Lear Co. (NYSE:LEA) Shares Sold by United Capital Financial Advisers LLC
United Capital Financial Advisers LLC lessened its stake in shares of Lear Co. (NYSE:LEA) by 4.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 143,748 shares of the auto parts company’s stock after selling 6,471 shares during the period. United Capital Financial Advisers LLC’s holdings in Lear were worth $20,020,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in LEA. Pzena Investment Management LLC raised its position in shares of Lear by 46.9% during the 2nd quarter. Pzena Investment Management LLC now owns 3,834,303 shares of the auto parts company’s stock worth $534,003,000 after purchasing an additional 1,223,567 shares during the last quarter. FMR LLC grew its stake in Lear by 80.3% during the 1st quarter. FMR LLC now owns 1,312,921 shares of the auto parts company’s stock valued at $178,176,000 after acquiring an additional 584,719 shares in the last quarter. Impala Asset Management LLC purchased a new stake in Lear during the 1st quarter valued at about $40,885,000. Lazard Asset Management LLC grew its stake in Lear by 3,467.7% during the 1st quarter. Lazard Asset Management LLC now owns 295,943 shares of the auto parts company’s stock valued at $40,162,000 after acquiring an additional 287,648 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its stake in Lear by 83.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 359,839 shares of the auto parts company’s stock valued at $50,115,000 after acquiring an additional 163,646 shares in the last quarter. Hedge funds and other institutional investors own 89.93% of the company’s stock.
Several analysts recently issued reports on the stock. ValuEngine cut shares of Lear from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 17th. KeyCorp dropped their price objective on shares of Lear from $185.00 to $170.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. They noted that the move was a valuation call. Royal Bank of Canada cut shares of Lear from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $160.00 to $135.00 in a research note on Wednesday, July 17th. Morgan Stanley dropped their price objective on shares of Lear from $165.00 to $143.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Finally, TheStreet cut shares of Lear from a “b-” rating to a “c+” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Lear currently has an average rating of “Hold” and a consensus price target of $155.60.
Lear (NYSE:LEA) last posted its quarterly earnings data on Friday, July 26th. The auto parts company reported $3.78 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.82 by ($0.04). The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $5.03 billion. Lear had a return on equity of 23.18% and a net margin of 4.38%. The business’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same period in the previous year, the business posted $4.95 EPS. On average, research analysts forecast that Lear Co. will post 14.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Thursday, August 29th will be issued a dividend of $0.75 per share. The ex-dividend date is Wednesday, August 28th. This represents a $3.00 dividend on an annualized basis and a yield of 2.35%. Lear’s dividend payout ratio (DPR) is presently 16.47%.
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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