Pzena Investment Management LLC Lowers Stake in Lear Corporation $LEA

Pzena Investment Management LLC reduced its position in Lear Corporation (NYSE:LEA) by 9.5% in the first quarter, HoldingsChannel.com reports. The firm owned 6,758,505 shares of the auto parts company’s stock after selling 708,849 shares during the period. Lear accounts for approximately 2.7% of Pzena Investment Management LLC’s investment portfolio, making the stock its 14th biggest holding. Pzena Investment Management LLC owned 0.13% of Lear worth $818,320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp increased its stake in Lear by 5,205.1% in the 1st quarter. Jones Financial Companies Lllp now owns 7,268 shares of the auto parts company’s stock worth $604,000 after buying an additional 7,131 shares in the last quarter. United Services Automobile Association purchased a new stake in Lear during the 1st quarter valued at approximately $267,000. Empowered Funds LLC bought a new stake in shares of Lear during the first quarter valued at approximately $256,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Lear by 37.1% in the second quarter. EverSource Wealth Advisors LLC now owns 968 shares of the auto parts company’s stock worth $92,000 after buying an additional 262 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in shares of Lear by 9.5% in the second quarter. Cerity Partners LLC now owns 4,296 shares of the auto parts company’s stock worth $408,000 after buying an additional 372 shares in the last quarter. 97.04% of the stock is currently owned by institutional investors.

Lear Stock Performance

Shares of Lear stock opened at $130.53 on Thursday. Lear Corporation has a 52 week low of $91.67 and a 52 week high of $150.33. The stock’s fifty day moving average is $137.20 and its two-hundred day moving average is $127.97. The company has a market capitalization of $6.54 billion, a PE ratio of 13.05, a price-to-earnings-growth ratio of 0.68 and a beta of 1.25. The company has a quick ratio of 1.05, a current ratio of 1.33 and a debt-to-equity ratio of 0.51.

Lear (NYSE:LEA) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $5.84 billion. Lear had a net margin of 2.25% and a return on equity of 13.69%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.12 EPS. As a group, analysts expect that Lear Corporation will post 14.64 earnings per share for the current year.

Lear Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Wednesday, June 3rd were issued a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Wednesday, June 3rd. Lear’s payout ratio is presently 30.80%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Lear from $115.00 to $131.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft set a $133.00 price target on Lear in a report on Monday, May 4th. JPMorgan Chase & Co. upped their price objective on Lear from $152.00 to $153.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Morgan Stanley set a $130.00 target price on Lear in a research report on Monday, May 4th. Finally, Citigroup raised their target price on shares of Lear from $177.00 to $179.00 and gave the company a “buy” rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $143.38.

Key Stories Impacting Lear

Here are the key news stories impacting Lear this week:

• Neutral Sentiment: No material Lear-specific news was reported in the supplied articles, suggesting the stock’s move is likely being driven by broader market factors or normal trading activity rather than a fresh company announcement.
• Neutral Sentiment: Earlier background remains supportive: Lear recently reported quarterly EPS of $3.87, beating estimates, while revenue came in roughly in line with expectations and sales were up year over year, which may continue to underpin investor sentiment.

Insider Buying and Selling at Lear

In other news, CFO Jason M. Cardew sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $147.50, for a total value of $737,500.00. Following the completion of the sale, the chief financial officer owned 13,241 shares of the company’s stock, valued at approximately $1,953,047.50. This represents a 27.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Raymond E. Scott sold 50,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $135.37, for a total transaction of $6,768,500.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 62,026 shares of company stock valued at $8,498,248 in the last ninety days. 1.02% of the stock is owned by insiders.

Lear Company Profile

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.