Livforsakringsbolaget Skandia Omsesidigt cut its holdings in Lear Co. (NYSE:LEA) by 6.8% during the fourth quarter, Holdings Channel reports. The fund owned 35,700 shares of the auto parts company’s stock after selling 2,600 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Lear were worth $6,307,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Lear by 2.5% in the second quarter. Vanguard Group Inc. now owns 6,409,081 shares of the auto parts company’s stock valued at $910,602,000 after acquiring an additional 158,042 shares during the last quarter. Boston Partners boosted its stake in Lear by 138.6% in the third quarter. Boston Partners now owns 1,169,464 shares of the auto parts company’s stock valued at $202,411,000 after acquiring an additional 679,345 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in Lear by 3.0% in the third quarter. Allianz Asset Management GmbH now owns 951,518 shares of the auto parts company’s stock valued at $164,689,000 after acquiring an additional 27,368 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Lear by 4.8% in the third quarter. Dimensional Fund Advisors LP now owns 933,481 shares of the auto parts company’s stock valued at $161,573,000 after acquiring an additional 42,464 shares during the last quarter. Finally, APG Asset Management N.V. boosted its stake in Lear by 25.3% in the third quarter. APG Asset Management N.V. now owns 788,621 shares of the auto parts company’s stock valued at $136,495,000 after acquiring an additional 159,000 shares during the last quarter. 91.73% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP Mel Stephens sold 796 shares of the firm’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $179.00, for a total transaction of $142,484.00. Following the sale, the senior vice president now directly owns 40,000 shares in the company, valued at $7,160,000. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Terrence B. Larkin sold 1,137 shares of the firm’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $177.74, for a total transaction of $202,090.38. Following the sale, the executive vice president now owns 6,912 shares in the company, valued at $1,228,538.88. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.
Lear (NYSE:LEA) last announced its quarterly earnings results on Wednesday, October 25th. The auto parts company reported $3.96 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.16. The company had revenue of $4.98 billion for the quarter, compared to analysts’ expectations of $4.84 billion. Lear had a net margin of 5.79% and a return on equity of 31.79%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period last year, the firm posted $3.19 earnings per share. research analysts anticipate that Lear Co. will post 16.88 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, December 27th. Stockholders of record on Friday, December 8th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.04%. Lear’s dividend payout ratio is 12.47%.
LEA has been the topic of a number of recent research reports. Cowen initiated coverage on shares of Lear in a research note on Monday, September 25th. They issued an “outperform” rating and a $195.00 price objective on the stock. Buckingham Research cut shares of Lear from a “buy” rating to a “neutral” rating and set a $175.00 price objective on the stock. in a research note on Tuesday, September 26th. They noted that the move was a valuation call. Jefferies Group initiated coverage on shares of Lear in a research note on Thursday, September 28th. They issued a “buy” rating and a $197.00 price objective on the stock. UBS Group cut shares of Lear from a “buy” rating to a “neutral” rating and raised their price objective for the company from $158.00 to $182.00 in a research note on Tuesday, October 3rd. Finally, KeyCorp raised their price objective on shares of Lear from $180.00 to $184.00 and gave the company a “buy” rating in a research note on Friday, October 13th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Lear has an average rating of “Buy” and a consensus target price of $179.50.
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Lear Company Profile
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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