Pitcairn Co. Invests $841,000 in Lear Corp. (LEA)
Pitcairn Co. bought a new position in Lear Corp. (NYSE:LEA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,263 shares of the company’s stock, valued at approximately $841,000.
A number of other institutional investors also recently made changes to their positions in the company. Stifel Financial Corp raised its position in shares of Lear Corp. by 1,232.6% in the fourth quarter. Stifel Financial Corp now owns 322,585 shares of the company’s stock worth $9,890,000 after buying an additional 298,377 shares during the period. Norges Bank bought a new position in shares of Lear Corp. during the fourth quarter worth about $85,697,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Lear Corp. by 4.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 22,753 shares of the company’s stock worth $2,529,000 after buying an additional 970 shares during the period. Acadian Asset Management LLC bought a new position in shares of Lear Corp. during the first quarter worth about $5,595,000. Finally, Raymond James Trust N.A. raised its position in shares of Lear Corp. by 5.9% in the first quarter. Raymond James Trust N.A. now owns 4,622 shares of the company’s stock worth $514,000 after buying an additional 258 shares during the period. 94.70% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lear Corp. (NYSE:LEA) traded up 1.18% during midday trading on Wednesday, hitting $118.59. 477,240 shares of the stock traded hands. The stock has a 50 day moving average of $115.11 and a 200 day moving average of $112.43. The company has a market capitalization of $8.48 billion, a P/E ratio of 9.49 and a beta of 1.25. Lear Corp. has a 1-year low of $93.54 and a 1-year high of $127.00.
Lear Corp. (NYSE:LEA) last issued its quarterly earnings results on Thursday, July 28th. The company reported $3.66 EPS for the quarter, topping the Zacks’ consensus estimate of $3.32 by $0.34. Lear Corp. had a return on equity of 31.69% and a net margin of 5.14%. The company had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter last year, the business earned $2.82 earnings per share. Lear Corp.’s revenue was up 1.9% on a year-over-year basis. Equities research analysts predict that Lear Corp. will post $13.28 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, September 1st will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Tuesday, August 30th. Lear Corp.’s payout ratio is currently 9.58%.
LEA has been the topic of a number of research reports. Bank of America Corp. lowered shares of Lear Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 21st. Zacks Investment Research lowered shares of Lear Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 29th. JPMorgan Chase & Co. boosted their target price on shares of Lear Corp. from $129.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. Barclays PLC set a $127.00 target price on shares of Lear Corp. and gave the stock a “hold” rating in a research report on Monday, August 1st. Finally, Citigroup Inc. boosted their target price on shares of Lear Corp. from $145.00 to $153.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Lear Corp. presently has a consensus rating of “Hold” and a consensus target price of $128.11.
Lear Corp. 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 operates through two segments: seating and electrical.
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