Lear Corporation $LEA Stake Decreased by GRIMES & Co WEALTH MANAGEMENT LLC

GRIMES & Co WEALTH MANAGEMENT LLC reduced its holdings in shares of Lear Corporation (NYSE:LEA) by 68.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,528 shares of the auto parts company’s stock after selling 7,494 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Lear were worth $416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of LEA. Altshuler Shaham Ltd lifted its stake in 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 acquiring an additional 81 shares during the period. Root Financial Partners LLC bought a new stake in shares of Lear in the third quarter worth approximately $58,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Lear in the third quarter worth approximately $63,000. Rockefeller Capital Management L.P. grew its stake in shares of Lear by 57.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 576 shares of the auto parts company’s stock worth $66,000 after acquiring an additional 210 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of Lear by 14.3% during the second quarter. IFP Advisors Inc now owns 624 shares of the auto parts company’s stock valued at $84,000 after purchasing an additional 78 shares during the last quarter. 97.04% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of Lear from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $175.00 to $150.00 in a research report on Tuesday, September 15th. Deutsche Bank Aktiengesellschaft set a $131.00 target price on shares of Lear in a research report on Monday, August 3rd. Royal Bank Of Canada decreased their target price on shares of Lear from $139.00 to $135.00 and set a “sector perform” rating for the company in a research note on Monday. BNP Paribas Exane cut Lear from an “outperform” rating to a “neutral” rating in a report on Monday, August 3rd. Finally, Weiss Ratings cut Lear from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $143.25.

Insider Activity

In other news, CFO Jason Cardew sold 5,000 shares of the company’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $117.75, for a total value of $588,750.00. Following the completion of the sale, the chief financial officer directly owned 8,241 shares in the company, valued at $970,377.75. This represents a 37.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.02% of the stock is currently owned by insiders.

Trending Headlines about Lear

Here are the key news stories impacting Lear this week:

• Positive Sentiment: Lear shares moved above their 50-day moving average after an analyst downgrade, a potentially supportive technical signal. Article: Lear Stock Price Breaks Above Fifty Day Moving Average After Analyst Downgrade
• Neutral Sentiment: CFO Jason Cardew sold 5,000 shares for about $589,000 and retained 8,241 shares. The filing does not give a reason for the sale, so it is not necessarily a signal about the company’s outlook. SEC insider transaction filing
• Negative Sentiment: Royal Bank of Canada lowered its expectations for Lear, citing a near-term China overhang. Concern about demand in that market could weigh on the company’s outlook. Article: Lear Faces Near Term China Overhang, RBC Says

Lear Price Performance

Shares of NYSE:LEA opened at $118.58 on Thursday. The firm’s 50 day moving average price is $121.83 and its 200-day moving average price is $128.28. Lear Corporation has a twelve month low of $99.00 and a twelve month high of $150.33. The company has a quick ratio of 0.92, a current ratio of 1.18 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $5.71 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 0.66 and a beta of 1.28.

Lear (NYSE:LEA) last posted its quarterly earnings data on Friday, October 30th. The auto parts company reported $3.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.32 by $0.39. The company had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.81 billion. Lear had a net margin of 2.46% and a return on equity of 14.92%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.79 earnings per share. Equities research analysts expect that Lear Corporation will post 15.01 EPS for the current year.

Lear Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Wednesday, September 2nd were given a dividend of $0.77 per share. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.6%. Lear’s payout ratio is presently 26.90%.

Lear announced that its Board of Directors has initiated a share buyback program on Thursday, September 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the auto parts company to buy up to 25.7% of its shares through open market purchases. Share repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

About Lear

Lear Corporation is a global automotive technology company that designs and manufactures products used in passenger vehicles and commercial vehicles. Its operations are organized primarily around two areas: seating and e-systems. Lear supplies complete vehicle seating systems, including seats, structures, mechanisms, foam, covers and related components, as well as electrical distribution systems and other technologies that support vehicle power management and connectivity.

The company serves automotive manufacturers and their vehicle programs in major markets across North America, Europe, Asia and other regions.