Sumitomo Mitsui Asset Management Company LTD Has $506,000 Position in Lear Co. (LEA)
Sumitomo Mitsui Asset Management Company LTD increased its holdings in Lear Co. (NYSE:LEA) by 3.6% during the first quarter, HoldingsChannel.com reports. The firm owned 3,730 shares of the auto parts company’s stock after acquiring an additional 131 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Lear were worth $506,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Advisory Services Network LLC boosted its stake in shares of Lear by 25.1% during the 4th quarter. Advisory Services Network LLC now owns 877 shares of the auto parts company’s stock valued at $108,000 after purchasing an additional 176 shares in the last quarter. Citigroup Inc. boosted its stake in shares of Lear by 17.3% during the 4th quarter. Citigroup Inc. now owns 177,365 shares of the auto parts company’s stock valued at $21,792,000 after purchasing an additional 26,155 shares in the last quarter. Actinver Wealth Management Inc. bought a new stake in shares of Lear during the 4th quarter valued at about $242,000. Foresters Investment Management Company Inc. boosted its stake in shares of Lear by 1.6% during the 4th quarter. Foresters Investment Management Company Inc. now owns 46,250 shares of the auto parts company’s stock valued at $5,682,000 after purchasing an additional 750 shares in the last quarter. Finally, Boston Partners boosted its stake in shares of Lear by 31.7% during the 4th quarter. Boston Partners now owns 2,063,594 shares of the auto parts company’s stock valued at $253,533,000 after purchasing an additional 496,194 shares in the last quarter. Institutional investors own 89.56% of the company’s stock.
LEA has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of Lear from $181.00 to $174.00 and set an “overweight” rating on the stock in a research note on Thursday, May 16th. Argus initiated coverage on shares of Lear in a research note on Thursday, March 28th. They set a “hold” rating on the stock. Goldman Sachs Group reissued a “buy” rating and set a $182.00 price objective (up previously from $163.00) on shares of Lear in a research note on Monday, January 28th. ValuEngine lowered shares of Lear from a “hold” rating to a “sell” rating in a research note on Thursday, February 28th. Finally, Barclays reissued a “hold” rating and set a $142.00 price objective on shares of Lear in a research note on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $175.07.
Lear (NYSE:LEA) last released its quarterly earnings results on Friday, April 26th. The auto parts company reported $4.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.06 by ($0.06). The business had revenue of $5.16 billion for the quarter, compared to analysts’ expectations of $5.25 billion. Lear had a net margin of 4.94% and a return on equity of 25.28%. Lear’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period in the previous year, the company earned $5.10 EPS. On average, equities research analysts anticipate that Lear Co. will post 17.66 earnings per share for the current fiscal year.
Lear announced that its Board of Directors has authorized a stock buyback plan on Thursday, February 7th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the auto parts company to buy up to 15.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 26th. Investors of record on Friday, June 7th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Thursday, June 6th. Lear’s payout ratio is 16.47%.
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Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers worldwide. It operates in two segments, Seating and E-Systems. The Seating segment offers leather and fabric products, seat trim covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles; and heating and cooling systems.
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