510,296 Shares in Lear Corporation $LEA Purchased by Norges Bank

Norges Bank bought a new stake in shares of Lear Corporation (NYSE:LEA) in the 2nd quarter, Holdings Channel.com reports. The fund bought 510,296 shares of the auto parts company’s stock, valued at approximately $48,468,000.

Several other institutional investors and hedge funds also recently modified their holdings of LEA. Jump Financial LLC acquired a new position in shares of Lear during the 1st quarter worth approximately $1,463,000. Dynamic Technology Lab Private Ltd purchased a new position in Lear during the first quarter worth $725,000. Voya Investment Management LLC raised its holdings in shares of Lear by 34.4% in the first quarter. Voya Investment Management LLC now owns 45,690 shares of the auto parts company’s stock worth $4,031,000 after acquiring an additional 11,696 shares during the last quarter. Eagle Global Advisors LLC lifted its position in shares of Lear by 11.5% in the first quarter. Eagle Global Advisors LLC now owns 75,531 shares of the auto parts company’s stock valued at $6,663,000 after acquiring an additional 7,800 shares in the last quarter. Finally, Comerica Bank boosted its stake in shares of Lear by 9.8% during the first quarter. Comerica Bank now owns 40,086 shares of the auto parts company’s stock valued at $3,536,000 after acquiring an additional 3,575 shares during the last quarter. Hedge funds and other institutional investors own 97.04% of the company’s stock.

Lear Stock Down 1.1%

Shares of LEA opened at $107.70 on Friday. Lear Corporation has a fifty-two week low of $73.85 and a fifty-two week high of $113.10. The company’s fifty day moving average is $103.93 and its two-hundred day moving average is $101.40. The firm has a market cap of $5.59 billion, a PE ratio of 13.17, a price-to-earnings-growth ratio of 0.92 and a beta of 1.33. The company has a quick ratio of 1.05, a current ratio of 1.35 and a debt-to-equity ratio of 0.53.

Lear (NYSE:LEA) last issued its earnings results on Friday, October 31st. The auto parts company reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.76 by $0.03. Lear had a return on equity of 13.44% and a net margin of 1.92%.The business had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.63 billion. During the same period last year, the company posted $2.89 EPS. The business’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts forecast that Lear Corporation will post 12.89 earnings per share for the current year.

Lear Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Wednesday, December 10th will be issued a dividend of $0.77 per share. The ex-dividend date is Wednesday, December 10th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.9%. Lear’s payout ratio is presently 37.65%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Lear from $108.00 to $112.00 and gave the company an “equal weight” rating in a research note on Monday, November 3rd. TD Cowen boosted their price objective on shares of Lear from $115.00 to $117.00 and gave the company a “hold” rating in a research report on Monday, November 3rd. Citigroup reissued a “neutral” rating on shares of Lear in a research note on Tuesday, October 14th. The Goldman Sachs Group set a $104.00 target price on shares of Lear in a research note on Monday, September 29th. Finally, Wall Street Zen downgraded Lear from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 1st. Two investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $119.60.

About Lear

Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers in North America, Europe, Africa, Asia, and South America. Its Seating segment offers seat systems, seat subsystems, keyseat components, seat trim covers, seat mechanisms, seat foams, and headrests, as well as surface materials, such as leather and fabric for automobiles and light trucks, compact cars, pick-up trucks, and sport utility vehicles.