State of Alaska Department of Revenue lowered its position in Lear Co. (NYSE:LEA – Get Rating) by 42.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,588 shares of the auto parts company's stock after selling 6,447 shares during the period. State of Alaska Department of Revenue's holdings in Lear were worth $1,081,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the company. Sandy Cove Advisors LLC purchased a new position in Lear in the first quarter worth $29,000. Allworth Financial LP purchased a new position in Lear during the 1st quarter worth $34,000. Signaturefd LLC increased its position in Lear by 81.1% during the 1st quarter. Signaturefd LLC now owns 239 shares of the auto parts company's stock valued at $34,000 after buying an additional 107 shares in the last quarter. Quent Capital LLC purchased a new stake in Lear in the fourth quarter valued at about $47,000. Finally, Koshinski Asset Management Inc. acquired a new stake in Lear in the first quarter worth about $55,000. Institutional investors own 99.56% of the company's stock.
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Insider Buying and Selling
In other news, CEO Raymond E. Scott sold 6,143 shares of the business's stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $136.30, for a total value of $837,290.90. Following the completion of the sale, the chief executive officer now directly owns 35,668 shares in the company, valued at $4,861,548.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 18,429 shares of company stock valued at $2,547,134. 0.67% of the stock is owned by company insiders.
Analyst Ratings Changes
Several equities analysts recently commented on LEA shares. BNP Paribas raised shares of Lear from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $117.00 to $140.00 in a research report on Monday, July 11th. Cowen lifted their price objective on shares of Lear to $196.00 in a research note on Tuesday, August 9th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Lear from $153.00 to $157.00 in a report on Wednesday, August 3rd. Wells Fargo & Company raised their target price on Lear from $170.00 to $173.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 3rd. Finally, The Goldman Sachs Group boosted their price target on Lear from $158.00 to $174.00 and gave the company a "buy" rating in a research note on Wednesday, August 3rd. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $168.79.
Lear Stock Up 1.4 %
Lear stock opened at $126.05 on Wednesday. Lear Co. has a 52 week low of $118.38 and a 52 week high of $195.43. The firm has a market cap of $7.48 billion, a price-to-earnings ratio of 67.05, a price-to-earnings-growth ratio of 0.41 and a beta of 1.49. The business's 50-day moving average price is $141.37 and its 200 day moving average price is $136.03. The company has a quick ratio of 1.01, a current ratio of 1.33 and a debt-to-equity ratio of 0.57.
Lear (NYSE:LEA – Get Rating) last posted its earnings results on Tuesday, August 2nd. The auto parts company reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.45. The firm had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.01 billion. Lear had a net margin of 0.58% and a return on equity of 6.78%. The business's quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.45 EPS. As a group, sell-side analysts anticipate that Lear Co. will post 8.63 earnings per share for the current year.
Lear Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Thursday, September 1st were paid a $0.77 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $3.08 annualized dividend and a dividend yield of 2.44%. Lear's dividend payout ratio is presently 163.83%.
Lear Company Profile
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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.
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