Lear Co. (NYSE:LEA – Get Rating) – Investment analysts at Zacks Research upped their Q2 2023 earnings per share (EPS) estimates for shares of Lear in a report released on Thursday, June 22nd. Zacks Research analyst L. Shahu now forecasts that the auto parts company will post earnings of $2.69 per share for the quarter, up from their prior forecast of $2.54. The consensus estimate for Lear’s current full-year earnings is $11.18 per share. Zacks Research also issued estimates for Lear’s Q3 2023 earnings at $2.39 EPS, Q4 2023 earnings at $2.77 EPS, FY2023 earnings at $10.63 EPS, Q1 2024 earnings at $3.41 EPS, Q2 2024 earnings at $3.80 EPS, Q3 2024 earnings at $4.28 EPS, Q4 2024 earnings at $4.31 EPS, FY2024 earnings at $15.80 EPS and FY2025 earnings at $19.15 EPS.
LEA has been the topic of a number of other reports. Morgan Stanley lifted their price target on Lear from $133.00 to $135.00 and gave the company an “equal weight” rating in a report on Wednesday, March 22nd. BNP Paribas upgraded Lear from a “neutral” rating to an “outperform” rating in a report on Thursday, June 1st. Citigroup cut their price target on Lear from $143.00 to $140.00 in a report on Monday, May 1st. Wells Fargo & Company cut their price target on Lear from $146.00 to $141.00 and set an “equal weight” rating on the stock in a report on Monday, April 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Lear from $136.00 to $137.00 in a report on Friday, April 28th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lear presently has a consensus rating of “Moderate Buy” and a consensus price target of $155.23.
Lear Trading Down 0.9 %
Lear (NYSE:LEA – Get Rating) last issued its earnings results on Thursday, April 27th. The auto parts company reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.55 by $0.23. The business had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.60 billion. Lear had a return on equity of 12.32% and a net margin of 1.96%. Lear’s revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.80 EPS.
Lear Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 28th. Shareholders of record on Friday, June 9th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.26%. Lear’s payout ratio is currently 43.63%.
Insider Activity
In related news, CEO Raymond E. Scott sold 16,740 shares of the stock in a transaction on Friday, June 16th. The stock was sold at an average price of $142.80, for a total value of $2,390,472.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Conrad L. Mallett, Jr. sold 330 shares of Lear stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $126.06, for a total transaction of $41,599.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Raymond E. Scott sold 16,740 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $142.80, for a total transaction of $2,390,472.00. The disclosure for this sale can be found here. Insiders have sold a total of 19,291 shares of company stock worth $2,709,541 over the last quarter. 0.75% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Lear
Several institutional investors and hedge funds have recently bought and sold shares of LEA. BlackRock Inc. lifted its holdings in Lear by 2.7% in the first quarter. BlackRock Inc. now owns 8,792,397 shares of the auto parts company’s stock valued at $1,226,452,000 after acquiring an additional 227,230 shares during the last quarter. Vanguard Group Inc. grew its position in Lear by 0.4% in the third quarter. Vanguard Group Inc. now owns 5,645,810 shares of the auto parts company’s stock worth $675,747,000 after acquiring an additional 20,874 shares during the period. Capital International Investors increased its position 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 worth $437,259,000 after purchasing an additional 993,216 shares in the last quarter. State Street Corp increased its position in shares of Lear by 0.5% during the first quarter. State Street Corp now owns 2,463,244 shares of the auto parts company’s stock worth $351,234,000 after purchasing an additional 12,072 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Lear by 7.8% during the first quarter. Franklin Resources Inc. now owns 1,876,701 shares of the auto parts company’s stock worth $261,781,000 after purchasing an additional 135,223 shares in the last quarter. 98.40% of the stock is currently owned by institutional investors and hedge funds.
Lear Company Profile
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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