Lear (NYSE:LEA) Stock Rating Upgraded by Wall Street Zen

Lear (NYSE:LEA) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the stock. Royal Bank Of Canada reduced their price target on shares of Lear from $143.00 to $139.00 and set a “sector perform” rating for the company in a research report on Monday, October 12th. Barclays decreased their price objective on shares of Lear from $155.00 to $145.00 and set an “equal weight” rating for the company in a report on Friday, October 9th. The Goldman Sachs Group lowered their price objective on Lear from $140.00 to $124.00 and set a “buy” rating on the stock in a research report on Tuesday, October 6th. UBS Group cut their target price on Lear from $141.00 to $132.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 7th. Finally, Wells Fargo & Company increased their target price on Lear from $137.00 to $138.00 and gave the company an “equal weight” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $143.58.

Lear Stock Performance

Shares of LEA stock opened at $119.99 on Friday. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 0.73 and a beta of 1.29. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.04 and a current ratio of 1.31. Lear has a one year low of $98.79 and a one year high of $150.33. The company’s 50-day moving average is $123.49 and its 200 day moving average is $130.54.

Lear (NYSE:LEA) last issued its earnings results on Friday, July 31st. The auto parts company reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.98 by $0.30. The business had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $6.15 billion. Lear had a net margin of 2.35% and a return on equity of 14.18%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $3.06 earnings per share. Sell-side analysts expect that Lear will post 14.88 EPS for the current fiscal year.

Lear declared that its board has initiated a stock buyback plan on Thursday, September 24th that authorizes the company to buy back $1.50 billion in outstanding shares. This buyback authorization authorizes the auto parts company to purchase up to 25.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, Director Conrad L. Mallett, Jr. sold 1,646 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $121.35, for a total transaction of $199,742.10. Following the sale, the director owned 37 shares of the company’s stock, valued at $4,489.95. This trade represents a 97.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in LEA. IFP Advisors Inc raised its stake in Lear by 14.3% during the 2nd quarter. IFP Advisors Inc now owns 624 shares of the auto parts company’s stock valued at $84,000 after buying an additional 78 shares during the last quarter. Altshuler Shaham Ltd lifted its holdings in shares of Lear by 36.5% during the 1st quarter. Altshuler Shaham Ltd now owns 303 shares of the auto parts company’s stock valued at $37,000 after buying an additional 81 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Lear by 3.8% during the 2nd quarter. Versant Capital Management Inc now owns 2,260 shares of the auto parts company’s stock valued at $303,000 after buying an additional 82 shares during the period. Waterfront Wealth Inc. boosted its stake in shares of Lear by 0.5% in the 1st quarter. Waterfront Wealth Inc. now owns 17,404 shares of the auto parts company’s stock worth $2,107,000 after buying an additional 89 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Lear by 15.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 844 shares of the auto parts company’s stock worth $113,000 after buying an additional 114 shares during the last quarter. 97.04% of the stock is owned by hedge funds and other institutional investors.

About Lear

Lear Corporation (NYSE: LEA) is a global automotive technology supplier that designs and manufactures products used by vehicle manufacturers worldwide. The company’s principal business areas are seating systems and e-systems, which support the functionality, comfort, safety and connectivity of modern vehicles.

Lear’s seating business provides complete seating systems and related components, including seat structures, mechanisms, foam, trim, covers and comfort technologies. Its e-systems business develops electrical distribution systems, connection systems, electronic components and software-enabled technologies that help manage power, data and connectivity within vehicles.

Founded in 1917 and headquartered in Southfield, Michigan, Lear serves automotive manufacturers through operations and facilities across major vehicle-producing regions, including North America, Europe and Asia.