Swiss National Bank trimmed its stake in Lear Co. (NYSE:LEA) by 9.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 193,600 shares of the auto parts company’s stock after selling 21,000 shares during the period. Swiss National Bank owned about 0.32% of Lear worth $26,963,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Meridian Wealth Management LLC acquired a new stake in Lear in the 1st quarter worth $28,000. NEXT Financial Group Inc lifted its holdings in shares of Lear by 64.8% during the 2nd quarter. NEXT Financial Group Inc now owns 422 shares of the auto parts company’s stock worth $59,000 after acquiring an additional 166 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Lear by 78.2% during the 1st quarter. Quadrant Capital Group LLC now owns 531 shares of the auto parts company’s stock worth $69,000 after acquiring an additional 233 shares during the period. Private Ocean LLC bought a new position in shares of Lear during the 2nd quarter worth about $77,000. Finally, Advantage Investment Management LLC lifted its holdings in shares of Lear by 48.4% during the 2nd quarter. Advantage Investment Management LLC now owns 610 shares of the auto parts company’s stock worth $85,000 after acquiring an additional 199 shares during the period. Institutional investors own 93.27% of the company’s stock.
LEA has been the subject of a number of analyst reports. Morgan Stanley reduced their price objective on shares of Lear from $165.00 to $143.00 and set an “overweight” rating for the company in a report on Wednesday, August 14th. Citigroup reduced their price objective on shares of Lear from $144.00 to $135.00 and set a “neutral” rating for the company in a report on Tuesday, July 30th. Royal Bank of Canada downgraded shares of Lear from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $160.00 to $135.00 in a report on Wednesday, July 17th. ValuEngine downgraded shares of Lear from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 17th. Finally, Longbow Research reaffirmed a “buy” rating and set a $190.00 price objective on shares of Lear in a report on Sunday, June 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $157.13.
Lear (NYSE:LEA) last announced its quarterly earnings results on Friday, July 26th. The auto parts company reported $3.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.82 by ($0.04). Lear had a net margin of 4.38% and a return on equity of 23.18%. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $5.03 billion. During the same period in the prior year, the business earned $4.95 earnings per share. The company’s revenue for the quarter was down 10.3% on a year-over-year basis. As a group, research analysts expect that Lear Co. will post 14.98 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Thursday, August 29th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.67%. The ex-dividend date is Wednesday, August 28th. Lear’s dividend payout ratio 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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