Basswood Capital Management L.L.C. raised its holdings in shares of Lear Co. (NYSE:LEA) by 2.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,593 shares of the auto parts company’s stock after acquiring an additional 2,537 shares during the period. Basswood Capital Management L.L.C. owned approximately 0.18% of Lear worth $13,465,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Oregon Public Employees Retirement Fund raised its stake in Lear by 11,007.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,898,551 shares of the auto parts company’s stock valued at $40,000 after acquiring an additional 4,854,451 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Lear by 140.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,841,520 shares of the auto parts company’s stock worth $349,110,000 after buying an additional 1,659,488 shares in the last quarter. Pzena Investment Management LLC bought a new stake in shares of Lear in the 4th quarter worth $339,861,000. Boston Partners raised its stake in shares of Lear by 31.7% in the 4th quarter. Boston Partners now owns 2,063,594 shares of the auto parts company’s stock worth $253,533,000 after buying an additional 496,194 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Lear by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,040,569 shares of the auto parts company’s stock worth $127,843,000 after buying an additional 27,314 shares in the last quarter. 89.50% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Shari L. Burgess sold 3,500 shares of the business’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $156.00, for a total transaction of $546,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Terrence B. Larkin sold 18,985 shares of the business’s stock in a transaction on Wednesday, February 13th. The stock was sold at an average price of $155.28, for a total value of $2,947,990.80. Following the sale, the executive vice president now directly owns 2,752 shares in the company, valued at $427,330.56. The disclosure for this sale can be found here. 0.43% of the stock is owned by insiders.
Shares of Lear stock opened at $142.18 on Friday. The firm has a market cap of $8.89 billion, a PE ratio of 7.80, a P/E/G ratio of 3.25 and a beta of 1.35. The company has a current ratio of 1.40, a quick ratio of 1.13 and a debt-to-equity ratio of 0.45. Lear Co. has a 12-month low of $114.45 and a 12-month high of $206.36.
Lear (NYSE:LEA) last announced its earnings results on Friday, January 25th. The auto parts company reported $4.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.96 by $0.09. The company had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.99 billion. Lear had a return on equity of 27.12% and a net margin of 5.37%. Lear’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.38 earnings per share. Equities research analysts predict that Lear Co. will post 17.97 EPS for the current fiscal year.
Lear declared that its Board of Directors has authorized a share repurchase plan on Thursday, February 7th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the auto parts company to buy up to 15.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 20th. Stockholders of record on Friday, March 1st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, February 28th. This is a positive change from Lear’s previous quarterly dividend of $0.70. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.11%. Lear’s payout ratio is 16.47%.
A number of analysts have recently commented on LEA shares. Buckingham Research raised Lear from a “neutral” rating to a “buy” rating in a research note on Monday, January 7th. UBS Group boosted their price objective on Lear from $143.00 to $164.00 and gave the stock a “buy” rating in a research note on Wednesday, January 16th. Deutsche Bank started coverage on Lear in a research note on Thursday, December 13th. They issued a “buy” rating on the stock. Morgan Stanley set a $185.00 price objective on Lear and gave the stock a “buy” rating in a research note on Tuesday, January 29th. Finally, KeyCorp started coverage on Lear in a research note on Monday, December 10th. They issued an “overweight” rating and a $178.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the stock. Lear has an average rating of “Buy” and a consensus target price of $180.57.
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Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers worldwide. It operates in two segments, Seating and E-Systems. The Seating segment offers leather and fabric products, seat trim covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles; and heating and cooling systems.
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