Lear Co. (LEA) Shares Rating Lowered by Morgan Stanley

Lear Co. (LEA) Shares Rating Lowered by Morgan Stanley

Lear Co. (NYSE:LEA) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday. They currently have a $149.00 price objective on the stock. Morgan Stanley’s price objective suggests a potential upside of 8.05% from the company’s current price. The analysts noted that the move was a valuation call.

Several other research firms also recently weighed in on LEA. Royal Bank of Canada set a $157.00 price target on shares of Lear and gave the stock a “hold” rating in a research report on Thursday, January 26th. Barclays PLC increased their price target on shares of Lear from $134.00 to $138.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 12th. Zacks Investment Research upgraded shares of Lear from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a research report on Wednesday, February 1st. Finally, Evercore ISI downgraded shares of Lear from a “buy” rating to a “hold” rating and increased their price target for the stock from $140.00 to $142.00 in a research report on Wednesday, January 4th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $138.30.

Lear (NYSE:LEA) traded up 0.31% on Tuesday, hitting $137.90. 562,020 shares of the stock were exchanged. The company has a 50-day moving average of $142.60 and a 200 day moving average of $131.32. The firm has a market cap of $9.57 billion, a P/E ratio of 10.35 and a beta of 1.27. Lear has a 12 month low of $97.35 and a 12 month high of $149.00.

Lear (NYSE:LEA) last released its quarterly earnings results on Thursday, January 26th. The company reported $3.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.44 by $0.36. Lear had a net margin of 5.25% and a return on equity of 32.21%. The business had revenue of $4.64 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same period last year, the firm earned $3.20 earnings per share. The company’s quarterly revenue was down 1.7% on a year-over-year basis. Equities research analysts expect that Lear will post $15.68 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 23rd. Shareholders of record on Friday, March 3rd were issued a $0.50 dividend. This is an increase from Lear’s previous quarterly dividend of $0.30. This represents a $2.00 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date was Wednesday, March 1st. Lear’s payout ratio is currently 9.00%.

In other Lear news, insider Jay K. Kunkel sold 6,347 shares of Lear stock in a transaction on Friday, February 17th. The shares were sold at an average price of $142.70, for a total value of $905,716.90. Following the sale, the insider now directly owns 8,149 shares in the company, valued at approximately $1,162,862.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas P. Capo sold 1,500 shares of Lear stock in a transaction on Monday, March 13th. The shares were sold at an average price of $146.31, for a total transaction of $219,465.00. Following the completion of the sale, the director now owns 345 shares in the company, valued at $50,476.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 210,476 shares of company stock worth $30,080,372. 0.33% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in LEA. Norges Bank bought a new stake in shares of Lear during the fourth quarter worth about $382,211,000. Prudential Financial Inc. boosted its position in shares of Lear by 292.7% in the third quarter. Prudential Financial Inc. now owns 686,532 shares of the company’s stock worth $83,222,000 after buying an additional 511,701 shares during the last quarter. Old Mutual Global Investors UK Ltd. boosted its position in shares of Lear by 2,184.5% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 476,476 shares of the company’s stock worth $57,758,000 after buying an additional 455,619 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Lear by 30.8% in the second quarter. AQR Capital Management LLC now owns 1,668,029 shares of the company’s stock worth $169,739,000 after buying an additional 392,597 shares during the last quarter. Finally, Numeric Investors LLC boosted its position in shares of Lear by 74.8% in the second quarter. Numeric Investors LLC now owns 858,300 shares of the company’s stock worth $87,341,000 after buying an additional 367,400 shares during the last quarter. Institutional investors own 97.32% of the company’s stock.

About Lear

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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