day moving average is $113.35. Lear Corp. has a 12-month low of $93.54 and a 12-month high of $127.00.
Lear Corp. (NYSE:LEA) last issued its earnings results on Thursday, July 28th. The company reported $3.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.32 by $0.34. Lear Corp. had a return on equity of 31.69% and a net margin of 5.14%. The firm had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter last year, the business earned $2.82 earnings per share. The company’s revenue was up 1.9% compared to the same quarter last year. On average, analysts predict that Lear Corp. will post $13.27 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 1st were issued a dividend of $0.30 per share. 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 dividend payout ratio (DPR) is currently 9.58%.
In other news, Director Jonathan F. Foster sold 1,500 shares of the business’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total transaction of $178,860.00. Following the completion of the transaction, the director now owns 4,025 shares of the company’s stock, valued at approximately $479,941. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.33% of the company’s stock.
Several institutional investors have recently bought and sold shares of LEA. Vanguard Group Inc. boosted its position in Lear Corp. by 9.7% in the second quarter. Vanguard Group Inc. now owns 5,704,450 shares of the company’s stock worth $580,484,000 after buying an additional 502,415 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in Lear Corp. by 5.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,500,988 shares of the company’s stock worth $254,501,000 after buying an additional 132,294 shares during the period. Bank of Montreal Can acquired a new position in Lear Corp. during the second quarter worth approximately $222,829,000. AQR Capital Management LLC boosted its position in Lear Corp. by 30.8% in the second quarter. AQR Capital Management LLC now owns 1,668,029 shares of the company’s stock worth $169,739,000 after buying an additional 392,597 shares during the period. Finally, State Street Corp boosted its position in Lear Corp. by 4.5% in the first quarter. State Street Corp now owns 1,644,731 shares of the company’s stock worth $182,840,000 after buying an additional 71,570 shares during the period. 94.70% of the stock is owned by institutional investors.
About Lear Corp.
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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