Lear Co. (NYSE:LEA – Get Rating) – Equities researchers at Zacks Research upped their Q1 2023 EPS estimates for shares of Lear in a note issued to investors on Friday, April 21st. Zacks Research analyst R. Singhi now expects that the auto parts company will post earnings per share of $2.35 for the quarter, up from their prior forecast of $2.29. The consensus estimate for Lear’s current full-year earnings is $10.89 per share. Zacks Research also issued estimates for Lear’s Q2 2023 earnings at $2.51 EPS and Q2 2024 earnings at $3.78 EPS.
LEA has been the topic of a number of other reports. Barclays began coverage on shares of Lear in a research note on Tuesday, February 14th. They set an “equal weight” rating and a $155.00 target price on the stock. Cowen raised their target price on shares of Lear from $165.00 to $173.00 and gave the stock an “outperform” rating in a research report on Friday, February 3rd. Morgan Stanley raised their target price on shares of Lear from $133.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 22nd. StockNews.com began coverage on shares of Lear in a research report on Thursday, March 16th. They set a “buy” rating on the stock. Finally, Citigroup lowered their target price on shares of Lear from $146.00 to $143.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 7th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $155.69.
Lear Stock Down 2.3 %
Lear (NYSE:LEA – Get Rating) last issued its quarterly earnings data on Thursday, February 2nd. The auto parts company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.54 by $0.27. The firm had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.26 billion. Lear had a net margin of 1.57% and a return on equity of 11.22%. Lear’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.22 EPS.
Lear Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 29th. Investors of record on Friday, March 10th were given a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Thursday, March 9th. Lear’s dividend payout ratio (DPR) is presently 56.31%.
Insider Buying and Selling
In other Lear news, CEO Raymond E. Scott sold 11,260 shares of the company’s stock in a transaction that occurred on Thursday, March 9th. The stock was sold at an average price of $138.50, for a total value of $1,559,510.00. Following the transaction, the chief executive officer now directly owns 16,740 shares of the company’s stock, valued at approximately $2,318,490. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Raymond E. Scott sold 11,260 shares of the business’s stock in a transaction that occurred on Thursday, March 9th. The stock was sold at an average price of $138.50, for a total value of $1,559,510.00. Following the completion of the sale, the chief executive officer now directly owns 16,740 shares in the company, valued at approximately $2,318,490. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Raymond E. Scott sold 11,261 shares of the business’s stock in a transaction that occurred on Friday, February 10th. The shares were sold at an average price of $137.39, for a total value of $1,547,148.79. Following the completion of the sale, the chief executive officer now owns 28,000 shares of the company’s stock, valued at $3,846,920. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,178 shares of company stock valued at $4,481,445. Corporate insiders own 0.67% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Capital International Investors lifted its holdings in shares of Lear by 47.9% during the first quarter. Capital International Investors now owns 3,064,807 shares of the auto parts company’s stock valued at $437,259,000 after purchasing an additional 993,216 shares during the last quarter. Greenhaven Associates Inc. lifted its holdings in shares of Lear by 67.0% during the first quarter. Greenhaven Associates Inc. now owns 1,728,550 shares of the auto parts company’s stock valued at $241,115,000 after purchasing an additional 693,500 shares during the last quarter. Norges Bank purchased a new stake in shares of Lear during the fourth quarter valued at $59,288,000. Pzena Investment Management LLC lifted its holdings in shares of Lear by 6.2% during the third quarter. Pzena Investment Management LLC now owns 6,864,149 shares of the auto parts company’s stock valued at $821,570,000 after purchasing an additional 401,070 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Lear by 134.0% in the 4th quarter. Millennium Management LLC now owns 600,643 shares of the auto parts company’s stock worth $74,492,000 after acquiring an additional 344,005 shares in the last quarter. Institutional investors own 99.56% of the company’s stock.
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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