Investors Buy Lear Corp. (LEA) on Weakness
Traders bought shares of Lear Corp. (NYSE:LEA) on weakness during trading hours on Thursday. $80.35 million flowed into the stock on the tick-up and $61.59 million flowed out of the stock on the tick-down, for a money net flow of $18.76 million into the stock. Of all stocks tracked, Lear Corp. had the 21st highest net in-flow for the day. Lear Corp. traded down ($6.38) for the day and closed at $110.06
Several research analysts have recently commented on LEA shares. Zacks Investment Research raised Lear Corp. from a “hold” rating to a “strong-buy” rating and set a $120.00 price target for the company in a research report on Friday, April 8th. 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 report on Thursday, April 28th. 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 report on Thursday, April 28th. Goldman Sachs Group Inc. boosted their price target on Lear Corp. from $107.00 to $122.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 3rd. Finally, Bank of America Corp. downgraded Lear Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 21st. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. Lear Corp. presently has an average rating of “Hold” and a consensus target price of $124.78.
The stock has a market cap of $8.38 billion and a price-to-earnings ratio of 9.08. The firm’s 50 day moving average is $109.94 and its 200-day moving average is $109.15.
Lear Corp. (NYSE:LEA) last announced its quarterly earnings data on Thursday, July 28th. The company reported $3.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.32 by $0.34. The company earned $4.70 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same quarter in the previous year, the business posted $2.82 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. Analysts forecast that Lear Corp. will post $12.88 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Friday, June 10th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend was Wednesday, June 8th.
In other Lear Corp. news, insider Jay K. Kunkel sold 653 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 4,478 shares in the company, valued at $520,880.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Greg C. Smith sold 1,000 shares of the firm’s stock in a transaction on Friday, May 20th. The shares were sold at an average price of $113.95, for a total value of $113,950.00. Following the completion of the sale, the director now owns 13,822 shares in the company, valued at $1,575,016.90. The disclosure for this sale can be found here.
A number of hedge funds have bought and sold shares of LEA. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted 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. US Bancorp DE boosted its stake in Lear Corp. by 12.9% in the fourth quarter. US Bancorp DE now owns 39,638 shares of the company’s stock worth $4,869,000 after buying an additional 4,541 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Lear Corp. by 17.0% in the fourth quarter. Wells Fargo & Company MN now owns 743,194 shares of the company’s stock worth $91,287,000 after buying an additional 108,020 shares in the last quarter. Mizuho Trust & Banking Co. Ltd. boosted its stake 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 during the period. Finally, Marshall Wace LLP purchased a new stake in Lear Corp. during the fourth quarter worth approximately $4,524,000.
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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