Wedge Capital Management L L P NC Grows Position in Lear Co. (NYSE:LEA)
Wedge Capital Management L L P NC boosted its holdings in Lear Co. (NYSE:LEA) by 9.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 99,372 shares of the auto parts company’s stock after acquiring an additional 8,178 shares during the quarter. Wedge Capital Management L L P NC owned about 0.16% of Lear worth $13,840,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its holdings in shares of Lear by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,040,569 shares of the auto parts company’s stock valued at $127,843,000 after purchasing an additional 27,314 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Lear in the 1st quarter valued at $866,000. Meeder Asset Management Inc. grew its stake in Lear by 23.5% in the 1st quarter. Meeder Asset Management Inc. now owns 13,869 shares of the auto parts company’s stock valued at $1,882,000 after acquiring an additional 2,640 shares during the period. Northpointe Capital LLC grew its stake in Lear by 7.2% in the 1st quarter. Northpointe Capital LLC now owns 15,280 shares of the auto parts company’s stock valued at $2,074,000 after acquiring an additional 1,024 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in Lear by 96.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 9,422 shares of the auto parts company’s stock valued at $1,279,000 after acquiring an additional 4,622 shares during the period. Hedge funds and other institutional investors own 92.50% of the company’s stock.
LEA traded down $0.74 on Thursday, hitting $107.82. The company had a trading volume of 8,510 shares, compared to its average volume of 725,699. The stock has a market cap of $6.60 billion, a price-to-earnings ratio of 5.87, a P/E/G ratio of 2.94 and a beta of 1.49. Lear Co. has a 1 year low of $108.14 and a 1 year high of $176.05. The stock’s fifty day simple moving average is $128.98. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.09 and a current ratio of 1.34.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Thursday, August 29th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $3.00 annualized dividend and a yield of 2.78%. Lear’s dividend payout ratio (DPR) is currently 16.47%.
A number of equities research analysts recently issued reports on the stock. Longbow Research reissued a “buy” rating and issued a $190.00 price target on shares of Lear in a research note on Sunday, June 30th. Barclays reaffirmed a “hold” rating and set a $117.00 target price on shares of Lear in a research note on Wednesday, July 31st. Citigroup lowered their target price on shares of Lear from $144.00 to $135.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 30th. UBS Group lowered their target price on shares of Lear from $172.00 to $158.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Finally, Morgan Stanley lowered their target price on shares of Lear from $165.00 to $143.00 and set an “overweight” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $157.13.
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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