Verition Fund Management LLC Sells 12,996 Shares of Lear Corporation (LEA)
Verition Fund Management LLC lowered its stake in Lear Corporation (NYSE:LEA) by 59.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,982 shares of the auto parts company’s stock after selling 12,996 shares during the quarter. Verition Fund Management LLC’s holdings in Lear Corporation were worth $1,276,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. raised its stake in shares of Lear Corporation by 6.1% in the second 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. Global X Management Co. LLC raised its stake in shares of Lear Corporation by 30.3% in the first quarter. Global X Management Co. LLC now owns 878 shares of the auto parts company’s stock worth $124,000 after buying an additional 204 shares during the period. Van ECK Associates Corp raised its stake in shares of Lear Corporation by 5.4% in the first 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. Parallel Advisors LLC raised its stake in shares of Lear Corporation by 3.9% in the second 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. Finally, Systematic Financial Management LP raised its stake in shares of Lear Corporation by 144.0% in the second quarter. Systematic Financial Management LP now owns 1,525 shares of the auto parts company’s stock worth $217,000 after buying an additional 900 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.
Lear Corporation (NYSE LEA) traded up 0.62% during mid-day trading on Friday, hitting $173.37. The company had a trading volume of 435,107 shares. Lear Corporation has a 12 month low of $110.77 and a 12 month high of $177.24. The firm has a market capitalization of $11.80 billion, a P/E ratio of 11.55 and a beta of 1.35. The company has a 50-day moving average price of $163.63 and a 200 day moving average price of $148.26.
Lear Corporation (NYSE:LEA) last released its quarterly earnings results on Wednesday, July 26th. The auto parts company reported $4.39 earnings per share for the quarter, topping analysts’ consensus estimates of $4.11 by $0.28. The company had revenue of $5.12 billion during 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%. Lear Corporation’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.66 EPS. Equities analysts forecast that Lear Corporation will post $16.56 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 19th. Investors of record on Thursday, August 31st were issued 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 payout ratio is 13.28%.
LEA has been the topic of several recent research reports. Robert W. Baird reaffirmed a “buy” rating and issued a $178.00 price objective on shares of Lear Corporation in a research note on Friday, September 1st. Zacks Investment Research downgraded Lear Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Bank of America Corporation downgraded Lear Corporation from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $135.00 to $110.00 in a research note on Friday, June 16th. Guggenheim initiated coverage on Lear Corporation in a research note on Wednesday, June 21st. They issued a “buy” rating and a $167.00 price objective on the stock. Finally, Barclays PLC raised their price objective on Lear Corporation from $146.00 to $152.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $165.64.
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In other Lear Corporation news, SVP Mel Stephens sold 2,411 shares of the stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $172.88, for a total transaction of $416,813.68. Following the completion of the transaction, the senior vice president now owns 44,484 shares of the company’s stock, valued at $7,690,393.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jonathan F. Foster sold 2,854 shares of the stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $173.39, for a total value of $494,855.06. Following the transaction, the director now directly owns 7,761 shares of the company’s stock, valued at approximately $1,345,679.79. The disclosure for this sale can be found here. Insiders sold a total of 9,404 shares of company stock valued at $1,601,681 in the last ninety days. 0.49% of the stock is currently owned by insiders.
About Lear Corporation
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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