Lear (NYSE:LEA) Posts Quarterly Earnings Results, Beats Estimates By $0.26 EPS

Lear (NYSE:LEA) released its quarterly earnings data on Thursday. The auto parts company reported $3.60 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $0.26, Briefing.com reports. Lear had a net margin of 2.28% and a return on equity of 14.47%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter in the previous year, the company earned $3.33 earnings per share. The firm’s revenue for the quarter was up .2% on a year-over-year basis. Lear updated its FY 2024 guidance to EPS.

Lear Price Performance

LEA traded up $0.55 on Friday, reaching $121.31. 696,384 shares of the company’s stock were exchanged, compared to its average volume of 659,236. The stock has a market cap of $6.89 billion, a PE ratio of 13.31, a P/E/G ratio of 0.34 and a beta of 1.47. Lear has a twelve month low of $112.26 and a twelve month high of $157.90. The stock’s fifty day moving average price is $119.80 and its 200-day moving average price is $130.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.33 and a quick ratio of 1.04.

Lear Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Thursday, June 6th were given a dividend of $0.77 per share. The ex-dividend date was Thursday, June 6th. This represents a $3.08 dividend on an annualized basis and a yield of 2.54%. Lear’s payout ratio is presently 33.59%.

Insider Buying and Selling

In related news, Director Conrad L. Mallett, Jr. sold 1,278 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $124.55, for a total transaction of $159,174.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Lear news, Director Greg C. Smith sold 2,392 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $123.86, for a total value of $296,273.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Conrad L. Mallett, Jr. sold 1,278 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $124.55, for a total transaction of $159,174.90. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on LEA shares. Citigroup cut their price objective on shares of Lear from $141.00 to $127.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Evercore ISI cut their price objective on shares of Lear from $155.00 to $145.00 and set an “in-line” rating for the company in a report on Monday, July 15th. JPMorgan Chase & Co. cut their price objective on shares of Lear from $179.00 to $166.00 and set an “overweight” rating for the company in a report on Monday. Wells Fargo & Company cut their price objective on shares of Lear from $132.00 to $131.00 and set an “equal weight” rating for the company in a report on Friday. Finally, Barclays cut their price objective on shares of Lear from $165.00 to $155.00 and set an “overweight” rating for the company in a report on Tuesday, July 16th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Lear currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.70.

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 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.