Lear Co. (NYSE:LEA) Shares Purchased by Pictet Asset Management Ltd.
Pictet Asset Management Ltd. increased its holdings in shares of Lear Co. (NYSE:LEA) by 11.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 64,425 shares of the auto parts company’s stock after acquiring an additional 6,777 shares during the period. Pictet Asset Management Ltd.’s holdings in Lear were worth $7,596,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in LEA. Meeder Asset Management Inc. raised its holdings in shares of Lear by 0.7% during the third quarter. Meeder Asset Management Inc. now owns 12,529 shares of the auto parts company’s stock valued at $1,477,000 after acquiring an additional 90 shares during the last quarter. HighTower Advisors LLC lifted its holdings in Lear by 1.0% in the 2nd quarter. HighTower Advisors LLC now owns 9,159 shares of the auto parts company’s stock valued at $1,277,000 after purchasing an additional 95 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in Lear by 1.2% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 8,759 shares of the auto parts company’s stock worth $1,220,000 after purchasing an additional 100 shares during the last quarter. Advantage Investment Management LLC lifted its stake in shares of Lear by 18.9% in the third quarter. Advantage Investment Management LLC now owns 725 shares of the auto parts company’s stock worth $85,000 after buying an additional 115 shares in the last quarter. Finally, CX Institutional boosted its position in Lear by 1.9% during the third quarter. CX Institutional now owns 6,669 shares of the auto parts company’s stock worth $786,000 after acquiring an additional 122 shares during the last quarter. 88.67% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on LEA. KeyCorp lowered their target price on Lear from $160.00 to $150.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Barclays cut their price objective on shares of Lear from $117.00 to $107.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 2nd. Buckingham Research decreased their target price on shares of Lear from $140.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, October 16th. ValuEngine upgraded shares of Lear from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, TheStreet lowered shares of Lear from a “b-” rating to a “c+” rating in a research report on Friday, August 23rd. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $151.07.
Lear (NYSE:LEA) last released its quarterly earnings results on Friday, October 25th. The auto parts company reported $3.54 EPS for the quarter, topping the consensus estimate of $3.14 by $0.40. Lear had a return on equity of 22.07% and a net margin of 4.21%. The business had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same period last year, the business posted $4.09 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. Analysts anticipate that Lear Co. will post 13.4 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Investors of record on Friday, December 6th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Thursday, December 5th. Lear’s dividend payout ratio (DPR) is currently 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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