Stone Ridge Asset Management LLC bought a new position in shares of Lear Co. (NYSE:LEA) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 24,440 shares of the auto parts company’s stock, valued at approximately $4,317,000.
Other hedge funds have also recently bought and sold shares of the company. Cerebellum GP LLC purchased a new position in Lear in the 4th quarter valued at about $126,000. Financial Gravity Companies Inc. purchased a new position in Lear in the 4th quarter valued at about $183,000. Tower Research Capital LLC TRC lifted its stake in Lear by 69.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,010 shares of the auto parts company’s stock valued at $178,000 after buying an additional 413 shares in the last quarter. Focused Wealth Management Inc purchased a new position in Lear in the 4th quarter valued at about $186,000. Finally, IFM Investors Pty Ltd purchased a new position in Lear in the 4th quarter valued at about $204,000. 90.42% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on LEA. Zacks Investment Research raised shares of Lear from a “hold” rating to a “buy” rating and set a $204.00 price target on the stock in a research note on Tuesday, March 6th. Jefferies Group reaffirmed a “buy” rating and issued a $231.00 price target on shares of Lear in a research note on Monday, January 29th. Robert W. Baird reaffirmed a “buy” rating and issued a $213.00 price target on shares of Lear in a research note on Friday, January 26th. Guggenheim set a $206.00 price target on shares of Lear and gave the company a “hold” rating in a research note on Monday, January 29th. Finally, Goldman Sachs Group raised shares of Lear from a “sell” rating to a “neutral” rating and set a $187.00 price target on the stock in a research note on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Lear currently has an average rating of “Buy” and an average price target of $191.11.
Lear (NYSE:LEA) last released its earnings results on Friday, January 26th. The auto parts company reported $4.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.25 by $0.13. Lear had a net margin of 6.42% and a return on equity of 30.32%. The business had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.27 billion. During the same period last year, the company posted $3.80 EPS. The business’s revenue was up 15.5% on a year-over-year basis. sell-side analysts predict that Lear Co. will post 18.38 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 26th. Shareholders of record on Wednesday, March 7th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 1.47%. This is a positive change from Lear’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, March 6th. Lear’s dividend payout ratio (DPR) is 15.05%.
Lear announced that its Board of Directors has initiated a share buyback program on Wednesday, February 14th that permits the company to buyback $954.00 million in shares. This buyback authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, VP Shari L. Burgess sold 5,373 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $190.14, for a total transaction of $1,021,622.22. Following the completion of the sale, the vice president now owns 4,232 shares in the company, valued at approximately $804,672.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Mel Stephens sold 17,006 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $193.00, for a total transaction of $3,282,158.00. Following the sale, the senior vice president now owns 15,694 shares of the company’s stock, valued at approximately $3,028,942. The disclosure for this sale can be found here. Insiders sold a total of 261,115 shares of company stock worth $49,699,331 over the last three months. Corporate insiders own 0.49% of the company’s stock.
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Lear Corporation (Lear) is a supplier to the global automotive industry. The Company is engaged in supplying seating, electrical distribution systems and electronic modules, as well as related sub-systems, components and software, to automotive manufacturers. The Company’s segments include Seating and E-Systems.
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