Lear (NYSE:LEA) Stock Gets Price Target Reduction from Royal Bank Of Canada

by · The Cerbat Gem

Lear (NYSE:LEA – Free Report) had its target price decreased by Royal Bank Of Canada from $143.00 to $139.00 in a research report sent to investors on Monday, Marketbeat reports. Royal Bank Of Canada currently has a sector perform rating on the auto parts company’s stock.

LEA has been the topic of a number of other research reports. Barclays lowered their target price on shares of Lear from $155.00 to $145.00 and set an “equal weight” rating on the stock in a research note on Friday, October 9th. The Goldman Sachs Group cut their price target on shares of Lear from $140.00 to $124.00 and set a “buy” rating for the company in a research note on Tuesday, October 6th. Wall Street Zen downgraded Lear from a “buy” rating to a “hold” rating in a report on Sunday, September 20th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $150.00 price objective (down from $175.00) on shares of Lear in a report on Tuesday, September 15th. Finally, BNP Paribas Exane lowered Lear from an “outperform” rating to a “neutral” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Lear currently has a consensus rating of “Hold” and a consensus price target of $143.58.

Get Our Latest Analysis on Lear

Lear Stock Down 0.2%

LEA opened at $119.35 on Monday. Lear has a fifty-two week low of $98.79 and a fifty-two week high of $150.33. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.04. The firm’s fifty day moving average price is $123.49 and its two-hundred day moving average price is $130.50. The company has a market capitalization of $5.89 billion, a P/E ratio of 11.12, a P/E/G ratio of 0.73 and a beta of 1.29.

Lear (NYSE:LEA – Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The auto parts company reported $4.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.98 by $0.30. The company had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $6.15 billion. Lear had a net margin of 2.35% and a return on equity of 14.18%. The business’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.06 EPS. On average, analysts anticipate that Lear will post 14.86 EPS for the current year.

Lear Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Wednesday, September 2nd were given a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Wednesday, September 2nd. Lear’s dividend payout ratio (DPR) is presently 28.70%.

Lear declared that its Board of Directors has approved a share buyback plan on Thursday, September 24th that permits the company to buy back $1.50 billion in shares. This repurchase authorization permits the auto parts company to repurchase up to 25.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity at Lear

In other news, Director Conrad L. Mallett, Jr. sold 1,646 shares of Lear stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $121.35, for a total value of $199,742.10. Following the completion of the sale, the director directly owned 37 shares of the company’s stock, valued at approximately $4,489.95. This trade represents a 97.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Lear

Several large investors have recently made changes to their positions in the company. Altshuler Shaham Ltd lifted its stake in shares of Lear by 36.5% in the 1st quarter. Altshuler Shaham Ltd now owns 303 shares of the auto parts company’s stock valued at $37,000 after purchasing an additional 81 shares during the period. Rockefeller Capital Management L.P. boosted its position in shares of Lear by 57.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 576 shares of the auto parts company’s stock worth $66,000 after purchasing an additional 210 shares during the last quarter. IFP Advisors Inc grew its stake in shares of Lear by 14.3% during the second quarter. IFP Advisors Inc now owns 624 shares of the auto parts company’s stock worth $84,000 after purchasing an additional 78 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of Lear by 15.6% during the second quarter. Parkside Financial Bank & Trust now owns 844 shares of the auto parts company’s stock worth $113,000 after purchasing an additional 114 shares during the period. Finally, NFSG Corp acquired a new stake in shares of Lear during the first quarter worth $125,000. Institutional investors and hedge funds own 97.04% of the company’s stock.

About Lear

(Get Free Report)

Lear Corporation (NYSE: LEA) is a global automotive technology supplier that designs and manufactures products used by vehicle manufacturers worldwide. The company’s principal business areas are seating systems and e-systems, which support the functionality, comfort, safety and connectivity of modern vehicles.

Lear’s seating business provides complete seating systems and related components, including seat structures, mechanisms, foam, trim, covers and comfort technologies. Its e-systems business develops electrical distribution systems, connection systems, electronic components and software-enabled technologies that help manage power, data and connectivity within vehicles.

Founded in 1917 and headquartered in Southfield, Michigan, Lear serves automotive manufacturers through operations and facilities across major vehicle-producing regions, including North America, Europe and Asia.

Recommended Stories