Convergence Investment Partners LLC Increases Stock Position in Lear Corporation $LEA

Convergence Investment Partners LLC grew its holdings in shares of Lear Corporation (NYSE:LEA) by 27.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,440 shares of the auto parts company’s stock after purchasing an additional 6,720 shares during the period. Convergence Investment Partners LLC owned approximately 0.06% of Lear worth $3,807,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. M&T Bank Corp boosted its stake in shares of Lear by 46,707.8% in the fourth quarter. M&T Bank Corp now owns 951,602 shares of the auto parts company’s stock valued at $109,054,000 after buying an additional 949,569 shares in the last quarter. Norges Bank purchased a new position in Lear in the fourth quarter worth $82,016,000. Balyasny Asset Management L.P. acquired a new stake in Lear in the second quarter valued at $39,656,000. Caisse de depot et placement du Quebec purchased a new stake in shares of Lear during the 3rd quarter worth $40,984,000. Finally, AQR Capital Management LLC boosted its position in shares of Lear by 34.1% during the 4th quarter. AQR Capital Management LLC now owns 789,745 shares of the auto parts company’s stock worth $90,505,000 after purchasing an additional 200,617 shares in the last quarter. 97.04% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on LEA shares. Royal Bank Of Canada increased their price target on shares of Lear from $138.00 to $143.00 and gave the company a “sector perform” rating in a report on Monday, July 13th. The Goldman Sachs Group boosted their price objective on shares of Lear from $115.00 to $131.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Morgan Stanley set a $130.00 target price on shares of Lear in a research report on Monday, May 4th. TD Cowen upgraded shares of Lear from a “hold” rating to a “buy” rating and lifted their price target for the company from $138.00 to $165.00 in a research report on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 price target on Lear in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $144.62.

Insider Buying and Selling at Lear

In related news, CFO Jason M. Cardew sold 5,000 shares of Lear stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $147.50, for a total transaction of $737,500.00. Following the completion of the transaction, the chief financial officer directly owned 13,241 shares in the company, valued at $1,953,047.50. The trade was a 27.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Nicholas Jon Roelli sold 2,336 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $141.38, for a total value of $330,263.68. Following the completion of the sale, the senior vice president directly owned 2,339 shares in the company, valued at approximately $330,687.82. The trade was a 49.97% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 62,026 shares of company stock valued at $8,498,248. Company insiders own 1.02% of the company’s stock.

Lear Trading Down 1.1%

NYSE:LEA opened at $140.21 on Tuesday. Lear Corporation has a 52-week low of $91.67 and a 52-week high of $150.33. The company has a quick ratio of 1.05, a current ratio of 1.33 and a debt-to-equity ratio of 0.51. The stock has a fifty day simple moving average of $138.57 and a 200-day simple moving average of $129.74. The company has a market capitalization of $7.02 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 0.68 and a beta of 1.25.

Lear (NYSE:LEA) last posted its earnings results on Friday, May 1st. The auto parts company reported $3.87 earnings per share for the quarter, beating the consensus estimate of $3.51 by $0.36. The firm had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.84 billion. Lear had a net margin of 2.25% and a return on equity of 13.69%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $3.12 EPS. On average, equities research analysts expect that Lear Corporation will post 14.81 earnings per share for the current fiscal year.

Lear Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Wednesday, June 3rd were given a $0.77 dividend. The ex-dividend date was Wednesday, June 3rd. This represents a $3.08 annualized dividend and a dividend yield of 2.2%. Lear’s dividend payout ratio is currently 30.80%.

Lear Profile

Lear Corporation (NYSE: LEA) is a global supplier of automotive seating and electrical distribution systems. The company designs, engineers and manufactures complete seat systems, seat components and power solutions for major vehicle manufacturers. Its electrical business delivers modules and components for battery management, infotainment, body and safety electronics, as well as advanced connectivity and electrification solutions.

The seating division develops lightweight, ergonomic seat structures, trim and mechanisms that address comfort, safety and environmental targets.