Lear Corp. (LEA) Downgraded to “Sector Perform” at Royal Bank Of Canada
Lear Corp. (NYSE:LEA) was downgraded by equities research analysts at Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Friday. They currently have a $121.00 price objective on the stock, up from their previous price objective of $120.00. Royal Bank Of Canada’s target price points to a potential upside of 3.96% from the stock’s current price.
Several other research analysts have also recently weighed in on the company. Zacks Investment Research cut Lear Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. Barclays PLC set a $127.00 price target on Lear Corp. and gave the company a “hold” rating in a research report on Monday, August 1st. Seaport Global Securities assumed coverage on Lear Corp. in a research report on Tuesday, August 9th. They set a “neutral” rating for the company. Robert W. Baird assumed coverage on Lear Corp. in a research report on Monday. They set a “neutral” rating and a $133.00 price target for the company. Finally, RBC Capital Markets cut Lear Corp. from an “outperform” rating to a “sector perform” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $125.90.
Shares of Lear Corp. (NYSE:LEA) opened at 116.39 on Friday. The stock’s 50 day moving average price is $117.94 and its 200 day moving average price is $113.54. Lear Corp. has a one year low of $93.54 and a one year high of $127.00. The stock has a market capitalization of $8.33 billion, a PE ratio of 9.31 and a beta of 1.22.
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Lear Corp. (NYSE:LEA) last announced its quarterly earnings data on Thursday, July 28th. The company reported $3.66 earnings per share (EPS) for the quarter, topping the 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 earned $4.70 billion during the quarter, compared to analysts’ expectations of $4.86 billion. During the same period last year, the business posted $2.82 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities research analysts predict that Lear Corp. will post $13.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 1st were paid a $0.30 dividend. 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 Lear Corp. stock in a transaction that occurred 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 sale, the director now directly owns 4,025 shares of the company’s stock, valued at $479,941. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.33% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of LEA. Advisory Services Network LLC raised its position in 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 during the period. Checchi Capital Advisers LLC raised 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 worth $104,000 after buying an additional 26 shares during the period. Societe Generale bought a new position in Lear Corp. during the second quarter worth $121,000. Assetmark Inc. raised its position in 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 during the period. Finally, Pacer Advisors Inc. raised its position in 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 during the period. 94.70% of the stock is currently owned by hedge funds and other 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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