Verition Fund Management LLC cut its holdings in shares of Lear Co. (NYSE:LEA) by 21.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,961 shares of the auto parts company’s stock after selling 546 shares during the quarter. Verition Fund Management LLC’s holdings in Lear were worth $214,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Wedge Capital Management L L P NC raised its stake in shares of Lear by 11.8% in the second quarter. Wedge Capital Management L L P NC now owns 125,983 shares of the auto parts company’s stock valued at $13,735,000 after purchasing an additional 13,339 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Lear by 28.9% in the first quarter. BNP Paribas Arbitrage SA now owns 51,542 shares of the auto parts company’s stock valued at $4,188,000 after purchasing an additional 11,565 shares in the last quarter. Swiss National Bank raised its stake in shares of Lear by 1.9% in the second quarter. Swiss National Bank now owns 227,252 shares of the auto parts company’s stock valued at $24,775,000 after purchasing an additional 4,300 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in shares of Lear in the first quarter valued at $6,108,000. Finally, Mercer Global Advisors Inc. ADV raised its stake in shares of Lear by 68.9% in the first quarter. Mercer Global Advisors Inc. ADV now owns 13,277 shares of the auto parts company’s stock valued at $1,079,000 after purchasing an additional 5,417 shares in the last quarter. Institutional investors own 94.65% of the company’s stock.
LEA stock opened at $123.55 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.26 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average price of $116.32 and a two-hundred day moving average price of $104.27. The company has a market cap of $7.41 billion, a price-to-earnings ratio of 50.43, a P/E/G ratio of 6.21 and a beta of 1.63. Lear Co. has a twelve month low of $63.20 and a twelve month high of $143.50.
Lear (NYSE:LEA) last issued its earnings results on Tuesday, August 4th. The auto parts company reported ($4.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($4.98) by $0.84. Lear had a return on equity of 5.95% and a net margin of 0.75%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same period in the previous year, the company posted $3.78 EPS. The firm’s revenue for the quarter was down 51.2% compared to the same quarter last year. On average, equities research analysts anticipate that Lear Co. will post 2.8 EPS for the current fiscal year.
LEA has been the topic of a number of recent analyst reports. Citigroup raised their target price on Lear from $104.00 to $128.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. Benchmark raised their price target on Lear from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. raised their price target on Lear from $100.00 to $109.00 and gave the stock a “neutral” rating in a research report on Friday, June 19th. Deutsche Bank raised their price target on Lear from $133.00 to $134.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Finally, Credit Suisse Group raised their price target on Lear from $138.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. Lear has an average rating of “Hold” and a consensus price target of $113.81.
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 worldwide. It operates in two segments, Seating and E-Systems. The Seating segment offers leather and fabric products, seat trim covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles; and heating and cooling systems.
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