Lear Co. (NYSE:LEA) was the recipient of a significant decline in short interest in June. As of June 30th, there was short interest totalling 1,465,600 shares, a decline of 8.6% from the May 30th total of 1,603,500 shares. Approximately 2.4% of the company’s stock are sold short. Based on an average daily trading volume, of 614,900 shares, the days-to-cover ratio is currently 2.4 days.
Several hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new position in Lear during the fourth quarter worth $653,026,000. Harris Associates L P increased its holdings in Lear by 65.9% during the fourth quarter. Harris Associates L P now owns 3,424,807 shares of the auto parts company’s stock worth $420,772,000 after buying an additional 1,360,164 shares during the last quarter. FMR LLC increased its holdings in Lear by 80.3% during the first quarter. FMR LLC now owns 1,312,921 shares of the auto parts company’s stock worth $178,176,000 after buying an additional 584,719 shares during the last quarter. Impala Asset Management LLC acquired a new position in Lear during the first quarter worth $40,885,000. Finally, Bank of America Corp DE increased its holdings in Lear by 64.8% during the fourth quarter. Bank of America Corp DE now owns 740,800 shares of the auto parts company’s stock worth $91,016,000 after buying an additional 291,264 shares during the last quarter. 89.15% of the stock is currently owned by institutional investors and hedge funds.
LEA has been the topic of a number of research reports. Morgan Stanley set a $12.00 price target on shares of Adient and gave the company a “sell” rating in a research note on Wednesday, June 26th. KeyCorp cut their price target on shares of Lear from $185.00 to $170.00 and set an “overweight” rating on the stock in a research note on Friday. They noted that the move was a valuation call. Deutsche Bank raised shares of Arista Networks from a “sell” rating to a “hold” rating and lifted their price target for the company from $190.00 to $225.00 in a research note on Tuesday, March 19th. Longbow Research reaffirmed a “buy” rating and issued a $190.00 price target on shares of Lear in a research note on Sunday, June 30th. Finally, Credit Suisse Group initiated coverage on shares of Magna International in a research note on Wednesday, June 26th. They issued a “neutral” rating and a $55.00 price target on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company’s stock. Lear has a consensus rating of “Buy” and a consensus price target of $172.13.
Lear (NYSE:LEA) last announced its quarterly earnings data on Friday, April 26th. The auto parts company reported $4.00 EPS for the quarter, missing the Zacks’ consensus estimate of $4.06 by ($0.06). The business had revenue of $5.16 billion during the quarter, compared to the consensus estimate of $5.25 billion. Lear had a return on equity of 25.28% and a net margin of 4.94%. The business’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.10 EPS. On average, equities analysts forecast that Lear will post 17.51 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 7th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Thursday, June 6th. Lear’s dividend payout ratio 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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