Lear Corporation (LEA) Shares Sold by GLG Partners LP
GLG Partners LP reduced its stake in Lear Corporation (NYSE:LEA) by 79.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,998 shares of the auto parts company’s stock after selling 15,198 shares during the period. GLG Partners LP’s holdings in Lear Corporation were worth $568,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of LEA. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Lear Corporation by 6.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 831 shares of the auto parts company’s stock valued at $118,000 after purchasing an additional 48 shares during the period. Global X Management Co. LLC boosted its position in shares of Lear Corporation by 30.3% during the 1st quarter. Global X Management Co. LLC now owns 878 shares of the auto parts company’s stock worth $124,000 after purchasing an additional 204 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Lear Corporation by 5.4% during the 1st quarter. Van ECK Associates Corp now owns 991 shares of the auto parts company’s stock worth $140,000 after purchasing an additional 51 shares in the last quarter. Private Advisor Group LLC bought a new position in shares of Lear Corporation during the 1st quarter worth about $149,000. Finally, Mutual of America Capital Management LLC acquired a new stake in shares of Lear Corporation in the 1st quarter valued at about $157,000. 94.30% of the stock is owned by hedge funds and other institutional investors.
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In other news, SVP Mel Stephens sold 2,411 shares of Lear Corporation stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $172.88, for a total value of $416,813.68. Following the completion of the transaction, the senior vice president now owns 44,484 shares of the company’s stock, valued at approximately $7,690,393.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jonathan F. Foster sold 2,854 shares of Lear Corporation stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $173.39, for a total value of $494,855.06. Following the completion of the transaction, the director now directly owns 7,761 shares of the company’s stock, valued at approximately $1,345,679.79. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,404 shares of company stock worth $1,601,681. Insiders own 0.49% of the company’s stock.
Several analysts have recently commented on the company. Morgan Stanley lowered Lear Corporation from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $149.00 to $142.00 in a research report on Thursday, June 8th. Bank of America Corporation downgraded Lear Corporation from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $135.00 to $110.00 in a research note on Friday, June 16th. ValuEngine lowered Lear Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. BidaskClub lowered Lear Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Finally, Guggenheim started coverage on Lear Corporation in a report on Wednesday, June 21st. They issued a “buy” rating and a $167.00 price target on the stock. Three analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $161.31.
Shares of Lear Corporation (NYSE:LEA) traded up 0.08% during trading on Wednesday, reaching $174.41. The company’s stock had a trading volume of 33,561 shares. The stock’s 50 day moving average is $156.87 and its 200 day moving average is $146.37. Lear Corporation has a one year low of $110.77 and a one year high of $177.24. The firm has a market cap of $11.87 billion, a P/E ratio of 11.62 and a beta of 1.35.
Lear Corporation (NYSE:LEA) last announced its quarterly earnings data on Wednesday, July 26th. The auto parts company reported $4.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.11 by $0.28. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $4.89 billion. Lear Corporation had a return on equity of 32.34% and a net margin of 5.51%. During the same quarter in the previous year, the business earned $3.66 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts forecast that Lear Corporation will post $16.55 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 19th. Stockholders of record on Thursday, August 31st were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.15%. Lear Corporation’s dividend payout ratio is currently 13.28%.
Lear Corporation Profile
Lear Corporation (Lear) is a supplier to the global automotive industry. The Company is engaged in supplying seating, electrical distribution systems and electronic modules, as well as related sub-systems, components and software, to automotive manufacturers. The Company’s segments include Seating and E-Systems.
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