Teacher Retirement System of Texas lifted its position in shares of Lear Co. (NYSE:LEA) by 4.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,110 shares of the auto parts company’s stock after purchasing an additional 2,053 shares during the period. Teacher Retirement System of Texas owned about 0.08% of Lear worth $9,264,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cigna Investments Inc. New raised its holdings in Lear by 3.0% in the first quarter. Cigna Investments Inc. New now owns 2,037 shares of the auto parts company’s stock valued at $370,000 after acquiring an additional 60 shares in the last quarter. High Note Wealth LLC raised its holdings in Lear by 0.4% in the first quarter. High Note Wealth LLC now owns 18,017 shares of the auto parts company’s stock valued at $3,265,000 after acquiring an additional 71 shares in the last quarter. Kestra Advisory Services LLC raised its holdings in Lear by 6.0% in the first quarter. Kestra Advisory Services LLC now owns 1,391 shares of the auto parts company’s stock valued at $252,000 after acquiring an additional 79 shares in the last quarter. Commerce Bank raised its holdings in Lear by 1.8% in the first quarter. Commerce Bank now owns 4,750 shares of the auto parts company’s stock valued at $861,000 after acquiring an additional 84 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Lear by 8.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,084 shares of the auto parts company’s stock valued at $172,000 after acquiring an additional 85 shares in the last quarter. 96.85% of the stock is currently owned by institutional investors and hedge funds.
LEA has been the topic of several recent analyst reports. Barclays upped their price target on shares of Lear from $184.00 to $187.00 and gave the company an “equal weight” rating in a report on Monday, May 10th. Wolfe Research reissued a “peer perform” rating on shares of Lear in a report on Tuesday, March 23rd. Wells Fargo & Company initiated coverage on shares of Lear in a report on Wednesday, March 31st. They set an “overweight” rating and a $214.00 target price on the stock. KeyCorp increased their target price on shares of Lear from $195.00 to $200.00 and gave the stock an “overweight” rating in a report on Wednesday, April 21st. Finally, Jefferies Financial Group increased their target price on shares of Lear from $186.00 to $210.00 and gave the stock a “buy” rating in a report on Tuesday, April 6th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $184.46.
Lear (NYSE:LEA) last announced its earnings results on Thursday, May 6th. The auto parts company reported $3.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.95 by $0.78. The firm had revenue of $5.35 billion during the quarter, compared to analyst estimates of $4.89 billion. Lear had a net margin of 1.59% and a return on equity of 9.62%. Lear’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.05 EPS. As a group, research analysts expect that Lear Co. will post 13.91 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Friday, June 11th will be given a $0.25 dividend. The ex-dividend date is Thursday, June 10th. This represents a $1.00 dividend on an annualized basis and a yield of 0.53%. Lear’s dividend payout ratio is presently 18.76%.
In related news, Director Jonathan F. Foster sold 2,700 shares of the stock in a transaction dated Tuesday, May 11th. The shares were sold at an average price of $187.82, for a total value of $507,114.00. Following the completion of the transaction, the director now owns 6,926 shares in the company, valued at approximately $1,300,841.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate 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 for automotive original equipment manufacturers in North America, Europe, Africa, Asia, and South America. Its Seating segment offers seat systems, seat subsystems, key seat 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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