Zacks Investment Research upgraded shares of Lear Corp. (NYSE:LEA) from a hold rating to a buy rating in a research note released on Thursday morning. The brokerage currently has $130.00 price objective on the stock.
According to Zacks, “Lear Corporation is a leading global supplier of automotive seating systems, electrical distribution systems and electronics. The seating segment consists of the manufacture, assembly and supply of vehicle seating requirements. The Company produces seat systems for automobiles and light trucks that are fully assembled and ready for installation. The electrical and electronic segment consists of the manufacture, assembly and supply of electrical and electronic systems and components for the vehicle. The Company is able to provide its customers with engineering and design solutions and manufactured systems, modules and components that optimally integrate the electrical distribution system of wiring, terminals and connectors, junction boxes and electronic modules within the overall architecture of the vehicle. Lear Corporation is headquartered in Southfield, Michigan. “
Several other analysts have also recently weighed in on the stock. Robert W. Baird began coverage on shares of Lear Corp. in a research report on Monday, October 10th. They set a neutral rating and a $133.00 price objective on the stock. Goldman Sachs Group Inc. cut shares of Lear Corp. from a neutral rating to a sell rating and lowered their price objective for the company from $116.00 to $107.00 in a research report on Thursday, October 6th. Seaport Global Securities began coverage on shares of Lear Corp. in a research report on Tuesday, August 9th. They set a neutral rating on the stock. Citigroup Inc. raised their price objective on shares of Lear Corp. from $145.00 to $153.00 and gave the company a buy rating in a research report on Tuesday, August 2nd. Finally, Barclays PLC set a $127.00 price objective on shares of Lear Corp. and gave the company a hold rating in a research report on Monday, August 1st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $125.45.
Shares of Lear Corp. (NYSE:LEA) opened at 115.91 on Thursday. The firm’s 50-day moving average is $117.97 and its 200-day moving average is $113.65. Lear Corp. has a 12 month low of $93.54 and a 12 month high of $127.00. The company has a market cap of $8.29 billion, a PE ratio of 9.28 and a beta of 1.22.
Lear Corp. (NYSE:LEA) last posted its earnings results on Thursday, July 28th. The company reported $3.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.32 by $0.34. Lear Corp. had a net margin of 5.14% and a return on equity of 31.69%. The business had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same period in the prior year, the company posted $2.82 EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities research analysts predict that Lear Corp. will post $13.27 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 1st were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Tuesday, August 30th. Lear Corp.’s payout ratio is 9.58%.
In other news, Director Jonathan F. Foster sold 1,500 shares of Lear Corp. stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $119.24, for a total transaction of $178,860.00. Following the sale, the director now owns 4,025 shares of the company’s stock, valued at approximately $479,941. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.33% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Advisory Services Network LLC raised its stake in shares of Lear Corp. by 164.8% in the third quarter. Advisory Services Network LLC now owns 850 shares of the company’s stock worth $103,000 after buying an additional 529 shares during the last quarter. Checchi Capital Advisers LLC raised its stake in shares of Lear Corp. by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 1,023 shares of the company’s stock worth $104,000 after buying an additional 26 shares during the last quarter. Societe Generale bought a new stake in shares of Lear Corp. during the second quarter worth $121,000. Assetmark Inc. raised its stake in shares of Lear Corp. by 8,535.3% in the second quarter. Assetmark Inc. now owns 1,468 shares of the company’s stock worth $150,000 after buying an additional 1,451 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of Lear Corp. by 9.4% in the second quarter. Pacer Advisors Inc. now owns 1,509 shares of the company’s stock worth $154,000 after buying an additional 130 shares during the last quarter. 94.70% of the stock is currently owned by hedge funds and other institutional investors.
About Lear Corp.
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 operates through two segments: seating and electrical.
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