Bank of New York Mellon Corp Decreases Stake in Lear Corporation $LEA

Bank of New York Mellon Corp lessened its holdings in shares of Lear Corporation (NYSE:LEA) by 0.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 515,002 shares of the auto parts company’s stock after selling 3,830 shares during the period. Bank of New York Mellon Corp’s holdings in Lear were worth $62,356,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Life Cycle Investment Partners Ltd acquired a new position in shares of Lear during the 4th quarter worth $22,539,000. Impax Asset Management Group plc increased its holdings in shares of Lear by 33.1% in the 4th quarter. Impax Asset Management Group plc now owns 17,264 shares of the auto parts company’s stock valued at $1,978,000 after purchasing an additional 4,293 shares in the last quarter. Convergence Investment Partners LLC lifted its stake in shares of Lear by 154.6% in the fourth quarter. Convergence Investment Partners LLC now owns 24,720 shares of the auto parts company’s stock valued at $2,833,000 after purchasing an additional 15,010 shares during the period. Leuthold Group LLC lifted its stake in shares of Lear by 41.5% in the fourth quarter. Leuthold Group LLC now owns 47,513 shares of the auto parts company’s stock valued at $5,445,000 after purchasing an additional 13,937 shares during the period. Finally, Norges Bank purchased a new stake in Lear during the fourth quarter worth about $82,016,000. Institutional investors and hedge funds own 97.04% of the company’s stock.

Key Stories Impacting Lear

Here are the key news stories impacting Lear this week:

• Positive Sentiment: Recent commentary from Zacks says Lear looks like a strong long-term value stock, pointing to favorable valuation and style-score factors. Why Lear (LEA) is a Top Value Stock for the Long-Term
• Positive Sentiment: Another Zacks piece asks whether Lear is undervalued right now, reinforcing the idea that the stock may still have upside if the market re-rates its earnings and cash flow outlook. Is Lear (LEA) Stock Undervalued Right Now?
• Positive Sentiment: Zacks also compared Lear with Modine and framed LEA as a competitive value option in the automotive supplier group, which can attract value-focused investors. LEA or MOD: Which Is the Better Value Stock Right Now?
• Positive Sentiment: One article noted Lear has a strong earnings surprise record and could beat estimates again in its next report, which would be a catalyst for the stock. Will Lear (LEA) Beat Estimates Again in Its Next Earnings Report?

Insider Buying and Selling

In other Lear news, CEO Raymond E. Scott sold 50,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $135.37, for a total transaction of $6,768,500.00. Following the sale, the chief executive officer owned 49,789 shares in the company, valued at approximately $6,739,936.93. This represents a 50.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Conrad L. Mallett, Jr. sold 190 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $141.34, for a total value of $26,854.60. Following the transaction, the director directly owned 1,683 shares of the company’s stock, valued at $237,875.22. The trade was a 10.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,026 shares of company stock worth $8,498,248 in the last quarter. Corporate insiders own 1.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Lear from $115.00 to $131.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. Royal Bank Of Canada boosted their price target on Lear from $138.00 to $143.00 and gave the stock a “sector perform” rating in a research note on Monday, July 13th. Barclays upped their price target on Lear from $150.00 to $155.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. raised their price objective on Lear from $153.00 to $159.00 and gave the company an “overweight” rating in a research note on Friday, July 10th. Finally, Morgan Stanley set a $130.00 price objective on Lear in a report on Monday, May 4th. 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $144.62.

Lear Stock Performance

NYSE:LEA opened at $143.82 on Thursday. The company has a current ratio of 1.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $138.82 and a two-hundred day moving average price of $130.14. Lear Corporation has a twelve month low of $91.67 and a twelve month high of $150.33. The company has a market capitalization of $7.21 billion, a P/E ratio of 14.38, a price-to-earnings-growth ratio of 0.69 and a beta of 1.25.

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

Lear Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Wednesday, June 3rd were given a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Wednesday, June 3rd. Lear’s payout ratio is currently 30.80%.

About Lear

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.