Lear (NYSE:LEA) Posts Earnings Results, Beats Expectations By $0.14 EPS

Lear (NYSE:LEA) released its earnings results on Tuesday. The auto parts company reported $3.18 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.14, Briefing.com reports. The company had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $6 billion. Lear had a return on equity of 14.09% and a net margin of 2.44%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.78 EPS. Lear updated its FY 2024 guidance to EPS.

Lear Price Performance

Shares of NYSE LEA traded down $1.16 during midday trading on Wednesday, hitting $124.71. 802,558 shares of the company’s stock were exchanged, compared to its average volume of 558,057. The company has a market cap of $7.10 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 0.34 and a beta of 1.54. The business’s fifty day moving average price is $138.83 and its two-hundred day moving average price is $135.84. The company has a current ratio of 1.35, a quick ratio of 1.04 and a debt-to-equity ratio of 0.54. Lear has a 12-month low of $117.79 and a 12-month high of $157.90.

Lear Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 8th were issued a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Thursday, March 7th. Lear’s payout ratio is 31.82%.

Wall Street Analyst Weigh In

LEA has been the topic of a number of research reports. Barclays boosted their price objective on Lear from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. boosted their price objective on Lear from $177.00 to $179.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Benchmark boosted their price objective on Lear from $188.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, January 2nd. Morgan Stanley boosted their price objective on Lear from $140.00 to $150.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Finally, StockNews.com raised Lear from a “hold” rating to a “buy” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $162.44.

Insiders Place Their Bets

In other Lear news, CEO Raymond E. Scott sold 10,652 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $132.86, for a total value of $1,415,224.72. Following the completion of the sale, the chief executive officer now owns 13,627 shares in the company, valued at $1,810,483.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Jason M. Cardew sold 2,750 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $140.81, for a total value of $387,227.50. Following the sale, the chief financial officer now directly owns 17,506 shares of the company’s stock, valued at $2,465,019.86. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Raymond E. Scott sold 10,652 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $132.86, for a total value of $1,415,224.72. Following the sale, the chief executive officer now directly owns 13,627 shares in the company, valued at $1,810,483.22. The disclosure for this sale can be found here. 0.79% of the stock is owned by insiders.

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 in North America, Europe, Africa, Asia, and South America. Its Seating segment offers seat systems, seat subsystems, keyseat components, seat trim covers, seat mechanisms, seat foams, and headrests, as well as surface materials, such as leather and fabric for automobiles and light trucks, compact cars, pick-up trucks, and sport utility vehicles.