Cubist Systematic Strategies LLC Acquires Shares of 10,121 Lear Corporation (LEA)
Cubist Systematic Strategies LLC acquired a new position in shares of Lear Corporation (NYSE:LEA) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 10,121 shares of the auto parts company’s stock, valued at approximately $1,438,000.
A number of other hedge funds have also recently bought and sold shares of the business. State of Alaska Department of Revenue increased its position in Lear Corporation by 1.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 1,574 shares of the auto parts company’s stock worth $223,000 after buying an additional 20 shares during the period. CIBC World Markets Inc. increased its position in Lear Corporation by 0.3% during the 2nd quarter. CIBC World Markets Inc. now owns 12,656 shares of the auto parts company’s stock worth $1,798,000 after buying an additional 40 shares during the period. Parallel Advisors LLC increased its position in Lear Corporation by 3.9% during the 2nd quarter. Parallel Advisors LLC now owns 1,117 shares of the auto parts company’s stock worth $166,000 after buying an additional 42 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in Lear Corporation by 6.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 831 shares of the auto parts company’s stock worth $118,000 after buying an additional 48 shares during the period. Finally, Van ECK Associates Corp increased its position in Lear Corporation by 5.4% during the 1st quarter. Van ECK Associates Corp now owns 991 shares of the auto parts company’s stock worth $140,000 after buying an additional 51 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.
Several research analysts have weighed in on the company. UBS AG cut Lear Corporation from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $158.00 to $182.00 in a research report on Tuesday, October 3rd. Jefferies Group LLC assumed coverage on Lear Corporation in a research report on Thursday, September 28th. They set a “buy” rating and a $197.00 price objective on the stock. Buckingham Research cut Lear Corporation from a “buy” rating to a “neutral” rating and set a $175.00 price objective on the stock. in a research report on Tuesday, September 26th. They noted that the move was a valuation call. Cowen and Company assumed coverage on Lear Corporation in a research report on Monday, September 25th. They set an “outperform” rating and a $195.00 price objective on the stock. Finally, KeyCorp reiterated a “buy” rating and set a $180.00 price objective on shares of Lear Corporation in a research report on Sunday, September 17th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. Lear Corporation currently has a consensus rating of “Hold” and a consensus target price of $165.36.
In related news, Director Henry D. G. Wallace sold 4,139 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $166.71, for a total transaction of $690,012.69. Following the completion of the sale, the director now directly owns 4,100 shares in the company, valued at approximately $683,511. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Mel Stephens sold 2,411 shares of the stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $172.88, for a total value of $416,813.68. Following the sale, the senior vice president now owns 44,484 shares of the company’s stock, valued at $7,690,393.92. The disclosure for this sale can be found here. Insiders sold a total of 9,404 shares of company stock worth $1,601,681 over the last 90 days. Corporate insiders own 0.49% of the company’s stock.
Shares of Lear Corporation (NYSE LEA) traded down 0.91% on Thursday, hitting $171.84. The company had a trading volume of 40,254 shares. Lear Corporation has a 1-year low of $110.77 and a 1-year high of $177.24. The firm has a market capitalization of $11.70 billion, a price-to-earnings ratio of 11.45 and a beta of 1.35. The company has a 50 day moving average price of $162.10 and a 200 day moving average price of $147.83.
Lear Corporation (NYSE:LEA) last released its quarterly earnings data on Wednesday, July 26th. The auto parts company reported $4.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.11 by $0.28. Lear Corporation had a return on equity of 32.34% and a net margin of 5.51%. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same period in the previous year, the company posted $3.66 EPS. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities analysts forecast that Lear Corporation will post $16.56 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 19th. Shareholders of record on Thursday, August 31st were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $2.00 dividend on an annualized basis and a yield of 1.15%. Lear Corporation’s dividend payout ratio is currently 13.28%.
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Lear Corporation 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’s segments include Seating and E-Systems.
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