Skandinaviska Enskilda Banken AB publ cut its holdings in shares of Lear Co. (NYSE:LEA – Get Rating) by 5.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,474 shares of the auto parts company’s stock after selling 446 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Lear were worth $895,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Old North State Trust LLC acquired a new stake in shares of Lear during the third quarter valued at about $28,000. Credit Suisse AG grew its stake in shares of Lear by 39.2% during the second quarter. Credit Suisse AG now owns 84,392 shares of the auto parts company’s stock valued at $10,624,000 after acquiring an additional 23,775 shares in the last quarter. Rhumbline Advisers grew its stake in Lear by 10.8% in the second quarter. Rhumbline Advisers now owns 175,881 shares of the auto parts company’s stock worth $22,142,000 after purchasing an additional 17,118 shares in the last quarter. Greenleaf Trust grew its stake in Lear by 9.5% in the second quarter. Greenleaf Trust now owns 3,606 shares of the auto parts company’s stock worth $454,000 after purchasing an additional 314 shares in the last quarter. Finally, Shell Asset Management Co. grew its stake in Lear by 11.5% in the second quarter. Shell Asset Management Co. now owns 6,551 shares of the auto parts company’s stock worth $825,000 after purchasing an additional 677 shares in the last quarter. 99.56% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Lear news, VP Marianne Vidershain sold 267 shares of Lear stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $141.44, for a total value of $37,764.48. Following the transaction, the vice president now owns 272 shares in the company, valued at $38,471.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Lear news, CEO Raymond E. Scott sold 500 shares of Lear stock in a transaction that occurred on Friday, December 2nd. The shares were sold at an average price of $138.45, for a total value of $69,225.00. Following the transaction, the chief executive officer now owns 22,882 shares in the company, valued at $3,168,012.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Marianne Vidershain sold 267 shares of Lear stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $141.44, for a total transaction of $37,764.48. Following the transaction, the vice president now owns 272 shares in the company, valued at $38,471.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,170 shares of company stock worth $2,437,796. 0.67% of the stock is owned by insiders.
Lear Stock Performance
Lear (NYSE:LEA – Get Rating) last announced its earnings results on Thursday, February 2nd. The auto parts company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.54 by $0.27. Lear had a return on equity of 11.22% and a net margin of 1.57%. The firm had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.26 billion. During the same quarter in the previous year, the company earned $1.22 earnings per share. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. On average, analysts predict that Lear Co. will post 11.27 earnings per share for the current year.
Lear Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 29th. Shareholders of record on Friday, March 10th will be given a $0.77 dividend. The ex-dividend date of this dividend is Thursday, March 9th. This represents a $3.08 annualized dividend and a yield of 2.19%. Lear’s dividend payout ratio (DPR) is 56.31%.
Analyst Ratings Changes
A number of research firms recently commented on LEA. Morgan Stanley decreased their price target on Lear from $140.00 to $133.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 2nd. Citigroup decreased their price target on Lear from $146.00 to $143.00 and set a “neutral” rating for the company in a research note on Tuesday, February 7th. Barclays began coverage on Lear in a research note on Tuesday, February 14th. They issued an “equal weight” rating and a $155.00 price target for the company. StockNews.com upgraded Lear from a “hold” rating to a “buy” rating in a research note on Friday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Lear from $143.00 to $135.00 in a report on Friday, February 3rd. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $155.38.
About Lear
Lear Corp. engages in the design, manufacture and supply of automotive seats, electrical distribution systems and electronic modules, as well as related sub-systems, components, and software. It operates through the following segments: Seating and E-Systems. The Seating segment consists of the design, engineering, just-in-time assembly and delivery of complete seat systems, as well as the manufacture of all major seat components, including seat covers and surface materials such as leather and fabric, seat structures and mechanisms, seat foam and headrests.
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