Lear Corp. (LEA) Upgraded to “Buy” at Zacks Investment Research
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 firm 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 equities research analysts also recently issued reports on the company. Goldman Sachs Group Inc. downgraded Lear Corp. from a neutral rating to a sell rating and dropped their price objective for the stock from $116.00 to $107.00 in a report on Thursday, October 6th. Seaport Global Securities started coverage on Lear Corp. in a report on Tuesday, August 9th. They set a neutral rating on the stock. Bank of America Corp. lowered Lear Corp. from a buy rating to a neutral rating in a research report on Tuesday, June 21st. Robert W. Baird started coverage on Lear Corp. in a research report on Monday. They issued a neutral rating and a $133.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their target price on Lear Corp. from $129.00 to $130.00 and gave the stock a neutral rating in a research report on Friday, July 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $125.45.
Lear Corp. (NYSE:LEA) traded up 0.61% during midday trading on Thursday, hitting $117.10. The stock had a trading volume of 131,156 shares. The firm has a market cap of $8.38 billion, a PE ratio of 9.37 and a beta of 1.22. Lear Corp. has a one year low of $93.54 and a one year high of $127.00. The stock has a 50-day moving average price of $117.94 and a 200 day moving average price of $113.54.
Lear Corp. (NYSE:LEA) last posted its quarterly earnings data on Thursday, July 28th. The company reported $3.66 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the business earned $2.82 EPS. Lear Corp.’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, analysts predict that Lear Corp. will post $13.27 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 1st were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Tuesday, August 30th. Lear Corp.’s payout ratio is currently 9.58%.
In other Lear Corp. news, Director Jonathan F. Foster sold 1,500 shares of Lear Corp. stock in a transaction on Wednesday, September 28th. The stock was 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.33% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC increased 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 valued at $103,000 after buying an additional 529 shares during the last quarter. Checchi Capital Advisers LLC increased 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 valued at $104,000 after buying an additional 26 shares during the last quarter. Societe Generale acquired a new stake in shares of Lear Corp. during the second quarter valued at $121,000. Assetmark Inc. increased 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 valued at $150,000 after buying an additional 1,451 shares during the last quarter. Finally, Pacer Advisors Inc. increased 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 valued at $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.
Lear Corp. Company Profile
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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