Fiduciary Trust Co. cut its stake in Lear Co. (NYSE:LEA) by 17.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,841 shares of the auto parts company’s stock after selling 380 shares during the quarter. Fiduciary Trust Co.’s holdings in Lear were worth $343,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Global X Management Co. LLC raised its position in shares of Lear by 23.1% in the fourth quarter. Global X Management Co. LLC now owns 1,467 shares of the auto parts company’s stock valued at $259,000 after purchasing an additional 275 shares during the period. Pettee Investors Inc. raised its position in shares of Lear by 5.8% in the first quarter. Pettee Investors Inc. now owns 6,100 shares of the auto parts company’s stock valued at $1,135,000 after purchasing an additional 334 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Lear by 28.9% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,555 shares of the auto parts company’s stock valued at $275,000 after purchasing an additional 349 shares during the period. CIBC Asset Management Inc raised its position in shares of Lear by 13.7% in the fourth quarter. CIBC Asset Management Inc now owns 3,097 shares of the auto parts company’s stock valued at $547,000 after purchasing an additional 373 shares during the period. Finally, BKD Wealth Advisors LLC raised its position in shares of Lear by 15.8% in the fourth quarter. BKD Wealth Advisors LLC now owns 2,745 shares of the auto parts company’s stock valued at $485,000 after purchasing an additional 374 shares during the period. 95.70% of the stock is currently owned by institutional investors.
In other Lear news, insider Jay K. Kunkel sold 6,694 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $190.14, for a total value of $1,272,797.16. Following the transaction, the insider now directly owns 12,056 shares of the company’s stock, valued at approximately $2,292,327.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Mel Stephens sold 17,006 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $193.00, for a total transaction of $3,282,158.00. Following the completion of the transaction, the senior vice president now directly owns 15,694 shares in the company, valued at $3,028,942. The disclosure for this sale can be found here. Over the last three months, insiders sold 172,209 shares of company stock worth $32,792,456. Insiders own 0.43% of the company’s stock.
Lear (NYSE:LEA) last released its earnings results on Thursday, April 26th. The auto parts company reported $5.10 EPS for the quarter, beating the consensus estimate of $4.91 by $0.19. Lear had a net margin of 6.40% and a return on equity of 29.40%. The firm had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same period last year, the firm earned $4.27 EPS. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. equities research analysts forecast that Lear Co. will post 19.28 earnings per share for the current fiscal year.
Lear announced that its board has authorized a share repurchase plan on Wednesday, February 14th that authorizes the company to repurchase $954.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 27th. Shareholders of record on Friday, June 8th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.38%. Lear’s dividend payout ratio is currently 16.47%.
A number of research firms recently commented on LEA. Evercore ISI raised shares of Lear from an “in-line” rating to an “outperform” rating and set a $220.00 price target on the stock in a research report on Monday. ValuEngine lowered shares of Lear from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 21st. Longbow Research reaffirmed a “buy” rating and set a $225.00 price target on shares of Lear in a research report on Monday, April 30th. Barclays lowered their price target on shares of Lear from $200.00 to $199.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 17th. Finally, Citigroup raised their price target on shares of Lear from $234.00 to $243.00 and gave the stock a “buy” rating in a research report on Monday, April 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $198.33.
Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components primarily to automotive original equipment manufacturers worldwide. The company operates through Seating and E-Systems segments. The Seating segment includes seat systems and related components, such as leather and fabric products, seat trim covers, recliner mechanisms, seat tracks, seat structures and mechanisms, seat foams, and headrests primarily for automobiles and light trucks, compact cars, and sport utility vehicles, as well as thermoelectric seat heating and cooling systems.
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