Lear (NYSE:LEA) Releases Earnings Results, Beats Estimates By $0.14 EPS

Lear (NYSE:LEA) announced its earnings results on Tuesday. The auto parts company reported $3.18 EPS for the quarter, beating analysts’ consensus estimates of $3.04 by $0.14, Briefing.com reports. The business had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $6 billion. Lear had a net margin of 2.44% and a return on equity of 14.09%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.78 EPS. Lear updated its FY 2024 guidance to EPS.

Lear Price Performance

Shares of NYSE LEA traded down $1.10 during trading on Wednesday, hitting $124.77. 828,395 shares of the company were exchanged, compared to its average volume of 558,301. Lear has a 1 year low of $117.79 and a 1 year high of $157.90. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.04. The firm’s fifty day moving average price is $138.83 and its 200 day moving average price is $135.84. The company has a market cap of $7.11 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 0.34 and a beta of 1.54.

Lear Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 8th were given a dividend of $0.77 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $3.08 annualized dividend and a dividend yield of 2.47%. Lear’s payout ratio is currently 31.82%.

Insider Buying and Selling

In related news, CEO Raymond E. Scott sold 10,652 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $132.86, for a total value of $1,415,224.72. Following the sale, the chief executive officer now directly owns 13,627 shares in the company, valued at approximately $1,810,483.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Jason M. Cardew sold 2,750 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $140.81, for a total value of $387,227.50. Following the sale, the chief financial officer now directly owns 17,506 shares in the company, valued at approximately $2,465,019.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Raymond E. Scott sold 10,652 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $132.86, for a total transaction of $1,415,224.72. Following the completion of the transaction, the chief executive officer now owns 13,627 shares in the company, valued at $1,810,483.22. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Morgan Stanley boosted their price objective on shares of Lear from $140.00 to $150.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. JPMorgan Chase & Co. boosted their price objective on shares of Lear from $177.00 to $179.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Benchmark boosted their price objective on shares of Lear from $188.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, January 2nd. Barclays boosted their price objective on shares of Lear from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Company boosted their price objective on shares of Lear from $130.00 to $134.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $162.44.

Lear Company Profile

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, keyseat 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.