Goldman Sachs Group Inc. cut shares of Lear Corp. (NYSE:LEA) from a neutral rating to a sell rating in a report published on Thursday morning. Goldman Sachs Group Inc. currently has $107.00 price objective on the stock, down from their previous price objective of $116.00.
“As a result, we believe shares could see a pullback on just achieving the top end of management guidance,” Tamberrino wrote in a note.Further, the analyst said the company could face stiff competition from Johnson Controls Automotive on future business awards, pricing and margins. The rival is re-investing and increasing its bidding activity.Related Link: A Weaker Outlook For Gentherm Drives Argus To Downgrade”While Lear (17 percent) is a top player within the Auto seating business — with core capabilities above and beyond its competitors, the company is behind Johnson Controls’ Automotive segment (27 percent) in market share,,” the firm’s analyst commented.
LEA has been the topic of several other research reports. Zacks Investment Research upgraded Lear Corp. from a hold rating to a buy rating and set a $136.00 price objective on the stock in a report on Tuesday, October 4th. Bank of America Corp. downgraded Lear Corp. from a buy rating to a neutral rating in a report on Tuesday, June 21st. JPMorgan Chase & Co. boosted their price objective on Lear Corp. from $129.00 to $130.00 and gave the company a neutral rating in a report on Friday, July 29th. Citigroup Inc. boosted their price objective on Lear Corp. from $145.00 to $153.00 and gave the company a buy rating in a report on Tuesday, August 2nd. Finally, Barclays PLC set a $127.00 price objective on Lear Corp. and gave the company a hold rating in a report on Monday, August 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. Lear Corp. currently has an average rating of Hold and a consensus target price of $128.00.
Shares of Lear Corp. (NYSE:LEA) opened at 118.40 on Thursday. The firm has a 50-day moving average price of $117.83 and a 200 day moving average price of $113.48. The firm has a market cap of $8.47 billion, a P/E ratio of 9.47 and a beta of 1.22. Lear Corp. has a one year low of $93.54 and a one year high of $127.00.
Lear Corp. (NYSE:LEA) last announced its quarterly earnings results on Thursday, July 28th. The company reported $3.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.32 by $0.34. Lear Corp. had a return on equity of 31.69% and a net margin of 5.14%. The business had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same quarter in the prior year, the company posted $2.82 EPS. The company’s quarterly revenue was up 1.9% on a year-over-year basis. On average, analysts forecast that Lear Corp. will post $13.27 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 1st were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $1.20 annualized dividend and a dividend yield of 1.01%. Lear Corp.’s dividend payout ratio is currently 9.58%.
In other news, Director Jonathan F. Foster sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total transaction of $178,860.00. Following the completion of the transaction, the director now directly owns 4,025 shares of the company’s stock, valued at approximately $479,941. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.33% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC boosted 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 period. Checchi Capital Advisers LLC boosted 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 period. Societe Generale purchased a new stake in shares of Lear Corp. during the second quarter worth about $121,000. Assetmark Inc. boosted 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 period. Finally, Pacer Advisors Inc. boosted 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 period. 94.70% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Lear Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lear Corp. and related companies with MarketBeat.com's FREE daily email newsletter.