RBC Capital Markets Downgrades Lear Corp. (LEA) to Sector Perform
Lear Corp. (NYSE:LEA) was downgraded by stock analysts at RBC Capital Markets from an “outperform” rating to a “sector perform” rating in a research note issued on Friday. They presently have a $121.00 target price on the stock, up from their prior target price of $120.00. RBC Capital Markets’ price target suggests a potential upside of 4.39% from the company’s previous close. The analysts noted that the move was a valuation call.
A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research upgraded Lear Corp. from a “hold” rating to a “buy” rating and set a $130.00 target price for the company in a research report on Thursday, October 13th. Robert W. Baird began coverage on Lear Corp. in a research report on Monday, October 10th. They set a “neutral” rating and a $133.00 target price for the company. Goldman Sachs Group Inc. downgraded Lear Corp. from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $116.00 to $107.00 in a research report on Thursday, October 6th. Seaport Global Securities began coverage on Lear Corp. in a research report on Tuesday, August 9th. They set a “neutral” rating for the company. Finally, Citigroup Inc. boosted their target price on Lear Corp. from $145.00 to $153.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Lear Corp. has an average rating of “Hold” and a consensus target price of $125.45.
Lear Corp. (NYSE:LEA) opened at 115.91 on Friday. The firm has a market cap of $8.29 billion, a price-to-earnings ratio of 9.28 and a beta of 1.22. Lear Corp. has a 52-week low of $93.54 and a 52-week high of $127.00. The company has a 50 day moving average price of $117.97 and a 200-day moving average price of $113.65.
Lear Corp. (NYSE:LEA) last released its earnings results on Thursday, July 28th. The company reported $3.66 earnings per share for the quarter, topping analysts’ consensus estimates of $3.32 by $0.34. The company earned $4.70 billion during the quarter, compared to the consensus estimate of $4.86 billion. Lear Corp. had a return on equity of 31.69% and a net margin of 5.14%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.82 earnings per share. Equities research analysts anticipate that Lear Corp. will post $13.27 EPS 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 $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $1.20 dividend on an annualized basis and a yield of 1.04%. Lear Corp.’s payout ratio is 9.58%.
In other Lear Corp. news, Director Jonathan F. Foster sold 1,500 shares of the business’s stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total value 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 $479,941. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Highland Capital Management LLC boosted its position in Lear Corp. by 1.8% in the third quarter. Highland Capital Management LLC now owns 4,648 shares of the company’s stock worth $563,000 after buying an additional 80 shares during the last quarter. MSI Financial Services Inc boosted its position in Lear Corp. by 9.8% in the third quarter. MSI Financial Services Inc now owns 1,617 shares of the company’s stock valued at $196,000 after buying an additional 144 shares in the last quarter. Prospera Financial Services Inc boosted its position in Lear Corp. by 13.2% in the third quarter. Prospera Financial Services Inc now owns 2,575 shares of the company’s stock valued at $312,000 after buying an additional 300 shares in the last quarter. Creative Planning boosted its position in Lear Corp. by 154.6% in the third quarter. Creative Planning now owns 3,900 shares of the company’s stock valued at $473,000 after buying an additional 2,368 shares in the last quarter. Finally, Waverton Investment Management Ltd boosted its position in Lear Corp. by 200.7% in the third quarter. Waverton Investment Management Ltd now owns 68,764 shares of the company’s stock valued at $8,336,000 after buying an additional 45,894 shares in the last quarter. 94.70% of the stock is 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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