Lear Corp. (LEA) Stock Price Down 6.2%
Lear Corp. (NYSE:LEA)’s share price was down 6.2% during trading on Thursday . The company traded as low as $103.37 and last traded at $109.20, with a volume of 1,365,226 shares. The stock had previously closed at $116.44.
A number of research firms have commented on LEA. Goldman Sachs Group Inc. raised their price objective on Lear Corp. from $107.00 to $122.00 and gave the company a “neutral” rating in a research report on Tuesday, May 3rd. Barclays PLC reiterated an “equal weight” rating and issued a $125.00 price target (up previously from $119.00) on shares of Lear Corp. in a research report on Thursday, April 28th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $136.00 price target (up previously from $124.00) on shares of Lear Corp. in a research report on Thursday, April 28th. Zacks Investment Research lowered Lear Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Finally, Bank of America Corp. lowered Lear Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 21st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $122.67.
The stock has a market capitalization of $8.12 billion and a price-to-earnings ratio of 9.99. The firm has a 50-day moving average price of $110.06 and a 200 day moving average price of $109.13.
Lear Corp. (NYSE:LEA) last posted its quarterly earnings results on Thursday, July 28th. The company reported $3.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.29 by $0.37. The company earned $4.70 billion during the quarter, compared to analyst estimates of $4.86 billion. The company’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.82 earnings per share. Analysts expect that Lear Corp. will post $12.84 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Friday, June 10th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, June 8th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.09%.
In related news, insider Jay K. Kunkel sold 653 shares of the stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $116.32, for a total value of $75,956.96. Following the sale, the insider now owns 4,478 shares of the company’s stock, valued at approximately $520,880.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Greg C. Smith sold 1,000 shares of the stock in a transaction dated Friday, May 20th. The stock was sold at an average price of $113.95, for a total transaction of $113,950.00. Following the completion of the sale, the director now directly owns 13,822 shares in the company, valued at approximately $1,575,016.90. The disclosure for this sale can be found here.
Several institutional investors have bought and sold shares of LEA. Utah Retirement Systems raised its position in Lear Corp. by 0.7% in the fourth quarter. Utah Retirement Systems now owns 13,980 shares of the company’s stock valued at $1,717,000 after buying an additional 100 shares during the period. Gulf International Bank UK Ltd raised its stake in Lear Corp. by 0.5% in the fourth quarter. Gulf International Bank UK Ltd now owns 21,970 shares of the company’s stock worth $2,699,000 after buying an additional 120 shares in the last quarter. I.G. Investment Management LTD. raised its stake in Lear Corp. by 0.3% in the fourth quarter. I.G. Investment Management LTD. now owns 126,554 shares of the company’s stock worth $15,545,000 after buying an additional 349 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its stake in Lear Corp. by 6.1% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 9,589 shares of the company’s stock worth $1,178,000 after buying an additional 548 shares in the last quarter. Finally, Herndon Capital Management LLC raised its stake in Lear Corp. by 9.2% in the fourth quarter. Herndon Capital Management LLC now owns 8,257 shares of the company’s stock worth $1,014,000 after buying an additional 699 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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