Pzena Investment Management LLC Sells 61,809 Shares of Lear Corporation $LEA

Pzena Investment Management LLC cut its holdings in shares of Lear Corporation (NYSE:LEA) by 0.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 7,602,991 shares of the auto parts company’s stock after selling 61,809 shares during the period. Lear accounts for approximately 2.4% of Pzena Investment Management LLC’s portfolio, making the stock its 18th biggest position. Pzena Investment Management LLC owned approximately 0.14% of Lear worth $722,132,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its holdings in Lear by 1,384.2% during the second quarter. IFP Advisors Inc now owns 282 shares of the auto parts company’s stock worth $27,000 after acquiring an additional 263 shares in the last quarter. WPG Advisers LLC bought a new position in Lear during the first quarter worth about $39,000. Fifth Third Bancorp lifted its holdings in Lear by 131.8% during the first quarter. Fifth Third Bancorp now owns 765 shares of the auto parts company’s stock worth $67,000 after acquiring an additional 435 shares in the last quarter. CX Institutional bought a new position in Lear during the first quarter worth about $71,000. Finally, GAMMA Investing LLC raised its stake in shares of Lear by 57.9% in the 1st quarter. GAMMA Investing LLC now owns 938 shares of the auto parts company’s stock valued at $83,000 after purchasing an additional 344 shares during the period. 97.04% of the stock is currently owned by institutional investors.

Insider Transactions at Lear

In related news, CEO Raymond E. Scott sold 5,000 shares of Lear stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $96.77, for a total transaction of $483,850.00. Following the completion of the transaction, the chief executive officer owned 38,729 shares in the company, valued at approximately $3,747,805.33. This trade represents a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jason M. Cardew sold 5,000 shares of Lear stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $98.47, for a total value of $492,350.00. Following the transaction, the chief financial officer owned 20,244 shares of the company’s stock, valued at $1,993,426.68. The trade was a 19.81% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.91% of the company’s stock.

Lear Price Performance

NYSE:LEA opened at $96.76 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.07 and a current ratio of 1.34. The stock’s 50-day simple moving average is $103.83 and its 200 day simple moving average is $95.89. The company has a market cap of $5.15 billion, a P/E ratio of 11.29, a P/E/G ratio of 0.75 and a beta of 1.32. Lear Corporation has a 52-week low of $73.85 and a 52-week high of $113.10.

Lear (NYSE:LEA) last released its earnings results on Friday, July 25th. The auto parts company reported $3.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.23 by $0.24. The business had revenue of $6.03 billion for the quarter, compared to the consensus estimate of $5.89 billion. Lear had a return on equity of 13.94% and a net margin of 2.05%.Lear’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.60 earnings per share. Lear has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Lear Corporation will post 12.89 EPS for the current fiscal year.

Lear Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Wednesday, September 3rd were issued a dividend of $0.77 per share. The ex-dividend date was Wednesday, September 3rd. This represents a $3.08 dividend on an annualized basis and a yield of 3.2%. Lear’s dividend payout ratio (DPR) is presently 35.94%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on LEA shares. UBS Group dropped their price target on Lear from $109.00 to $106.00 and set a “neutral” rating on the stock in a research note on Monday, October 6th. Citigroup lifted their price target on Lear from $123.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, June 30th. Barclays lifted their price target on Lear from $100.00 to $120.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Wall Street Zen raised Lear from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Bank of America downgraded Lear from a “buy” rating to a “neutral” rating and dropped their price target for the company from $135.00 to $123.00 in a research note on Wednesday, September 10th. Three analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $113.70.

Lear 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.