Pacer Advisors Inc. boosted its position in shares of Lear Co. (NYSE:LEA) by 20.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,707 shares of the auto parts company’s stock after acquiring an additional 2,332 shares during the period. Pacer Advisors Inc.’s holdings in Lear were worth $1,909,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Oakworth Capital Inc. purchased a new position in Lear in the second quarter valued at approximately $26,000. Meridian Wealth Management LLC purchased a new position in shares of Lear in the 1st quarter valued at $28,000. NEXT Financial Group Inc raised its stake in 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 in the last quarter. Clear Perspective Advisors LLC acquired a new stake in Lear during the 2nd quarter worth $75,000. Finally, Private Ocean LLC acquired a new stake in Lear during the 2nd quarter worth $77,000. 89.93% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on LEA shares. ValuEngine downgraded shares of Lear from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 17th. TheStreet downgraded Lear from a “b-” rating to a “c+” rating in a report on Friday, August 23rd. Morgan Stanley decreased their target price on Lear from $165.00 to $143.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. Credit Suisse Group dropped their price target on Lear from $155.00 to $130.00 and set a “neutral” rating on the stock in a research note on Monday, July 29th. Finally, Longbow Research restated a “buy” rating and set a $190.00 price target on shares of Lear in a research note on Sunday, June 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $157.13.
Lear (NYSE:LEA) last issued its earnings results on Friday, July 26th. The auto parts company reported $3.78 earnings per share for the quarter, missing the consensus estimate of $3.82 by ($0.04). Lear had a return on equity of 23.18% and a net margin of 4.38%. The company had revenue of $5.01 billion for the quarter, compared to analyst estimates of $5.03 billion. During the same quarter in the previous year, the company posted $4.95 earnings per share. The company’s quarterly revenue was down 10.3% compared to the same quarter last year. As a group, sell-side 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 $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend 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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