Lear Corporation (NYSE:LEA) Shares Sold by Smith Asset Management Group LP
Smith Asset Management Group LP reduced its stake in Lear Corporation (NYSE:LEA) by 8.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 467,214 shares of the auto parts company’s stock after selling 40,991 shares during the period. Lear Corporation makes up approximately 2.0% of Smith Asset Management Group LP’s investment portfolio, making the stock its 9th largest position. Smith Asset Management Group LP’s holdings in Lear Corporation were worth $66,400,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Lear Corporation by 1,617.8% in the first quarter. BlackRock Inc. now owns 7,113,550 shares of the auto parts company’s stock worth $1,007,136,000 after buying an additional 6,699,449 shares during the period. Vanguard Group Inc. boosted its stake in shares of Lear Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 6,251,039 shares of the auto parts company’s stock worth $885,022,000 after buying an additional 173,513 shares during the period. State Street Corp boosted its stake in shares of Lear Corporation by 7.2% in the first quarter. State Street Corp now owns 1,725,677 shares of the auto parts company’s stock worth $244,312,000 after buying an additional 115,931 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Lear Corporation by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 806,200 shares of the auto parts company’s stock worth $114,138,000 after buying an additional 8,791 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Lear Corporation by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 797,040 shares of the auto parts company’s stock worth $112,845,000 after buying an additional 22,749 shares during the period. Institutional investors and hedge funds own 97.57% of the company’s stock.
Shares of Lear Corporation (NYSE LEA) opened at 141.89 on Friday. The firm has a market capitalization of $9.66 billion, a price-to-earnings ratio of 9.45 and a beta of 1.32. The company’s 50-day moving average price is $145.12 and its 200 day moving average price is $142.87. Lear Corporation has a 12-month low of $110.77 and a 12-month high of $153.28.
Lear Corporation (NYSE:LEA) last issued its quarterly earnings results on Wednesday, July 26th. The auto parts company reported $4.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.11 by $0.28. The firm had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $4.89 billion. Lear Corporation had a return on equity of 32.34% and a net margin of 5.51%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.66 EPS. On average, equities research analysts forecast that Lear Corporation will post $16.49 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Thursday, August 31st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.41%. Lear Corporation’s dividend payout ratio (DPR) is presently 13.28%.
Several research analysts recently issued reports on the company. Royal Bank Of Canada reaffirmed a “hold” rating and set a $149.00 target price on shares of Lear Corporation in a research report on Thursday, April 27th. BidaskClub lowered Lear Corporation from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. ValuEngine lowered Lear Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 17th. Morgan Stanley lowered Lear Corporation from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $149.00 to $142.00 in a research report on Thursday, June 8th. Finally, Zacks Investment Research raised Lear Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Lear Corporation presently has a consensus rating of “Hold” and a consensus price target of $148.64.
In related news, Director Greg C. Smith sold 2,266 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $145.12, for a total value of $328,841.92. Following the transaction, the director now owns 13,885 shares in the company, valued at approximately $2,014,991.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.49% of the company’s stock.
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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