Lear Co. (LEA) Announces Dividend Increase – $0.70 Per Share

Lear Co. (NYSE:LEA) announced a quarterly dividend on Wednesday, February 14th, RTT News reports. Stockholders of record on Wednesday, March 7th will be given a dividend of 0.70 per share by the auto parts company on Monday, March 26th. This represents a $2.80 annualized dividend and a dividend yield of 1.49%. This is an increase from Lear’s previous quarterly dividend of $0.50.

Lear has raised its dividend by an average of 35.7% annually over the last three years and has raised its dividend every year for the last 7 years. Lear has a dividend payout ratio of 11.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Lear to earn $18.99 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 10.5%.

Lear (NYSE:LEA) traded up $0.39 during midday trading on Wednesday, hitting $187.36. 183,660 shares of the stock traded hands, compared to its average volume of 669,922. Lear has a 12-month low of $132.01 and a 12-month high of $202.42. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.11 and a current ratio of 1.36. The company has a market cap of $12,649.24, a price-to-earnings ratio of 10.05, a price-to-earnings-growth ratio of 1.40 and a beta of 1.48.

Lear (NYSE:LEA) last posted its earnings results on Friday, January 26th. The auto parts company reported $4.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.25 by $0.13. Lear had a net margin of 6.42% and a return on equity of 30.32%. The firm had revenue of $5.36 billion during the quarter, compared to analyst estimates of $5.27 billion. During the same quarter in the prior year, the business posted $3.80 EPS. The business’s revenue was up 15.5% compared to the same quarter last year. equities analysts forecast that Lear will post 18.87 EPS for the current fiscal year.

Several analysts have recently issued reports on LEA shares. Zacks Investment Research lowered shares of Lear from a “buy” rating to a “hold” rating in a research note on Tuesday, October 31st. Royal Bank of Canada raised shares of Lear from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $183.00 to $213.00 in a report on Thursday, October 26th. ValuEngine raised shares of Lear from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Deutsche Bank boosted their price target on shares of Lear from $167.00 to $176.00 and gave the stock a “hold” rating in a report on Thursday, October 26th. Finally, Longbow Research began coverage on shares of Lear in a report on Friday, January 5th. They issued a “buy” rating and a $225.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $192.06.

In related news, SVP Mel Stephens sold 796 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $179.00, for a total value of $142,484.00. Following the transaction, the senior vice president now directly owns 40,000 shares in the company, valued at $7,160,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Terrence B. Larkin sold 1,137 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $177.74, for a total transaction of $202,090.38. Following the completion of the transaction, the executive vice president now owns 6,912 shares in the company, valued at $1,228,538.88. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate insiders.

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About Lear

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’s segments include Seating and E-Systems.

Dividend History for Lear (NYSE:LEA)

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