Lear Co. (LEA) Shares Bought by Empowered Funds LLC
Empowered Funds LLC increased its stake in shares of Lear Co. (NYSE:LEA) by 31.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,962 shares of the auto parts company’s stock after acquiring an additional 4,726 shares during the quarter. Empowered Funds LLC’s holdings in Lear were worth $2,929,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BB&T Securities LLC lifted its stake in shares of Lear by 24.7% in the first quarter. BB&T Securities LLC now owns 2,646 shares of the auto parts company’s stock valued at $492,000 after buying an additional 524 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Lear by 50.8% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 25,393 shares of the auto parts company’s stock valued at $4,725,000 after buying an additional 8,556 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of Lear by 103.0% in the first quarter. Jane Street Group LLC now owns 2,639 shares of the auto parts company’s stock valued at $491,000 after buying an additional 89,215 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Lear in the first quarter valued at $2,438,000. Finally, Assetmark Inc. lifted its stake in shares of Lear by 8.3% in the first quarter. Assetmark Inc. now owns 3,348 shares of the auto parts company’s stock valued at $623,000 after buying an additional 257 shares in the last quarter. 91.36% of the stock is currently owned by institutional investors and hedge funds.
LEA has been the topic of a number of recent research reports. Robert W. Baird reaffirmed a “buy” rating and issued a $243.00 price objective on shares of Lear in a research note on Friday, July 27th. Morgan Stanley raised shares of Lear from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $209.00 to $214.00 in a research note on Tuesday, July 31st. Buckingham Research set a $150.00 price objective on shares of Lear and gave the company a “hold” rating in a research note on Wednesday, September 19th. ValuEngine lowered shares of Lear from a “hold” rating to a “sell” rating in a research note on Thursday, August 23rd. Finally, Wolfe Research initiated coverage on shares of Lear in a research note on Tuesday, October 2nd. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $204.38.
Lear (NYSE:LEA) last announced its earnings results on Thursday, July 26th. The auto parts company reported $4.95 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.99 by ($0.04). The firm had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Lear had a net margin of 6.31% and a return on equity of 28.84%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.39 EPS. As a group, research analysts expect that Lear Co. will post 18.72 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 18th. Stockholders of record on Thursday, August 30th were issued a $0.70 dividend. The ex-dividend date of this dividend was Wednesday, August 29th. This represents a $2.80 annualized dividend and a dividend yield of 2.09%. Lear’s dividend payout ratio is currently 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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