Clark Capital Management Group Inc. raised its stake in Lear Co. (NYSE:LEA) by 6.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 132,469 shares of the auto parts company’s stock after buying an additional 7,798 shares during the quarter. Clark Capital Management Group Inc. owned 0.20% of Lear worth $23,402,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in LEA. Cerebellum GP LLC acquired a new position in Lear in the fourth quarter valued at about $126,000. Tower Research Capital LLC TRC lifted its stake in Lear by 69.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,010 shares of the auto parts company’s stock valued at $178,000 after buying an additional 413 shares during the period. Financial Gravity Companies Inc. acquired a new position in Lear in the fourth quarter valued at about $183,000. Focused Wealth Management Inc acquired a new position in Lear in the fourth quarter valued at about $186,000. Finally, IFM Investors Pty Ltd acquired a new position in Lear in the fourth quarter valued at about $204,000. 95.90% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Lear Co. (NYSE:LEA) traded down $0.68 during trading on Wednesday, hitting $190.60. The company’s stock had a trading volume of 45,539 shares, compared to its average volume of 642,719. Lear Co. has a 12 month low of $132.01 and a 12 month high of $202.42. The company has a market capitalization of $12,679.36, a P/E ratio of 10.28 and a beta of 1.46. The company has a quick ratio of 1.11, a current ratio of 1.36 and a debt-to-equity ratio of 0.45.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 26th. Investors of record on Wednesday, March 7th will be issued a dividend of $0.70 per share. The ex-dividend date is Tuesday, March 6th. This is an increase from Lear’s previous quarterly dividend of $0.50. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.47%. Lear’s dividend payout ratio (DPR) is presently 15.05%.
Lear declared that its board has initiated a share buyback program on Wednesday, February 14th that permits the company to buyback $954.00 million in shares. This buyback authorization permits the auto parts company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.
Several equities analysts have weighed in on the company. Goldman Sachs Group raised Lear from a “sell” rating to a “neutral” rating and set a $187.00 target price on the stock in a research note on Tuesday, January 30th. Zacks Investment Research raised Lear from a “hold” rating to a “buy” rating and set a $204.00 target price on the stock in a research note on Tuesday, March 6th. ValuEngine raised Lear from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Barclays reissued a “hold” rating and issued a $200.00 target price on shares of Lear in a research note on Sunday, January 21st. Finally, Citigroup reissued a “buy” rating and issued a $234.00 target price (up previously from $202.00) on shares of Lear in a research note on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Lear presently has an average rating of “Buy” and an average price target of $191.11.
In related news, VP Shari L. Burgess sold 5,373 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $190.14, for a total transaction of $1,021,622.22. Following the completion of the transaction, the vice president now directly owns 4,232 shares in the company, valued at $804,672.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Thomas A. Didonato sold 9,618 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $190.16, for a total value of $1,828,958.88. Following the transaction, the senior vice president now owns 15,694 shares of the company’s stock, valued at $2,984,371.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 261,115 shares of company stock valued at $49,699,331. 0.49% of the stock is owned by corporate insiders.
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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.
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