Lear Co. (LEA) Holdings Reduced by Migdal Insurance & Financial Holdings Ltd.
Migdal Insurance & Financial Holdings Ltd. lessened its position in Lear Co. (NYSE:LEA) by 7.1% in the 1st quarter, HoldingsChannel reports. The firm owned 1,158 shares of the auto parts company’s stock after selling 89 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Lear were worth $157,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the business. Daiwa SB Investments Ltd. increased its stake in Lear by 7.8% in the fourth quarter. Daiwa SB Investments Ltd. now owns 1,250 shares of the auto parts company’s stock valued at $154,000 after purchasing an additional 90 shares in the last quarter. First Hawaiian Bank increased its stake in Lear by 8.8% in the first quarter. First Hawaiian Bank now owns 1,230 shares of the auto parts company’s stock valued at $167,000 after purchasing an additional 100 shares in the last quarter. Cerity Partners LLC increased its position in shares of Lear by 4.0% during the fourth quarter. Cerity Partners LLC now owns 3,309 shares of the auto parts company’s stock worth $407,000 after acquiring an additional 126 shares in the last quarter. Lipe & Dalton increased its position in shares of Lear by 5.0% during the first quarter. Lipe & Dalton now owns 3,475 shares of the auto parts company’s stock worth $472,000 after acquiring an additional 165 shares in the last quarter. Finally, Advisory Services Network LLC increased its position in shares of Lear by 25.1% during the fourth quarter. Advisory Services Network LLC now owns 877 shares of the auto parts company’s stock worth $108,000 after acquiring an additional 176 shares in the last quarter. 98.53% of the stock is owned by hedge funds and other institutional investors.
LEA has been the subject of several research reports. ValuEngine raised shares of Lear from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. Zacks Investment Research raised shares of Lear from a “hold” rating to a “buy” rating and set a $164.00 price objective for the company in a research report on Tuesday, January 15th. UBS Group increased their price objective on shares of Lear from $143.00 to $164.00 and gave the stock a “buy” rating in a research report on Wednesday, January 16th. Barclays reissued a “hold” rating and set a $142.00 price objective on shares of Lear in a research report on Thursday, January 24th. Finally, KeyCorp increased their price objective on shares of Lear from $178.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, January 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the stock. Lear presently has a consensus rating of “Buy” and an average price target of $178.53.
Lear (NYSE:LEA) last announced its earnings results on Friday, April 26th. The auto parts company reported $4.00 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.06 by ($0.06). Lear had a return on equity of 25.28% and a net margin of 4.94%. The business had revenue of $5.16 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the previous year, the company posted $5.10 EPS. The business’s revenue for the quarter was down 10.0% compared to the same quarter last year. As a group, equities research analysts predict that Lear Co. will post 17.59 EPS for the current year.
Lear announced that its Board of Directors has approved a share repurchase plan on Thursday, February 7th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the auto parts company to buy up to 15.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In related news, VP Shari L. Burgess sold 3,500 shares of the stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $156.00, for a total transaction of $546,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Terrence B. Larkin sold 18,985 shares of the stock in a transaction on Wednesday, February 13th. The shares were sold at an average price of $155.28, for a total transaction of $2,947,990.80. Following the completion of the sale, the executive vice president now owns 2,752 shares of the company’s stock, valued at approximately $427,330.56. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.
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Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers worldwide. It operates in two segments, Seating and E-Systems. The Seating segment offers leather and fabric products, seat trim covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles; and heating and cooling systems.
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