Lear Co. (LEA) Shares Sold by Advisors Asset Management Inc.
Advisors Asset Management Inc. cut its holdings in Lear Co. (NYSE:LEA) by 83.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,974 shares of the auto parts company’s stock after selling 14,906 shares during the period. Advisors Asset Management Inc.’s holdings in Lear were worth $2,819,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the company. Assetmark Inc. raised its position in shares of Lear by 8.3% in the 1st quarter. Assetmark Inc. now owns 3,348 shares of the auto parts company’s stock worth $623,000 after acquiring an additional 257 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in shares of Lear by 3.2% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 10,697 shares of the auto parts company’s stock valued at $1,991,000 after buying an additional 330 shares during the period. First Mercantile Trust Co. grew its stake in shares of Lear by 8.0% in the 2nd quarter. First Mercantile Trust Co. now owns 4,576 shares of the auto parts company’s stock valued at $851,000 after buying an additional 340 shares during the period. Vident Investment Advisory LLC grew its stake in shares of Lear by 1.9% in the 2nd quarter. Vident Investment Advisory LLC now owns 19,024 shares of the auto parts company’s stock valued at $3,535,000 after buying an additional 352 shares during the period. Finally, HighVista Strategies LLC grew its stake in shares of Lear by 16.0% in the 1st quarter. HighVista Strategies LLC now owns 2,900 shares of the auto parts company’s stock valued at $540,000 after buying an additional 400 shares during the period. 91.25% of the stock is owned by hedge funds and other institutional investors.
LEA has been the subject of several research reports. Citigroup reduced their target price on Lear from $243.00 to $234.00 and set a “buy” rating for the company in a research note on Monday, July 30th. Robert W. Baird restated a “buy” rating and issued a $243.00 target price on shares of Lear in a research note on Friday, July 27th. Longbow Research restated a “buy” rating and issued a $225.00 target price on shares of Lear in a research note on Thursday, July 26th. ValuEngine downgraded Lear from a “buy” rating to a “hold” rating in a research note on Friday, June 29th. Finally, Buckingham Research set a $150.00 target price on Lear and gave the company a “hold” rating in a research note on Wednesday, September 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $204.28.
Lear (NYSE:LEA) last released its quarterly earnings results on Thursday, July 26th. The auto parts company reported $4.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.99 by ($0.04). The company had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.54 billion. Lear had a net margin of 6.31% and a return on equity of 28.84%. Lear’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $4.39 EPS. analysts forecast that Lear Co. will post 18.72 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 18th. Shareholders of record on Thursday, August 30th were paid a dividend of $0.70 per share. The ex-dividend date was Wednesday, August 29th. This represents a $2.80 dividend on an annualized basis and a yield of 1.89%. Lear’s dividend payout ratio (DPR) is currently 16.47%.
Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components primarily to automotive original equipment manufacturers worldwide. The company operates through Seating and E-Systems segments. The Seating segment includes seat systems and related components, such as leather and fabric products, seat trim covers, recliner mechanisms, seat tracks, seat structures and mechanisms, seat foams, and headrests primarily for automobiles and light trucks, compact cars, and sport utility vehicles, as well as thermoelectric seat heating and cooling systems.
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