Lear Corp. (LEA) Shares Gap Up to $114.75
Lear Corp. (NYSE:LEA)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $114.52, but opened at $114.75. Lear Corp. shares last traded at $116.11, with a volume of 401,040 shares traded.
Several research firms have recently issued reports on LEA. Goldman Sachs Group Inc. lifted their price objective on shares of Lear Corp. from $107.00 to $122.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 3rd. Barclays PLC reaffirmed an “equal weight” rating and set a $125.00 price objective (up from $119.00) on shares of Lear Corp. in a research report on Thursday, April 28th. Citigroup Inc. lifted their price objective on shares of Lear Corp. from $145.00 to $153.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $136.00 price objective (up from $124.00) on shares of Lear Corp. in a research report on Thursday, April 28th. Finally, Zacks Investment Research cut shares of Lear Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Lear Corp. presently has a consensus rating of “Hold” and a consensus price target of $128.11.
The company’s 50 day moving average price is $111.77 and its 200 day moving average price is $110.53. The firm has a market capitalization of $8.28 billion and a price-to-earnings ratio of 9.27.
Lear Corp. (NYSE:LEA) last released 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. During the same period in the previous year, the company earned $2.82 EPS. The business earned $4.70 billion during the quarter, compared to analyst estimates of $4.86 billion. Lear Corp.’s revenue was up 1.9% on a year-over-year basis. Equities analysts anticipate that Lear Corp. will post $13.28 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 1st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Tuesday, August 30th.
In other news, insider Jay K. Kunkel sold 653 shares of the stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $116.32, for a total value of $75,956.96. Following the completion of the sale, the insider now owns 4,478 shares of the company’s stock, valued at $520,880.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
A number of large investors have recently added to or reduced their stakes in LEA. BNP Paribas Arbitrage SA raised its stake in Lear Corp. by 41.2% in the fourth quarter. BNP Paribas Arbitrage SA now owns 109,656 shares of the company’s stock worth $13,469,000 after buying an additional 32,011 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in Lear Corp. by 26.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 663,398 shares of the company’s stock worth $81,486,000 after buying an additional 137,291 shares during the last quarter. Utah Retirement Systems raised its stake in Lear Corp. by 0.7% in the fourth quarter. Utah Retirement Systems now owns 13,980 shares of the company’s stock worth $1,717,000 after buying an additional 100 shares during the last quarter. Finally, I.G. Investment Management LTD. raised its stake in Lear Corp. by 0.3% in the fourth quarter. I.G. Investment Management LTD. now owns 126,554 shares of the company’s stock worth $15,545,000 after buying an additional 349 shares during 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.
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