Citigroup Cuts Lear (LEA) Price Target to $214.00

Lear (NYSE:LEA) had its price objective dropped by investment analysts at Citigroup from $234.00 to $214.00 in a research report issued on Friday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the auto parts company’s stock. Citigroup’s price objective suggests a potential upside of 59.43% from the stock’s previous close.

LEA has been the topic of several other reports. ValuEngine cut Lear from a “buy” rating to a “hold” rating in a report on Friday, June 29th. JPMorgan Chase & Co. lowered their target price on Lear from $209.00 to $198.00 and set a “neutral” rating on the stock in a report on Friday, July 27th. Robert W. Baird boosted their target price on Lear from $227.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, June 25th. They noted that the move was a valuation call. Zacks Investment Research upgraded Lear from a “sell” rating to a “hold” rating in a report on Thursday, October 4th. Finally, Goldman Sachs Group upgraded Lear from a “neutral” rating to a “buy” rating and set a $195.00 price objective on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $204.88.

Shares of Lear stock opened at $134.23 on Friday. The company has a market cap of $9.50 billion, a PE ratio of 7.90 and a beta of 1.34. Lear has a 1-year low of $132.35 and a 1-year high of $206.36. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.10 and a current ratio of 1.35.

Lear (NYSE:LEA) last issued its earnings results on Thursday, July 26th. The auto parts company reported $4.95 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.99 by ($0.04). The company had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.54 billion. Lear had a return on equity of 28.84% and a net margin of 6.31%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.39 earnings per share. As a group, analysts expect that Lear will post 18.72 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Financial Enhancement Group LLC raised its position in Lear by 6.6% in the third quarter. Financial Enhancement Group LLC now owns 39,504 shares of the auto parts company’s stock valued at $4,789,000 after purchasing an additional 2,456 shares during the period. Origin Asset Management LLP raised its position in Lear by 15.3% in the first quarter. Origin Asset Management LLP now owns 292,521 shares of the auto parts company’s stock valued at $32,520,000 after purchasing an additional 38,844 shares during the period. Comerica Securities Inc. raised its position in Lear by 36.6% in the first quarter. Comerica Securities Inc. now owns 4,407 shares of the auto parts company’s stock valued at $624,000 after purchasing an additional 1,180 shares during the period. Victory Capital Management Inc. raised its position in Lear by 77.7% in the third quarter. Victory Capital Management Inc. now owns 120,012 shares of the auto parts company’s stock valued at $20,772,000 after purchasing an additional 52,469 shares during the period. Finally, Royal Bank of Canada raised its position in Lear by 30.6% in the second quarter. Royal Bank of Canada now owns 362,176 shares of the auto parts company’s stock valued at $36,854,000 after purchasing an additional 84,929 shares during the period. Hedge funds and other institutional investors own 91.36% of the company’s stock.

About Lear

Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components primarily to automotive original equipment manufacturers worldwide. The company operates through Seating and E-Systems segments. The Seating segment includes seat systems and related components, such as leather and fabric products, seat trim covers, recliner mechanisms, seat tracks, seat structures and mechanisms, seat foams, and headrests primarily for automobiles and light trucks, compact cars, and sport utility vehicles, as well as thermoelectric seat heating and cooling systems.

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