Lear (NYSE:LEA) Reaches New 52-Week High – Here’s Why

by · The Cerbat Gem

Lear Corporation (NYSE:LEA – Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $113.73 and last traded at $113.0050, with a volume of 360292 shares trading hands. The stock had previously closed at $111.49.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Bank of America downgraded Lear from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $135.00 to $123.00 in a report on Wednesday, September 10th. Citigroup reiterated a “neutral” rating on shares of Lear in a research note on Tuesday, October 14th. The Goldman Sachs Group set a $104.00 price objective on shares of Lear in a research report on Monday, September 29th. Morgan Stanley restated an “equal weight” rating and issued a $112.00 price objective (down from $115.00) on shares of Lear in a research note on Monday, December 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Lear in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, Lear presently has an average rating of “Hold” and a consensus target price of $118.80.

Get Our Latest Report on LEA

Lear Trading Up 0.1%

The firm has a market capitalization of $5.89 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 0.98 and a beta of 1.33. The business’s 50 day moving average price is $104.77 and its 200-day moving average price is $102.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.35 and a quick ratio of 1.05.

Lear (NYSE:LEA – Get Free Report) last announced its quarterly earnings data on Friday, October 31st. The auto parts company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. Lear had a net margin of 1.92% and a return on equity of 13.44%. The firm had revenue of $5.68 billion during the quarter, compared to the consensus estimate of $5.63 billion. During the same quarter last year, the firm earned $2.89 earnings per share. The firm’s revenue was up 1.7% compared to the same quarter last year. Equities analysts forecast that Lear Corporation will post 12.89 EPS for the current fiscal year.

Lear Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Wednesday, December 10th will be issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, December 10th. Lear’s dividend payout ratio is currently 37.65%.

Institutional Investors Weigh In On Lear

Several institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc increased its holdings in shares of Lear by 1,384.2% in the 2nd quarter. IFP Advisors Inc now owns 282 shares of the auto parts company’s stock valued at $27,000 after purchasing an additional 263 shares in the last quarter. WealthCollab LLC purchased a new position in Lear in the second quarter valued at about $28,000. Allworth Financial LP lifted its position in shares of Lear by 62.6% during the 3rd quarter. Allworth Financial LP now owns 309 shares of the auto parts company’s stock valued at $31,000 after acquiring an additional 119 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Lear during the 3rd quarter worth approximately $33,000. Finally, Quent Capital LLC acquired a new stake in shares of Lear in the 3rd quarter worth approximately $38,000. 97.04% of the stock is currently owned by hedge funds and other institutional investors.

About Lear

(Get Free Report)

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.

See Also