Lear Corp. (LEA) Shares Gap Up to $114.75
Lear Corp. (NYSE:LEA) gapped up prior to trading on Tuesday . The stock had previously closed at $114.52, but opened at $114.75. Lear Corp. shares last traded at $116.11, with a volume of 401,040 shares changing hands.
Several equities research analysts have commented on LEA shares. Citigroup Inc. upped their price objective on Lear Corp. from $145.00 to $153.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. Barclays PLC restated an “equal weight” rating and issued a $125.00 price objective (up previously from $119.00) 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. Seaport Global Securities started coverage on Lear Corp. in a research report on Tuesday, August 9th. They issued a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Lear Corp. from $129.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $128.11.
The company’s 50-day moving average is $112.22 and its 200-day moving average is $110.57. The stock has a market capitalization of $8.27 billion and a PE ratio of 9.25.
Lear Corp. (NYSE:LEA) last released its quarterly earnings results on Thursday, July 28th. The company reported $3.66 EPS for the quarter, topping the consensus estimate of $3.32 by $0.34. During the same period last year, the firm earned $2.82 EPS. The firm had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.86 billion. The company’s quarterly revenue was up 1.9% on a year-over-year basis. On average, analysts predict that Lear Corp. will post $13.28 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Thursday, September 1st will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.20 annualized dividend and a dividend yield of 1.04%.
In other Lear Corp. news, insider Jay K. Kunkel sold 653 shares of Lear Corp. stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $116.32, for a total value of $75,956.96. Following the transaction, the insider now directly owns 4,478 shares in the company, valued at approximately $520,880.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Other hedge funds and institutional investors recently made changes to their positions in the company. Utah Retirement Systems increased its position in shares of 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. BNP Paribas Arbitrage SA increased its stake in Lear Corp. by 41.2% in the fourth quarter. BNP Paribas Arbitrage SA now owns 109,656 shares of the company’s stock worth $13,469,000 after buying an additional 32,011 shares during the period. I.G. Investment Management LTD. increased 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 during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in Lear Corp. by 26.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 663,398 shares of the company’s stock worth $81,486,000 after buying an additional 137,291 shares during the period.
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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