Lear (NYSE:LEA) CFO Jason Cardew Sells 5,000 Shares of Stock

Lear Corporation (NYSE:LEA) CFO Jason Cardew sold 5,000 shares of Lear stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $117.75, for a total transaction of $588,750.00. Following the transaction, the chief financial officer owned 8,241 shares of the company’s stock, valued at $970,377.75. The trade was a 37.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Lear Stock Performance

Shares of LEA opened at $118.58 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.18 and a debt-to-equity ratio of 0.40. The business’s 50 day moving average price is $121.83 and its 200-day moving average price is $128.28. Lear Corporation has a 52 week low of $99.00 and a 52 week high of $150.33. The stock has a market cap of $5.71 billion, a P/E ratio of 10.36, a P/E/G ratio of 0.66 and a beta of 1.28.

Lear (NYSE:LEA) last posted its quarterly earnings data on Friday, October 30th. The auto parts company reported $3.71 earnings per share for the quarter, beating analysts’ consensus estimates of $3.32 by $0.39. Lear had a return on equity of 14.92% and a net margin of 2.46%. The company had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.81 billion. During the same quarter last year, the company earned $2.79 EPS. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities research analysts anticipate that Lear Corporation will post 15.01 earnings per share for the current fiscal year.

Lear announced that its board has approved a share repurchase program on Thursday, September 24th that authorizes the company to buy back $1.50 billion in shares. This repurchase authorization authorizes the auto parts company to reacquire up to 25.7% of its shares through open market purchases. Share repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Lear Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Wednesday, September 2nd were issued a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Wednesday, September 2nd. Lear’s payout ratio is 26.90%.

Analyst Upgrades and Downgrades

LEA has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price target on Lear from $137.00 to $138.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. The Goldman Sachs Group cut their price objective on shares of Lear from $140.00 to $124.00 and set a “buy” rating on the stock in a research report on Tuesday, October 6th. Weiss Ratings lowered shares of Lear from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. Deutsche Bank Aktiengesellschaft set a $131.00 target price on shares of Lear in a report on Monday, August 3rd. Finally, Barclays dropped their target price on shares of Lear from $155.00 to $145.00 and set an “equal weight” rating on the stock in a research note on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $143.25.

Institutional Investors Weigh In On Lear

Several large investors have recently bought and sold shares of LEA. Altshuler Shaham Ltd grew its position in Lear by 36.5% in the 1st quarter. Altshuler Shaham Ltd now owns 303 shares of the auto parts company’s stock worth $37,000 after purchasing an additional 81 shares during the period. Putney Financial Group LLC bought a new position in shares of Lear during the 3rd quarter valued at $37,000. Provenance Wealth Advisors LLC lifted its holdings in shares of Lear by 5,166.7% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 474 shares of the auto parts company’s stock valued at $56,000 after buying an additional 465 shares during the period. Root Financial Partners LLC purchased a new position in shares of Lear in the 3rd quarter worth $58,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Lear in the 3rd quarter worth $63,000. 97.04% of the stock is currently owned by institutional investors.

Lear News Summary

Here are the key news stories impacting Lear this week:

• Positive Sentiment: Lear shares moved above their 50-day moving average after an analyst downgrade, a potentially supportive technical signal. Article: Lear Stock Price Breaks Above Fifty Day Moving Average After Analyst Downgrade
• Neutral Sentiment: CFO Jason Cardew sold 5,000 shares for about $589,000 and retained 8,241 shares. The filing does not give a reason for the sale, so it is not necessarily a signal about the company’s outlook. SEC insider transaction filing
• Negative Sentiment: Royal Bank of Canada lowered its expectations for Lear, citing a near-term China overhang. Concern about demand in that market could weigh on the company’s outlook. Article: Lear Faces Near Term China Overhang, RBC Says

About Lear

Lear Corporation is a global automotive technology company that designs and manufactures products used in passenger vehicles and commercial vehicles. Its operations are organized primarily around two areas: seating and e-systems. Lear supplies complete vehicle seating systems, including seats, structures, mechanisms, foam, covers and related components, as well as electrical distribution systems and other technologies that support vehicle power management and connectivity.

The company serves automotive manufacturers and their vehicle programs in major markets across North America, Europe, Asia and other regions.