RiverPark Advisors LLC acquired a new stake in Lear Co. (NYSE:LEA) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 8,600 shares of the auto parts company’s stock, valued at approximately $1,519,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in LEA. Cerebellum GP LLC bought a new position in shares of Lear in the 4th quarter valued at about $126,000. Tower Research Capital LLC TRC grew its holdings in shares of 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 acquiring an additional 413 shares in the last quarter. Financial Gravity Companies Inc. bought a new position in shares of Lear in the 4th quarter valued at about $183,000. Focused Wealth Management Inc bought a new position in shares of Lear in the 4th quarter valued at about $186,000. Finally, IFM Investors Pty Ltd bought a new position in shares of Lear in the 4th quarter valued at about $204,000. Institutional investors own 95.90% of the company’s stock.
Shares of Lear Co. (NYSE:LEA) opened at $189.47 on Tuesday. Lear Co. has a one year low of $132.01 and a one year high of $202.42. The stock has a market cap of $12,736.24, a PE ratio of 10.19 and a beta of 1.46. The company has a quick ratio of 1.11, a current ratio of 1.36 and a debt-to-equity ratio of 0.45.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 26th. Investors of record on Wednesday, March 7th will be paid a $0.70 dividend. This is an increase from Lear’s previous quarterly dividend of $0.50. This represents a $2.80 annualized dividend and a yield of 1.48%. 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 stock buyback program on Wednesday, February 14th that authorizes the company to buyback $954.00 million in shares. This buyback authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
Several equities analysts have recently weighed in on LEA shares. ValuEngine upgraded Lear from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 8th. Deutsche Bank upgraded Lear from a “hold” rating to a “buy” rating and set a $176.00 price objective for the company in a report on Wednesday, February 7th. Robert W. Baird restated a “buy” rating and issued a $213.00 price objective on shares of Lear in a report on Friday, January 26th. Zacks Investment Research upgraded Lear from a “hold” rating to a “buy” rating and set a $221.00 price objective for the company in a report on Thursday, February 1st. Finally, Guggenheim set a $206.00 price objective on Lear and gave the company a “hold” rating in a report on Monday, January 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $191.11.
In other Lear news, Director Donald L. Runkle sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $190.67, for a total transaction of $190,670.00. Following the completion of the sale, the director now directly owns 2,944 shares in the company, valued at $561,332.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 $3,028,942. The disclosure for this sale can be found here. Insiders sold a total of 261,115 shares of company stock valued at $49,699,331 over the last quarter. 0.49% of the stock is currently owned by company insiders.
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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