Lear Corporation (NYSE:LEA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $195.00 price target on the auto parts company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.69% from the stock’s current price.
According to Zacks, “Lear Corporation is a leading global supplier of automotive seating systems, electrical distribution systems and electronics. The seating segment consists of the manufacture, assembly and supply of vehicle seating requirements. The Company produces seat systems for automobiles and light trucks that are fully assembled and ready for installation. The electrical and electronic segment consists of the manufacture, assembly and supply of electrical and electronic systems and components for the vehicle. The Company is able to provide its customers with engineering and design solutions and manufactured systems, modules and components that optimally integrate the electrical distribution system of wiring, terminals and connectors, junction boxes and electronic modules within the overall architecture of the vehicle. Lear Corporation is headquartered in Southfield, Michigan. “
Several other brokerages also recently weighed in on LEA. Robert W. Baird reaffirmed a “buy” rating and issued a $178.00 target price on shares of Lear Corporation in a research report on Friday, September 1st. Guggenheim initiated coverage on Lear Corporation in a research report on Wednesday, June 21st. They issued a “buy” rating and a $167.00 target price for the company. Barclays PLC upped their target price on Lear Corporation from $146.00 to $152.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 27th. BidaskClub raised Lear Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 25th. Finally, Buckingham Research downgraded Lear Corporation from a “buy” rating to a “neutral” rating and set a $175.00 target price for the company. in a research report on Tuesday, September 26th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $167.60.
Lear Corporation (NYSE:LEA) opened at 173.04 on Wednesday. The firm has a market cap of $11.78 billion, a price-to-earnings ratio of 11.53 and a beta of 1.35. The company’s 50-day moving average price is $164.19 and its 200 day moving average price is $148.37. Lear Corporation has a 1-year low of $110.77 and a 1-year high of $177.24.
Lear Corporation (NYSE:LEA) last issued its earnings results on Wednesday, July 26th. The auto parts company reported $4.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.11 by $0.28. Lear Corporation had a return on equity of 32.34% and a net margin of 5.51%. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter in the prior year, the business earned $3.66 earnings per share. The company’s revenue was up 8.4% compared to the same quarter last year. On average, equities analysts expect that Lear Corporation will post $16.59 earnings per share for the current fiscal year.
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In related news, Director Jonathan F. Foster sold 2,854 shares of the business’s stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $173.39, for a total value of $494,855.06. Following the transaction, the director now owns 7,761 shares in the company, valued at $1,345,679.79. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Henry D. G. Wallace sold 4,139 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $166.71, for a total value of $690,012.69. Following the completion of the transaction, the director now owns 4,100 shares in the company, valued at approximately $683,511. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,404 shares of company stock worth $1,601,681. Insiders own 0.49% of the company’s stock.
Several large investors have recently added to or reduced their stakes in LEA. BlackRock Inc. lifted its stake in shares of Lear Corporation by 1,617.8% in the first quarter. BlackRock Inc. now owns 7,113,550 shares of the auto parts company’s stock worth $1,007,136,000 after acquiring an additional 6,699,449 shares in the last quarter. Balyasny Asset Management LLC lifted its stake in shares of Lear Corporation by 7,465.0% in the second quarter. Balyasny Asset Management LLC now owns 716,175 shares of the auto parts company’s stock worth $101,754,000 after acquiring an additional 706,708 shares in the last quarter. Koch Industries Inc. acquired a new position in shares of Lear Corporation in the second quarter worth about $485,000. Ardevora Asset Management LLP acquired a new position in shares of Lear Corporation in the second quarter worth about $34,540,000. Finally, Harbour Capital Advisors LLC lifted its stake in shares of Lear Corporation by 14,108.0% in the second quarter. Harbour Capital Advisors LLC now owns 223,776 shares of the auto parts company’s stock worth $1,575,000 after acquiring an additional 222,201 shares in the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.
About Lear Corporation
Lear Corporation (Lear) is a supplier to the global automotive industry. The Company is engaged in supplying seating, electrical distribution systems and electronic modules, as well as related sub-systems, components and software, to automotive manufacturers. The Company’s segments include Seating and E-Systems.
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