BNP Paribas Arbitrage SA lowered its position in shares of Lear Co. (NYSE:LEA) by 27.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,587 shares of the auto parts company’s stock after selling 29,123 shares during the quarter. BNP Paribas Arbitrage SA owned about 0.12% of Lear worth $14,438,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Martingale Asset Management L P boosted its position in Lear by 47.2% during the fourth quarter. Martingale Asset Management L P now owns 120,614 shares of the auto parts company’s stock valued at $21,309,000 after acquiring an additional 38,700 shares during the last quarter. Toronto Dominion Bank boosted its position in Lear by 37.4% during the fourth quarter. Toronto Dominion Bank now owns 4,008 shares of the auto parts company’s stock valued at $709,000 after acquiring an additional 1,092 shares during the last quarter. Franklin Resources Inc. boosted its position in Lear by 163.5% during the fourth quarter. Franklin Resources Inc. now owns 12,104 shares of the auto parts company’s stock valued at $2,139,000 after acquiring an additional 7,511 shares during the last quarter. Sheaff Brock Investment Advisors LLC bought a new stake in Lear during the fourth quarter valued at $740,000. Finally, Maverick Capital Ltd. boosted its position in Lear by 41.4% during the fourth quarter. Maverick Capital Ltd. now owns 43,950 shares of the auto parts company’s stock valued at $7,764,000 after acquiring an additional 12,860 shares during the last quarter. 90.08% of the stock is currently owned by institutional investors and hedge funds.
LEA opened at $202.69 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.10 and a debt-to-equity ratio of 0.43. Lear Co. has a fifty-two week low of $135.62 and a fifty-two week high of $206.36. The stock has a market capitalization of $13.54 billion, a P/E ratio of 11.92 and a beta of 1.46.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 27th. Shareholders of record on Friday, June 8th will be paid a $0.70 dividend. The ex-dividend date is Thursday, June 7th. This represents a $2.80 annualized dividend and a yield of 1.38%. Lear’s dividend payout ratio (DPR) is 16.47%.
LEA has been the topic of several research reports. Morgan Stanley upgraded shares of Lear from an “underweight” rating to an “equal weight” rating and set a $191.00 price objective on the stock in a report on Thursday, March 22nd. ValuEngine lowered shares of Lear from a “strong-buy” rating to a “buy” rating in a report on Monday, April 2nd. Zacks Investment Research lowered shares of Lear from a “buy” rating to a “hold” rating in a report on Wednesday, March 28th. Susquehanna Bancshares set a $188.00 price objective on shares of Lear and gave the company a “hold” rating in a report on Wednesday, March 14th. Finally, Evercore ISI upgraded shares of Lear from an “in-line” rating to an “outperform” rating and set a $220.00 price objective on the stock in a report on Monday, May 14th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $198.33.
In other Lear news, Director Jonathan F. Foster sold 2,500 shares of the stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $203.24, for a total value of $508,100.00. Following the completion of the sale, the director now owns 7,381 shares in the company, valued at approximately $1,500,114.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard Harold Bott sold 1,063 shares of the stock in a transaction dated Friday, May 18th. The shares were sold at an average price of $202.35, for a total transaction of $215,098.05. Following the completion of the sale, the director now owns 1,852 shares of the company’s stock, valued at approximately $374,752.20. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
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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