American International Group Inc. Reduces Position in Lear Co. (LEA)
American International Group Inc. lessened its stake in Lear Co. (NYSE:LEA) by 12.2% in the 1st quarter, Holdings Channel reports. The firm owned 10,638 shares of the auto parts company’s stock after selling 1,480 shares during the period. American International Group Inc.’s holdings in Lear were worth $1,444,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of LEA. Pinnacle Bank acquired a new position in shares of Lear in the fourth quarter worth $31,000. Oregon Public Employees Retirement Fund grew its stake in shares of Lear by 11,007.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,898,551 shares of the auto parts company’s stock worth $40,000 after acquiring an additional 4,854,451 shares in the last quarter. Rational Advisors LLC acquired a new position in shares of Lear in the fourth quarter worth $49,000. Quadrant Capital Group LLC grew its stake in shares of Lear by 78.2% in the first quarter. Quadrant Capital Group LLC now owns 531 shares of the auto parts company’s stock worth $69,000 after acquiring an additional 233 shares in the last quarter. Finally, Advisory Services Network LLC grew its stake in shares of Lear by 25.1% in 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. Hedge funds and other institutional investors own 89.39% of the company’s stock.
Several equities analysts have commented on the stock. Morgan Stanley dropped their price target on shares of Lear from $185.00 to $181.00 and set an “overweight” rating for the company in a research note on Monday, April 15th. Zacks Investment Research upgraded shares of Lear from a “hold” rating to a “buy” rating and set a $175.00 price target for the company in a research note on Tuesday, February 5th. Seaport Global Securities assumed coverage on shares of Lear in a research note on Wednesday, February 13th. They issued a “buy” rating and a $199.00 price target for the company. Longbow Research restated a “buy” rating and issued a $190.00 price target on shares of Lear in a research note on Wednesday, April 10th. Finally, ValuEngine downgraded shares of Lear from a “hold” rating to a “sell” rating in a research note on Thursday, February 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $175.07.
Lear (NYSE:LEA) last released its quarterly earnings data on Friday, April 26th. The auto parts company reported $4.00 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $4.06 by ($0.06). The firm had revenue of $5.16 billion for the quarter, compared to analysts’ expectations of $5.25 billion. Lear had a return on equity of 25.28% and a net margin of 4.94%. Lear’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same period last year, the firm posted $5.10 earnings per share. As a group, sell-side analysts forecast that Lear Co. will post 17.59 earnings per share for the current year.
Lear announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 7th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the auto parts company to purchase up to 15.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Stockholders of record on Friday, June 7th will be given a dividend of $0.75 per share. The ex-dividend date is Thursday, June 6th. This represents a $3.00 annualized dividend and a dividend yield of 2.52%. Lear’s dividend payout ratio (DPR) is currently 16.47%.
Lear Company Profile
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.
Recommended Story: How to Invest in a Bull Market
Want to see what other hedge funds are holding LEA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lear Co. (NYSE:LEA).
Receive News & Ratings for Lear Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lear and related companies with MarketBeat.com's FREE daily email newsletter.