Lear Corp. (LEA) Shares Gap Up to $111.20
Lear Corp. (NYSE:LEA) gapped up before the market opened on Thursday . The stock had previously closed at $111.09, but opened at $111.20. Lear Corp. shares last traded at $112.27, with a volume of 346,246 shares changing hands.
A number of equities research analysts have weighed in on the company. Zacks Investment Research lowered Lear Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 29th. JPMorgan Chase & Co. lifted their target price on Lear Corp. from $129.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, July 29th. Citigroup Inc. lifted their target price on Lear Corp. from $145.00 to $153.00 and gave the company a “buy” rating in a research report on Tuesday. Bank of America Corp. lowered Lear Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 21st. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $136.00 target price (up from $124.00) on shares of Lear Corp. in a research report on Thursday, April 28th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Lear Corp. currently has a consensus rating of “Hold” and an average target price of $128.11.
The stock’s 50-day moving average is $109.68 and its 200 day moving average is $109.30. The firm has a market cap of $8.14 billion and a P/E ratio of 9.10.
Lear Corp. (NYSE:LEA) last issued its quarterly earnings data on Thursday, July 28th. The company reported $3.66 earnings per share for the quarter, topping the consensus estimate of $3.32 by $0.34. The business earned $4.70 billion during the quarter, compared to analysts’ expectations of $4.86 billion. The company’s 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. On average, equities research analysts predict that Lear Corp. will post $13.31 earnings per share for the current fiscal year.
In other 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 transaction of $75,956.96. Following the completion of the transaction, the insider now directly owns 4,478 shares in the company, valued at $520,880.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Greg C. Smith sold 1,000 shares of the firm’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $113.95, for a total value of $113,950.00. Following the transaction, the director now owns 13,822 shares of the company’s stock, valued at $1,575,016.90. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently added to or reduced their stakes in LEA. Vanguard Group Inc. raised 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 during the period. Gulf International Bank UK Ltd raised its position in Lear Corp. by 0.5% in the fourth quarter. Gulf International Bank UK Ltd now owns 21,970 shares of the company’s stock worth $2,699,000 after buying an additional 120 shares during the period. Morgan Stanley raised its position in Lear Corp. by 40.1% in the fourth quarter. Morgan Stanley now owns 583,968 shares of the company’s stock worth $71,730,000 after buying an additional 167,060 shares during the period. Wells Fargo & Company MN raised its position 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 during the period. Finally, Principal Financial Group Inc. raised its position in Lear Corp. by 31.3% in the fourth quarter. Principal Financial Group Inc. now owns 52,337 shares of the company’s stock worth $6,429,000 after buying an additional 12,463 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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