Fifth Third Bancorp Buys 23,051 Shares of Lear Corporation $LEA

Fifth Third Bancorp grew its position in shares of Lear Corporation (NYSE:LEA) by 5,987.3% during the first quarter, Holdings Channel.com reports. The fund owned 23,436 shares of the auto parts company’s stock after purchasing an additional 23,051 shares during the quarter. Fifth Third Bancorp’s holdings in Lear were worth $2,838,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new stake in shares of Lear in the fourth quarter valued at about $25,000. Los Angeles Capital Management LLC purchased a new position in Lear during the fourth quarter worth about $30,000. Global Retirement Partners LLC boosted its holdings in Lear by 942.3% during the fourth quarter. Global Retirement Partners LLC now owns 271 shares of the auto parts company’s stock worth $31,000 after purchasing an additional 245 shares during the last quarter. WealthCollab LLC bought a new stake in Lear in the 2nd quarter worth about $28,000. Finally, Allworth Financial LP increased its stake in Lear by 62.6% in the 3rd quarter. Allworth Financial LP now owns 309 shares of the auto parts company’s stock valued at $31,000 after buying an additional 119 shares during the last quarter. Institutional investors own 97.04% of the company’s stock.

Analysts Set New Price Targets

LEA has been the topic of several recent analyst reports. Wells Fargo & Company lifted their target price on shares of Lear from $133.00 to $137.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. The Goldman Sachs Group upped their target price on Lear from $115.00 to $131.00 and gave the company a “neutral” rating in a report on Monday, May 4th. TD Cowen raised Lear from a “hold” rating to a “buy” rating and increased their price target for the company from $138.00 to $165.00 in a research report on Tuesday, May 26th. JPMorgan Chase & Co. lifted their price target on Lear from $153.00 to $159.00 and gave the stock an “overweight” rating in a report on Friday, July 10th. Finally, Weiss Ratings raised Lear from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Lear presently has a consensus rating of “Hold” and a consensus price target of $144.62.

Insider Transactions at Lear

In related news, CFO Jason M. Cardew sold 5,000 shares of Lear stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $147.50, for a total value of $737,500.00. Following the completion of the sale, the chief financial officer owned 13,241 shares of the company’s stock, valued at approximately $1,953,047.50. This trade represents a 27.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Raymond E. Scott sold 50,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $135.37, for a total value of $6,768,500.00. Following the completion of the sale, the chief executive officer owned 49,789 shares in the company, valued at $6,739,936.93. This represents a 50.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 62,026 shares of company stock worth $8,498,248 over the last 90 days. 1.02% of the stock is owned by insiders.

Lear Trading Down 1.1%

Shares of LEA stock opened at $140.21 on Tuesday. The company has a 50 day moving average of $138.57 and a 200-day moving average of $129.74. The company has a quick ratio of 1.05, a current ratio of 1.33 and a debt-to-equity ratio of 0.51. Lear Corporation has a 12-month low of $91.67 and a 12-month high of $150.33. The firm has a market cap of $7.02 billion, a P/E ratio of 14.02, a PEG ratio of 0.68 and a beta of 1.25.

Lear (NYSE:LEA) last announced its quarterly earnings data on Friday, May 1st. The auto parts company reported $3.87 earnings per share for the quarter, beating the consensus estimate of $3.51 by $0.36. Lear had a return on equity of 13.69% and a net margin of 2.25%.The business had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same period in the prior year, the company earned $3.12 earnings per share. Lear’s revenue was up 4.7% compared to the same quarter last year. Sell-side analysts anticipate that Lear Corporation will post 14.81 earnings per share for the current year.

Lear Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.77 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $3.08 annualized dividend and a dividend yield of 2.2%. Lear’s dividend payout ratio is presently 30.80%.

Lear Company Profile

Lear Corporation (NYSE: LEA) is a global supplier of automotive seating and electrical distribution systems. The company designs, engineers and manufactures complete seat systems, seat components and power solutions for major vehicle manufacturers. Its electrical business delivers modules and components for battery management, infotainment, body and safety electronics, as well as advanced connectivity and electrification solutions.

The seating division develops lightweight, ergonomic seat structures, trim and mechanisms that address comfort, safety and environmental targets.