Gargoyle Investment Advisor L.L.C. Has $3,000,000 Position in Lear Corporation (LEA)
Gargoyle Investment Advisor L.L.C. maintained its stake in shares of Lear Corporation (NYSE:LEA) during the second quarter, Holdings Channel reports. The firm owned 21,118 shares of the auto parts company’s stock at the end of the second quarter. Lear Corporation makes up 1.2% of Gargoyle Investment Advisor L.L.C.’s portfolio, making the stock its 25th largest position. Gargoyle Investment Advisor L.L.C.’s holdings in Lear Corporation were worth $3,000,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. BlackRock Inc. increased its stake in shares of Lear Corporation by 1,617.8% in the first quarter. BlackRock Inc. now owns 7,113,550 shares of the auto parts company’s stock valued at $1,007,136,000 after buying an additional 6,699,449 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Lear Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 6,251,039 shares of the auto parts company’s stock valued at $885,022,000 after buying an additional 173,513 shares during the last quarter. State Street Corp increased its stake in shares of Lear Corporation by 7.2% in the first quarter. State Street Corp now owns 1,725,677 shares of the auto parts company’s stock valued at $244,312,000 after buying an additional 115,931 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Lear Corporation by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 806,200 shares of the auto parts company’s stock valued at $114,138,000 after buying an additional 8,791 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Lear Corporation by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 797,040 shares of the auto parts company’s stock valued at $112,845,000 after buying an additional 22,749 shares during the last quarter. 97.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lear Corporation (NYSE LEA) opened at 142.74 on Friday. The firm has a market cap of $9.72 billion, a P/E ratio of 9.51 and a beta of 1.32. Lear Corporation has a 1-year low of $110.77 and a 1-year high of $153.28. The firm 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 the Zacks’ consensus estimate of $4.11 by $0.28. Lear Corporation had a net margin of 5.51% and a return on equity of 32.34%. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the prior year, the business posted $3.66 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year. Analysts anticipate that Lear Corporation will post $16.49 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Thursday, August 31st will be issued a $0.50 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.40%. Lear Corporation’s dividend payout ratio is presently 13.28%.
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LEA has been the topic of several research analyst reports. Barclays PLC reaffirmed an “equal weight” rating and set a $134.00 price objective (down previously from $138.00) on shares of Lear Corporation in a research note on Saturday, April 22nd. Zacks Investment Research downgraded Lear Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Seaport Global Securities raised Lear Corporation from a “neutral” rating to a “buy” rating and set a $163.00 price objective on the stock in a research note on Thursday, May 4th. Bank of America Corporation downgraded Lear Corporation from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $135.00 to $110.00 in a research note on Friday, June 16th. Finally, Guggenheim initiated coverage on Lear Corporation in a research note on Wednesday, June 21st. They set a “buy” rating and a $167.00 price objective on the stock. Three analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. 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 dated Monday, May 22nd. The shares were sold at an average price of $145.12, for a total value of $328,841.92. Following the sale, the director now owns 13,885 shares in the company, valued at approximately $2,014,991.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.49% of the company’s stock.
Lear Corporation Company Profile
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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