Gamco Investors INC. ET AL Lowers Position in Lear Co. (LEA)
Gamco Investors INC. ET AL lowered its stake in Lear Co. (NYSE:LEA) by 8.0% in the second quarter, HoldingsChannel reports. The firm owned 5,770 shares of the auto parts company’s stock after selling 500 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Lear were worth $1,072,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Townsend & Associates Inc acquired a new stake in shares of Lear in the second quarter valued at approximately $113,000. Penserra Capital Management LLC increased its holdings in shares of Lear by 338.6% in the first quarter. Penserra Capital Management LLC now owns 614 shares of the auto parts company’s stock valued at $114,000 after purchasing an additional 474 shares in the last quarter. Squar Milner Financial Services LLC acquired a new stake in shares of Lear in the second quarter valued at approximately $130,000. Atlantic Trust Group LLC increased its holdings in shares of Lear by 137.6% in the first quarter. Atlantic Trust Group LLC now owns 815 shares of the auto parts company’s stock valued at $152,000 after purchasing an additional 472 shares in the last quarter. Finally, Rational Advisors LLC acquired a new stake in shares of Lear in the first quarter valued at approximately $167,000. 91.26% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on LEA. ValuEngine lowered shares of Lear from a “buy” rating to a “hold” rating in a report on Friday, June 29th. JPMorgan Chase & Co. lowered their target price on shares of Lear from $209.00 to $198.00 and set a “neutral” rating for the company in a report on Friday, July 27th. Robert W. Baird lifted their target price on shares of Lear from $227.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, June 25th. They noted that the move was a valuation call. Evercore ISI raised shares of Lear from an “in-line” rating to an “outperform” rating and set a $220.00 target price for the company in a report on Monday, May 14th. Finally, Citigroup lowered their target price on shares of Lear from $243.00 to $234.00 and set a “buy” rating for the company in a report on Monday, July 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $205.67.
Lear (NYSE:LEA) last announced its quarterly earnings results on Thursday, July 26th. The auto parts company reported $4.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.99 by ($0.04). Lear had a net margin of 6.31% and a return on equity of 28.84%. The firm had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the firm earned $4.39 EPS. Lear’s quarterly revenue was up 8.9% on a year-over-year basis. equities analysts expect that Lear Co. will post 19.01 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 18th. Stockholders of record on Thursday, August 30th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Wednesday, August 29th. Lear’s dividend payout ratio (DPR) is 16.47%.
Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components primarily to automotive original equipment manufacturers worldwide. The company operates through Seating and E-Systems segments. The Seating segment includes seat systems and related components, such as leather and fabric products, seat trim covers, recliner mechanisms, seat tracks, seat structures and mechanisms, seat foams, and headrests primarily for automobiles and light trucks, compact cars, and sport utility vehicles, as well as thermoelectric seat heating and cooling systems.
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