Lear Corp. (LEA) Sees Unusually-High Trading Volume
Lear Corp. (NYSE:LEA) shares saw unusually-strong trading volume on Thursday . Approximately 1,763,461 shares changed hands during trading, an increase of 72% from the previous session’s volume of 1,026,939 shares.The stock last traded at $101.79 and had previously closed at $100.54.
Several analysts have recently weighed in on LEA shares. Bank of America Corp. downgraded shares of Lear Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 21st. Zacks Investment Research downgraded shares of Lear Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, March 29th. Royal Bank Of Canada restated an “outperform” rating and set a $136.00 price objective (up previously from $124.00) on shares of Lear Corp. in a research report on Thursday, April 28th. Barclays PLC restated an “equal weight” rating and set a $125.00 price objective (up previously from $119.00) on shares of Lear Corp. in a research report on Thursday, April 28th. Finally, Goldman Sachs Group Inc. boosted their price objective on shares of Lear Corp. from $107.00 to $122.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 3rd. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Lear Corp. presently has a consensus rating of “Hold” and an average target price of $122.67.
The stock has a market capitalization of $7.85 billion and a P/E ratio of 9.66. The company has a 50-day moving average price of $111.62 and a 200 day moving average price of $109.76.
Lear Corp. (NYSE:LEA) last released its quarterly earnings results on Wednesday, April 27th. The company reported $3.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.63. During the same period in the previous year, the business posted $2.28 EPS. The company had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.67 billion. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. Analysts expect that Lear Corp. will post $12.85 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Friday, June 10th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Wednesday, June 8th.
In other news, insider Jay K. Kunkel sold 653 shares of the firm’s stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $116.32, for a total transaction of $75,956.96. Following the completion of the sale, the insider now owns 4,478 shares of the company’s stock, valued at $520,880.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Greg C. Smith sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $113.95, for a total transaction of $113,950.00. Following the sale, the director now directly owns 13,822 shares of the company’s stock, valued at approximately $1,575,016.90. The disclosure for this sale can be found here.
Other hedge funds recently added to or reduced their stakes in the company. Morgan Stanley increased its stake in Lear Corp. by 40.1% in the fourth quarter. Morgan Stanley now owns 583,968 shares of the company’s stock worth $71,730,000 after buying an additional 167,060 shares during the last quarter. Wells Fargo & Company MN increased its position in Lear Corp. by 17.0% in the fourth quarter. Wells Fargo & Company MN now owns 743,194 shares of the company’s stock worth $91,287,000 after buying an additional 108,020 shares in the last quarter. Vanguard Group Inc. increased its position in Lear Corp. by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 5,152,357 shares of the company’s stock worth $632,863,000 after buying an additional 93,202 shares in the last quarter. Stevens Capital Management LP acquired a new position in Lear Corp. during the fourth quarter worth approximately $6,037,000. Finally, Paradice Investment Management LLC increased its position in Lear Corp. by 12.4% in the fourth quarter. Paradice Investment Management LLC now owns 353,649 shares of the company’s stock worth $43,439,000 after buying an additional 39,000 shares in the last quarter.
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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