Parallel Advisors LLC Lowers Stake in Lear Co. (NYSE:LEA)

Parallel Advisors LLC reduced its position in Lear Co. (NYSE:LEA) by 19.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 993 shares of the auto parts company’s stock after selling 239 shares during the quarter. Parallel Advisors LLC’s holdings in Lear were worth $88,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Addison Advisors LLC raised its position in shares of Lear by 68.2% during the 4th quarter. Addison Advisors LLC now owns 338 shares of the auto parts company’s stock valued at $32,000 after purchasing an additional 137 shares during the period. Quadrant Capital Group LLC raised its position in shares of Lear by 51.1% during the 4th quarter. Quadrant Capital Group LLC now owns 491 shares of the auto parts company’s stock valued at $46,000 after purchasing an additional 166 shares during the period. Putney Financial Group LLC bought a new stake in shares of Lear during the 4th quarter valued at $58,000. EverSource Wealth Advisors LLC raised its position in shares of Lear by 247.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 788 shares of the auto parts company’s stock valued at $75,000 after purchasing an additional 561 shares during the period. Finally, TD Waterhouse Canada Inc. raised its position in shares of Lear by 46.6% during the 4th quarter. TD Waterhouse Canada Inc. now owns 966 shares of the auto parts company’s stock valued at $91,000 after purchasing an additional 307 shares during the period. 97.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Citigroup assumed coverage on shares of Lear in a research report on Wednesday, April 23rd. They set a “buy” rating and a $123.00 price objective on the stock. UBS Group raised their price objective on shares of Lear from $83.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. TD Cowen downgraded shares of Lear from a “buy” rating to a “hold” rating and set a $95.00 price objective on the stock. in a research report on Friday, March 7th. Wells Fargo & Company raised their target price on shares of Lear from $89.00 to $100.00 and gave the company an “equal weight” rating in a research note on Monday, May 19th. Finally, The Goldman Sachs Group set a $88.00 target price on shares of Lear and gave the company a “neutral” rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $112.09.

Lear Stock Performance

Shares of NYSE:LEA opened at $88.48 on Friday. Lear Co. has a 52 week low of $73.85 and a 52 week high of $126.85. The stock has a market capitalization of $4.73 billion, a P/E ratio of 9.90, a PEG ratio of 0.49 and a beta of 1.29. The firm has a fifty day simple moving average of $86.01 and a two-hundred day simple moving average of $92.26. The company has a quick ratio of 1.02, a current ratio of 1.32 and a debt-to-equity ratio of 0.59.

Lear (NYSE:LEA) last issued its quarterly earnings data on Tuesday, May 6th. The auto parts company reported $3.12 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.48. Lear had a net margin of 2.17% and a return on equity of 14.70%. The business had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $5.47 billion. During the same period last year, the company posted $3.18 EPS. The business’s revenue was down 7.2% on a year-over-year basis. On average, analysts expect that Lear Co. will post 12.89 earnings per share for the current fiscal year.

Lear Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Thursday, June 5th will be paid a $0.77 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.48%. Lear’s payout ratio is currently 36.11%.

Lear Profile

Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers in North America, Europe, Africa, Asia, and South America. Its Seating segment offers seat systems, seat subsystems, keyseat components, seat trim covers, seat mechanisms, seat foams, and headrests, as well as surface materials, such as leather and fabric for automobiles and light trucks, compact cars, pick-up trucks, and sport utility vehicles.