Lear Corp. (LEA) Rating Increased to Buy at Zacks Investment Research
Lear Corp. (NYSE:LEA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $130.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 11.69% from the stock’s current price.
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. “
LEA has been the topic of several other research reports. Goldman Sachs Group Inc. downgraded Lear Corp. from a “neutral” rating to a “sell” rating and dropped their price target for the company from $116.00 to $107.00 in a research note on Thursday, October 6th. JPMorgan Chase & Co. lifted their target price on Lear Corp. from $129.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, July 29th. Citigroup Inc. lifted their target price on Lear Corp. from $145.00 to $153.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd. Bank of America Corp. downgraded Lear Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 21st. Finally, Robert W. Baird assumed coverage on Lear Corp. in a research report on Monday. They issued a “neutral” rating and a $133.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Lear Corp. presently has an average rating of “Hold” and an average price target of $127.40.
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Shares of Lear Corp. (NYSE:LEA) traded down 2.23% on Thursday, reaching $116.39. The company’s stock had a trading volume of 1,049,433 shares. The stock has a market cap of $8.33 billion, a PE ratio of 9.31 and a beta of 1.22. The company’s 50 day moving average is $117.94 and its 200-day moving average is $113.54. Lear Corp. has a 1-year low of $93.54 and a 1-year high of $127.00.
Lear Corp. (NYSE:LEA) last released its quarterly earnings results on Thursday, July 28th. The company reported $3.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 the consensus estimate of $4.86 billion. During the same quarter last year, the business posted $2.82 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts predict that Lear Corp. will post $13.27 earnings per share for the current fiscal year.
The company also recently disclosed 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. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Tuesday, August 30th. Lear Corp.’s dividend payout ratio is presently 9.58%.
In other news, Director Jonathan F. Foster sold 1,500 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 4,025 shares in the company, valued at $479,941. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.33% of the company’s stock.
Large investors have recently modified their holdings of the company. Advisory Services Network LLC boosted its stake in shares of Lear Corp. by 164.8% in the third quarter. Advisory Services Network LLC now owns 850 shares of the company’s stock worth $103,000 after buying an additional 529 shares in the last quarter. Checchi Capital Advisers LLC boosted its stake in shares of Lear Corp. by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 1,023 shares of the company’s stock worth $104,000 after buying an additional 26 shares in the last quarter. Societe Generale purchased a new stake in shares of Lear Corp. during the second quarter worth about $121,000. Assetmark Inc. boosted its stake in shares of Lear Corp. by 8,535.3% in the second quarter. Assetmark Inc. now owns 1,468 shares of the company’s stock worth $150,000 after buying an additional 1,451 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in shares of Lear Corp. by 9.4% in the second quarter. Pacer Advisors Inc. now owns 1,509 shares of the company’s stock worth $154,000 after buying an additional 130 shares in the last quarter. Institutional investors own 94.70% of the company’s stock.
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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