Lear Corp. (LEA) Shares Gap Up to $110.16
Lear Corp. (NYSE:LEA)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $109.63, but opened at $110.16. Lear Corp. shares last traded at $112.47, with a volume of 484,652 shares.
A number of equities analysts recently issued reports on LEA shares. Zacks Investment Research downgraded shares of Lear Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, March 29th. Goldman Sachs Group Inc. increased their price target on shares of Lear Corp. from $107.00 to $122.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 3rd. Barclays PLC reissued an “equal weight” rating and issued a $125.00 price target (up from $119.00) on shares of Lear Corp. in a research note on Thursday, April 28th. Royal Bank Of Canada reissued an “outperform” rating and issued a $136.00 price target (up from $124.00) on shares of Lear Corp. in a research note on Thursday, April 28th. Finally, Bank of America Corp. downgraded shares of Lear Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 21st. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Lear Corp. presently has an average rating of “Hold” and a consensus target price of $122.67.
The firm’s 50-day moving average price is $110.82 and its 200 day moving average price is $109.32. The firm has a market capitalization of $8.25 billion and a price-to-earnings ratio of 10.15.
Lear Corp. (NYSE:LEA) last released its quarterly earnings results on Wednesday, April 27th. The company reported $3.40 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.63. The firm had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the prior year, the firm posted $2.28 earnings per share. Lear Corp.’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, analysts expect that Lear Corp. will post $12.85 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Friday, June 10th were paid a dividend of $0.30 per share. The ex-dividend date was Wednesday, June 8th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.07%.
In related news, insider Jay K. Kunkel sold 653 shares of Lear Corp. stock in a transaction dated 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 transaction, the insider now directly 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 is available through the SEC website. Also, Director Greg C. Smith sold 1,000 shares of Lear Corp. 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 transaction, the director now directly owns 13,822 shares of the company’s stock, valued at $1,575,016.90. The disclosure for this sale can be found here.
Other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in Lear Corp. by 1.8% in the fourth quarter. Rhumbline Advisers now owns 72,000 shares of the company’s stock worth $8,844,000 after buying an additional 1,260 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in Lear Corp. during the fourth quarter worth approximately $4,410,000. Vanguard Group Inc. boosted 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. Paradice Investment Management LLC boosted 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. Finally, Mizuho Trust & Banking Co. Ltd. boosted its position in Lear Corp. by 2.3% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 117,828 shares of the company’s stock worth $14,664,000 after buying an additional 2,633 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.