Macquarie Group Ltd. decreased its holdings in shares of Lear Co. (NYSE:LEA) by 13.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,200 shares of the auto parts company’s stock after selling 2,923 shares during the quarter. Macquarie Group Ltd.’s holdings in Lear were worth $3,406,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in LEA. Crossmark Global Holdings Inc. purchased a new stake in Lear during the third quarter valued at $210,000. Legal & General Group Plc raised its stake in Lear by 4.5% during the third quarter. Legal & General Group Plc now owns 403,822 shares of the auto parts company’s stock valued at $69,895,000 after purchasing an additional 17,332 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Lear by 15.0% during the third quarter. JPMorgan Chase & Co. now owns 473,337 shares of the auto parts company’s stock valued at $82,309,000 after purchasing an additional 61,618 shares in the last quarter. Wells Fargo & Company MN raised its stake in Lear by 5.4% during the third quarter. Wells Fargo & Company MN now owns 566,385 shares of the auto parts company’s stock valued at $98,031,000 after purchasing an additional 29,206 shares in the last quarter. Finally, WINTON GROUP Ltd raised its stake in Lear by 182.2% during the third quarter. WINTON GROUP Ltd now owns 14,990 shares of the auto parts company’s stock valued at $2,594,000 after purchasing an additional 9,678 shares in the last quarter. 95.77% of the stock is currently owned by institutional investors.
LEA stock opened at $186.09 on Monday. The stock has a market capitalization of $12,453.14, a P/E ratio of 10.95 and a beta of 1.46. Lear Co. has a 12 month low of $132.01 and a 12 month high of $202.42. The company has a current ratio of 1.36, a quick ratio of 1.11 and a debt-to-equity ratio of 0.45.
Lear declared that its Board of Directors has initiated a stock buyback program on Wednesday, February 14th that allows the company to buyback $954.00 million in outstanding shares. This buyback authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, March 26th. Investors of record on Wednesday, March 7th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.50%. The ex-dividend date was Tuesday, March 6th. This is an increase from Lear’s previous quarterly dividend of $0.50. Lear’s dividend payout ratio (DPR) is currently 16.47%.
In other Lear news, insider Jay K. Kunkel sold 6,694 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $190.14, for a total transaction of $1,272,797.16. Following the transaction, the insider now directly owns 12,056 shares in the company, valued at approximately $2,292,327.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Mel Stephens sold 17,006 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $193.00, for a total transaction of $3,282,158.00. Following the transaction, the senior vice president now owns 15,694 shares in the company, valued at $3,028,942. The disclosure for this sale can be found here. Insiders sold a total of 261,115 shares of company stock worth $49,699,331 in the last ninety days. 0.49% of the stock is currently owned by insiders.
LEA has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Lear from a “hold” rating to a “buy” rating and set a $199.00 target price on the stock in a research note on Tuesday, December 26th. Barclays reissued a “hold” rating and issued a $200.00 target price on shares of Lear in a research note on Sunday, January 21st. ValuEngine raised shares of Lear from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Longbow Research initiated coverage on shares of Lear in a research note on Friday, January 5th. They issued a “buy” rating and a $225.00 target price on the stock. Finally, Susquehanna Bancshares set a $188.00 target price on shares of Lear and gave the company a “hold” rating in a research note on Wednesday, March 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $194.72.
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Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components primarily to automotive original equipment manufacturers worldwide. The company operates through Seating and E-Systems segments. The Seating segment includes seat systems and related components, such as leather and fabric products, seat trim covers, recliner mechanisms, seat tracks, seat structures and mechanisms, seat foams, and headrests primarily for automobiles and light trucks, compact cars, and sport utility vehicles, as well as thermoelectric seat heating and cooling systems.
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