Meadow Creek Investment Management LLC lifted its holdings in shares of Lear Co. (NYSE:LEA) by 18.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 74,392 shares of the auto parts company’s stock after acquiring an additional 11,526 shares during the period. Meadow Creek Investment Management LLC owned 0.11% of Lear worth $13,142,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Cerebellum GP LLC acquired a new position in Lear during the fourth quarter worth approximately $126,000. Tower Research Capital LLC TRC increased its position in Lear by 69.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,010 shares of the auto parts company’s stock worth $178,000 after buying an additional 413 shares during the period. Financial Gravity Companies Inc. acquired a new position in Lear during the fourth quarter worth approximately $183,000. Focused Wealth Management Inc acquired a new position in Lear during the fourth quarter worth approximately $186,000. Finally, IFM Investors Pty Ltd acquired a new position in Lear during the fourth quarter worth approximately $204,000. 95.90% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lear Co. (NYSE:LEA) opened at $191.28 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.36 and a debt-to-equity ratio of 0.45. Lear Co. has a 12 month low of $132.01 and a 12 month high of $202.42. The firm has a market capitalization of $12,679.36, a P/E ratio of 11.15 and a beta of 1.46.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 26th. Investors of record on Wednesday, March 7th will be paid a $0.70 dividend. 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 1.46%. Lear’s payout ratio is 15.05%.
Lear announced that its board has approved a share buyback program on Wednesday, February 14th that permits the company to buyback $954.00 million in outstanding shares. This buyback authorization permits the auto parts company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Several research firms have commented on LEA. Zacks Investment Research raised Lear from a “hold” rating to a “buy” rating and set a $204.00 price target on the stock in a research report on Tuesday, March 6th. Citigroup reiterated a “buy” rating and issued a $234.00 target price (up from $202.00) on shares of Lear in a research note on Wednesday, February 14th. ValuEngine upgraded Lear from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 8th. Deutsche Bank upgraded Lear from a “hold” rating to a “buy” rating and set a $176.00 target price on the stock in a research note on Wednesday, February 7th. Finally, Goldman Sachs Group upgraded 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. Two research analysts have rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $191.11.
In related news, SVP Thomas A. Didonato sold 9,618 shares of Lear stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 15,694 shares in the company, valued at $2,984,371.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Matthew Simoncini sold 100,000 shares of Lear stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $190.14, for a total value of $19,014,000.00. Following the completion of the sale, the chief executive officer now owns 56,818 shares in the company, valued at $10,803,374.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 261,115 shares of company stock worth $49,699,331. Company insiders own 0.49% of the company’s stock.
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.
Want to see what other hedge funds are holding LEA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lear Co. (NYSE:LEA).
Receive News & Ratings for Lear Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lear and related companies with MarketBeat.com's FREE daily email newsletter.