Macquarie Group Ltd. Grows Holdings in Lear Co. (LEA)
Macquarie Group Ltd. raised its stake in Lear Co. (NYSE:LEA) by 2.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 18,300 shares of the auto parts company’s stock after buying an additional 500 shares during the period. Macquarie Group Ltd.’s holdings in Lear were worth $3,400,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Fort L.P. purchased a new stake in Lear in the 2nd quarter valued at about $113,000. Townsend & Associates Inc purchased a new stake in Lear in the 2nd quarter valued at about $113,000. Squar Milner Financial Services LLC purchased a new stake in Lear in the 2nd quarter valued at about $130,000. Signet Financial Management LLC purchased a new stake in Lear in the 2nd quarter valued at about $131,000. Finally, Atlantic Trust Group LLC boosted its position in Lear by 137.6% in the 1st quarter. Atlantic Trust Group LLC now owns 815 shares of the auto parts company’s stock valued at $152,000 after buying an additional 472 shares during the period. 91.25% of the stock is owned by institutional investors.
Several equities research analysts have issued reports on the stock. ValuEngine cut shares of Lear from a “buy” rating to a “hold” rating in a research report on Friday, June 29th. JPMorgan Chase & Co. lowered their price objective on shares of Lear from $209.00 to $198.00 and set a “neutral” rating for the company in a research report on Friday, July 27th. Robert W. Baird boosted their price objective on shares of Lear from $227.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, June 25th. They noted that the move was a valuation call. Citigroup lowered their price objective on shares of Lear from $243.00 to $234.00 and set a “buy” rating for the company in a research report on Monday, July 30th. Finally, Longbow Research reissued a “buy” rating and issued a $225.00 price objective on shares of Lear in a research report on Thursday, July 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $204.28.
Lear (NYSE:LEA) last announced its quarterly earnings results on Thursday, July 26th. The auto parts company reported $4.95 earnings per share for the quarter, missing the consensus estimate of $4.99 by ($0.04). Lear had a return on equity of 28.84% and a net margin of 6.31%. The business had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the company posted $4.39 EPS. Lear’s revenue for the quarter was up 8.9% on a year-over-year basis. equities analysts expect that Lear Co. will post 18.72 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 18th. Stockholders of record on Thursday, August 30th were given a $0.70 dividend. The ex-dividend date was Wednesday, August 29th. This represents a $2.80 annualized dividend and a dividend yield of 1.89%. Lear’s payout ratio is presently 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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