Lear Co. (NYSE:LEA) announced a quarterly dividend on Thursday, May 20th, Zacks reports. Stockholders of record on Friday, June 11th will be given a dividend of 0.25 per share by the auto parts company on Wednesday, June 30th. This represents a $1.00 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend is Thursday, June 10th.
Lear has decreased its dividend payment by 49.0% over the last three years and has raised its dividend annually for the last 1 consecutive years. Lear has a dividend payout ratio of 7.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Lear to earn $18.42 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 5.4%.
LEA opened at $197.64 on Wednesday. Lear has a fifty-two week low of $102.17 and a fifty-two week high of $204.91. The company has a market capitalization of $11.89 billion, a price-to-earnings ratio of 28.22, a P/E/G ratio of 0.90 and a beta of 1.58. The firm’s 50-day moving average price is $186.34. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.36 and a quick ratio of 1.08.
LEA has been the subject of several research analyst reports. Wells Fargo & Company started coverage on Lear in a research report on Wednesday, March 31st. They set an “overweight” rating and a $214.00 target price for the company. KeyCorp increased their target price on shares of Lear from $195.00 to $200.00 and gave the company an “overweight” rating in a research report on Wednesday, April 21st. Jefferies Financial Group upped their price objective on Lear from $186.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday, April 6th. Morgan Stanley boosted their target price on Lear from $185.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, May 13th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Lear in a research note on Tuesday, March 23rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $184.46.
In other news, SVP Thomas A. Didonato sold 20,000 shares of the stock in a transaction on Thursday, March 11th. The shares were sold at an average price of $184.14, for a total value of $3,682,800.00. Following the transaction, the senior vice president now owns 16,214 shares of the company’s stock, valued at approximately $2,985,645.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jonathan F. Foster sold 2,700 shares of the firm’s stock in a transaction on Tuesday, May 11th. The shares were sold at an average price of $187.82, for a total transaction of $507,114.00. Following the sale, the director now owns 6,926 shares in the company, valued at approximately $1,300,841.32. The disclosure for this sale can be found here. 0.43% of the stock is owned by insiders.
Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers in North America, Europe, Africa, Asia, and South America. Its Seating segment offers seat systems, seat subsystems, key seat components, seat trim covers, seat mechanisms, seat foams, and headrests, as well as surface materials, such as leather and fabric for automobiles and light trucks, compact cars, pick-up trucks, and sport utility vehicles.
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