Tiverton Asset Management LLC cut its position in Lear Co. (NYSE:LEA) by 12.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,346 shares of the auto parts company’s stock after selling 328 shares during the period. Tiverton Asset Management LLC’s holdings in Lear were worth $326,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of the stock. Oakworth Capital Inc. acquired a new stake in Lear in the second quarter valued at approximately $26,000. Meridian Wealth Management LLC bought a new stake in shares of Lear during the first quarter valued at approximately $28,000. NEXT Financial Group Inc increased its holdings in shares of Lear by 64.8% during the second quarter. NEXT Financial Group Inc now owns 422 shares of the auto parts company’s stock valued at $59,000 after acquiring an additional 166 shares in the last quarter. Clear Perspective Advisors LLC acquired a new position in shares of Lear during the second quarter worth approximately $75,000. Finally, Private Ocean LLC bought a new position in shares of Lear in the 2nd quarter worth $77,000. 89.93% of the stock is owned by institutional investors and hedge funds.
LEA has been the subject of several research reports. Barclays reissued a “hold” rating and issued a $117.00 price target on shares of Lear in a research report on Wednesday, July 31st. Longbow Research reaffirmed a “buy” rating and issued a $190.00 price objective on shares of Lear in a research note on Sunday, June 30th. UBS Group reduced their price objective on shares of Lear from $172.00 to $158.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Buckingham Research downgraded shares of Lear from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $180.00 to $140.00 in a research report on Wednesday, July 17th. Finally, Morgan Stanley lowered their target price on shares of Lear from $165.00 to $143.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Lear has a consensus rating of “Hold” and an average price target of $157.13.
Lear (NYSE:LEA) last announced its earnings results on Friday, July 26th. The auto parts company reported $3.78 earnings per share for the quarter, missing analysts’ consensus estimates of $3.82 by ($0.04). The business had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $5.03 billion. Lear had a return on equity of 23.18% and a net margin of 4.38%. Lear’s quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.95 EPS. As a group, research analysts predict that Lear Co. will post 14.98 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Thursday, August 29th will be issued a dividend of $0.75 per share. The ex-dividend date is Wednesday, August 28th. This represents a $3.00 dividend on an annualized basis and a yield of 2.38%. Lear’s dividend payout ratio (DPR) is currently 16.47%.
Lear Company Profile
Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers worldwide. It operates in two segments, Seating and E-Systems. The Seating segment offers leather and fabric products, seat trim covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles; and heating and cooling systems.
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