ClariVest Asset Management LLC Decreases Position in Lear Corporation (LEA)
ClariVest Asset Management LLC decreased its stake in shares of Lear Corporation (NYSE:LEA) by 3.3% during the second quarter, Holdings Channel reports. The institutional investor owned 290,111 shares of the auto parts company’s stock after selling 9,752 shares during the period. Lear Corporation makes up about 1.0% of ClariVest Asset Management LLC’s investment portfolio, making the stock its 21st largest position. ClariVest Asset Management LLC’s holdings in Lear Corporation were worth $41,218,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Toronto Dominion Bank raised its position in shares of Lear Corporation by 23.9% in the first quarter. Toronto Dominion Bank now owns 768 shares of the auto parts company’s stock valued at $109,000 after buying an additional 148 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Lear Corporation by 52.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 783 shares of the auto parts company’s stock valued at $111,000 after buying an additional 270 shares in the last quarter. TrimTabs Asset Management LLC raised its position in shares of Lear Corporation by 88.7% in the first quarter. TrimTabs Asset Management LLC now owns 868 shares of the auto parts company’s stock valued at $123,000 after buying an additional 408 shares in the last quarter. Global X Management Co. LLC raised its position in shares of Lear Corporation by 30.3% in the first quarter. Global X Management Co. LLC now owns 878 shares of the auto parts company’s stock valued at $124,000 after buying an additional 204 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Lear Corporation by 5.4% in the first quarter. Van ECK Associates Corp now owns 991 shares of the auto parts company’s stock valued at $140,000 after buying an additional 51 shares in the last quarter. Hedge funds and other institutional investors own 97.57% of the company’s stock.
Lear Corporation (LEA) opened at 142.74 on Friday. Lear Corporation has a one year low of $110.77 and a one year high of $153.28. The firm has a market capitalization of $9.72 billion, a P/E ratio of 9.51 and a beta of 1.32. The stock has a 50 day moving average price of $145.26 and a 200 day moving average price of $142.88.
Lear Corporation (NYSE:LEA) last posted its earnings results on Wednesday, July 26th. The auto parts company reported $4.39 earnings per share for the quarter, topping analysts’ consensus estimates of $4.11 by $0.28. The firm had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $4.89 billion. Lear Corporation had a net margin of 5.51% and a return on equity of 32.34%. The company’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.66 earnings per share. On average, equities analysts predict that Lear Corporation will post $16.49 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 19th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.40%. Lear Corporation’s payout ratio is presently 13.28%.
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Several brokerages recently issued reports on LEA. Royal Bank Of Canada restated a “hold” rating and set a $149.00 price target on shares of Lear Corporation in a research note on Thursday, April 27th. BidaskClub lowered Lear Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. ValuEngine lowered Lear Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. Morgan Stanley lowered Lear Corporation from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $149.00 to $142.00 in a research note on Thursday, June 8th. Finally, Zacks Investment Research upgraded Lear Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. Lear Corporation has a consensus rating of “Hold” and an average target price of $148.64.
In other news, Director Greg C. Smith sold 2,266 shares of Lear Corporation stock in a transaction 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 in the company, valued at $2,014,991.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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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