Lear Corp. (LEA) Upgraded 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 note issued to investors on Thursday. The brokerage currently has a $130.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 11.69% from the company’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. “
A number of other brokerages also recently commented on LEA. Barclays PLC set a $127.00 target price on Lear Corp. and gave the company a “hold” rating in a research note on Monday, August 1st. Seaport Global Securities started coverage on Lear Corp. in a report on Tuesday, August 9th. They set a “neutral” rating on the stock. Robert W. Baird started coverage on Lear Corp. in a report on Monday. They set a “neutral” rating and a $133.00 price target on the stock. Bank of America Corp. cut Lear Corp. from a “buy” rating to a “neutral” rating in a report on Tuesday, June 21st. Finally, Citigroup Inc. lifted their price target on Lear Corp. from $145.00 to $153.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Lear Corp. has an average rating of “Hold” and an average target price of $127.40.
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Lear Corp. (NYSE:LEA) traded down 2.23% during midday trading on Thursday, hitting $116.39. The company had a trading volume of 1,049,433 shares. The stock has a market cap of $8.33 billion, a price-to-earnings ratio of 9.31 and a beta of 1.22. Lear Corp. has a 12-month low of $93.54 and a 12-month high of $127.00. The company’s 50 day moving average is $117.94 and its 200 day moving average is $113.54.
Lear Corp. (NYSE:LEA) last issued its earnings results on Thursday, July 28th. The company reported $3.66 EPS for the quarter, beating 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 company earned $4.70 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the firm posted $2.82 earnings per share. Lear Corp.’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities analysts anticipate that Lear Corp. will post $13.27 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 1st were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $1.20 annualized dividend and a dividend yield of 1.03%. Lear Corp.’s dividend payout ratio is currently 9.58%.
In other Lear Corp. news, Director Jonathan F. Foster sold 1,500 shares of the company’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total value of $178,860.00. Following the transaction, the director now owns 4,025 shares of the company’s stock, valued at $479,941. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of LEA. Sigma Planning Corp boosted its position in Lear Corp. by 0.4% in the second quarter. Sigma Planning Corp now owns 2,274 shares of the company’s stock valued at $231,000 after buying an additional 9 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its position in Lear Corp. by 0.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 4,977 shares of the company’s stock valued at $506,000 after buying an additional 14 shares during the last quarter. Checchi Capital Advisers LLC boosted its position in Lear Corp. by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 1,023 shares of the company’s stock valued at $104,000 after buying an additional 26 shares during the last quarter. Moody Lynn & Lieberson LLC boosted its position in Lear Corp. by 1.0% in the second quarter. Moody Lynn & Lieberson LLC now owns 3,040 shares of the company’s stock valued at $309,000 after buying an additional 31 shares during the last quarter. Finally, BB&T Securities LLC boosted its position in Lear Corp. by 1.7% in the second quarter. BB&T Securities LLC now owns 2,386 shares of the company’s stock valued at $242,000 after buying an additional 40 shares during the last quarter. 94.70% of the stock is currently 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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