7,872 Shares in Lear Corporation $LEA Purchased by Globeflex Capital L P

Globeflex Capital L P bought a new stake in Lear Corporation (NYSE:LEA) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 7,872 shares of the auto parts company’s stock, valued at approximately $1,055,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Great Lakes Advisors LLC acquired a new stake in shares of Lear in the 2nd quarter worth approximately $2,997,000. Foster & Motley Inc. acquired a new position in Lear during the second quarter worth $1,062,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Lear during the second quarter worth $17,423,000. Bank of New York Mellon Corp purchased a new stake in Lear during the second quarter worth $65,397,000. Finally, GAMMA Investing LLC grew its holdings in Lear by 7.2% in the second quarter. GAMMA Investing LLC now owns 2,328 shares of the auto parts company’s stock valued at $312,000 after purchasing an additional 157 shares during the last quarter. 97.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on LEA shares. Morgan Stanley set a $130.00 price target on Lear in a research note on Monday, May 4th. Wells Fargo & Company increased their price target on Lear from $137.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Monday, August 3rd. Citigroup raised their target price on shares of Lear from $177.00 to $179.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. TD Cowen upgraded Lear from a “hold” rating to a “buy” rating and lifted their target price for the company from $138.00 to $165.00 in a report on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft set a $131.00 price target on Lear in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $145.23.

More Lear News

Here are the key news stories impacting Lear this week:

• Neutral Sentiment: No relevant Lear-specific announcements or analyst actions were included in the latest news feed, so the stock’s decrease appears unrelated to the supplied articles.
• Neutral Sentiment: The most recent reported fundamentals remain supportive: Lear previously beat quarterly EPS and revenue estimates, with revenue up 3% year over year. However, those results are not new information in this news set.

Lear Trading Down 4.4%

LEA opened at $122.94 on Tuesday. The firm’s 50 day moving average is $133.58 and its 200-day moving average is $131.47. Lear Corporation has a 52-week low of $96.04 and a 52-week high of $150.33. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $6.06 billion, a P/E ratio of 11.46, a P/E/G ratio of 0.62 and a beta of 1.25.

Lear (NYSE:LEA) last announced its earnings results on Friday, July 31st. The auto parts company reported $4.28 earnings per share for the quarter, beating the consensus estimate of $3.98 by $0.30. Lear had a net margin of 2.35% and a return on equity of 14.18%. The business had revenue of $6.21 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the prior year, the firm earned $3.06 earnings per share. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. Analysts expect that Lear Corporation will post 14.86 EPS for the current fiscal year.

Lear Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Wednesday, September 2nd will be given a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 2nd. Lear’s dividend payout ratio is presently 28.70%.

Insider Activity

In related news, CEO Raymond E. Scott sold 50,000 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $135.37, for a total value of $6,768,500.00. Following the completion of the transaction, the chief executive officer owned 49,789 shares of the company’s stock, valued at approximately $6,739,936.93. This represents a 50.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Jason M. Cardew sold 5,000 shares of the firm’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 sale, the chief financial officer owned 13,241 shares of the company’s stock, valued at approximately $1,953,047.50. This trade represents a 27.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 61,336 shares of company stock worth $8,367,727 over the last ninety days. Corporate insiders own 1.02% of the company’s stock.

About Lear

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.