World Asset Management Inc Cuts Position in Lear Corporation (NYSE:LEA)
World Asset Management Inc cut its position in shares of Lear Corporation (NYSE:LEA) by 4.4% during the second quarter, Holdings Channel reports. The institutional investor owned 3,459 shares of the auto parts company’s stock after selling 160 shares during the period. World Asset Management Inc’s holdings in Lear Corporation were worth $491,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Comerica Securities Inc. raised its position in shares of Lear Corporation by 36.6% in the first quarter. Comerica Securities Inc. now owns 4,407 shares of the auto parts company’s stock worth $624,000 after buying an additional 1,180 shares in the last quarter. Achmea Investment Management B.V. bought a new position in shares of Lear Corporation during the first quarter worth $3,302,000. Hillsdale Investment Management Inc. raised its position in shares of Lear Corporation by 3.2% in the first quarter. Hillsdale Investment Management Inc. now owns 2,270 shares of the auto parts company’s stock worth $322,000 after buying an additional 70 shares in the last quarter. Two Sigma Securities LLC bought a new position in shares of Lear Corporation during the first quarter worth $969,000. Finally, Clinton Group Inc. raised its position in shares of Lear Corporation by 156.8% in the first quarter. Clinton Group Inc. now owns 46,943 shares of the auto parts company’s stock worth $6,646,000 after buying an additional 28,663 shares in the last quarter. 97.57% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Lear Corporation (NYSE LEA) opened at 141.89 on Friday. The stock’s 50 day moving average is $145.12 and its 200-day moving average is $142.87. Lear Corporation has a one year low of $110.77 and a one year high of $153.28. The firm has a market cap of $9.66 billion, a P/E ratio of 9.45 and a beta of 1.32.
Lear Corporation (NYSE:LEA) last announced its quarterly earnings data on Wednesday, July 26th. The auto parts company reported $4.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.11 by $0.28. The business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $4.89 billion. Lear Corporation had a net margin of 5.51% and a return on equity of 32.34%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.66 earnings per share. Analysts anticipate that Lear Corporation will post $16.49 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Thursday, August 31st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.41%. Lear Corporation’s payout ratio is 13.28%.
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LEA has been the topic of a number of research reports. Morgan Stanley lowered shares of Lear Corporation from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $149.00 to $142.00 in a research note on Thursday, June 8th. Barclays PLC raised their price target on shares of Lear Corporation from $146.00 to $152.00 and gave the company an “equal weight” rating in a research note on Thursday, July 27th. ValuEngine lowered shares of Lear Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $149.00 price target on shares of Lear Corporation in a research note on Thursday, April 27th. Finally, Zacks Investment Research raised shares of Lear Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $148.64.
In related news, Director Greg C. Smith sold 2,266 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $145.12, for a total transaction of $328,841.92. Following the transaction, the director now owns 13,885 shares of the company’s stock, valued at $2,014,991.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.49% of the company’s stock.
About Lear Corporation
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’s segments include Seating and E-Systems.
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