26,460 Shares in Lear Corporation $LEA Purchased by Ellsworth Advisors LLC

Key Points

• Ellsworth Advisors LLC purchased 26,460 Lear shares worth approximately $3.12 million, representing about 0.05% of the company. Institutional investors collectively own 97.04% of Lear.
• Lear reported quarterly earnings of $4.28 per share and revenue of $6.21 billion, exceeding analyst expectations, while also authorizing a $1.5 billion share buyback and maintaining a $0.77 quarterly dividend.
• Lear shares opened at $121.36, below the analyst consensus price target of $143.58. Analyst sentiment is predominantly neutral, with a consensus “Hold” rating.

Ellsworth Advisors LLC purchased a new stake in shares of Lear Corporation (NYSE:LEA - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 26,460 shares of the auto parts company's stock, valued at approximately $3,123,000. Ellsworth Advisors LLC owned about 0.05% of Lear as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of LEA. Altshuler Shaham Ltd lifted its stake in shares of Lear by 36.5% in the first quarter. Altshuler Shaham Ltd now owns 303 shares of the auto parts company's stock worth $37,000 after buying an additional 81 shares during the last quarter. Rockefeller Capital Management L.P. grew its stake in Lear by 57.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 576 shares of the auto parts company's stock valued at $66,000 after buying an additional 210 shares during the last quarter. IFP Advisors Inc grew its stake in Lear by 14.3% in the 2nd quarter. IFP Advisors Inc now owns 624 shares of the auto parts company's stock valued at $84,000 after buying an additional 78 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in Lear by 15.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 844 shares of the auto parts company's stock valued at $113,000 after buying an additional 114 shares during the last quarter. Finally, NFSG Corp bought a new position in Lear in the 1st quarter worth $125,000. Institutional investors own 97.04% of the company's stock.

Lear Stock Performance

NYSE LEA opened at $121.36 on Friday. Lear Corporation has a twelve month low of $98.79 and a twelve month high of $150.33. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The stock has a market cap of $5.99 billion, a P/E ratio of 11.31, a PEG ratio of 0.73 and a beta of 1.29. The company's 50-day simple moving average is $123.54 and its 200 day simple moving average is $130.52.

Lear (NYSE:LEA - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The auto parts company reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $3.98 by $0.30. Lear had a net margin of 2.35% and a return on equity of 14.18%. The firm had revenue of $6.21 billion during the quarter, compared to analysts' expectations of $6.15 billion. During the same quarter last year, the company earned $3.06 earnings per share. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, research analysts forecast that Lear Corporation will post 14.86 earnings per share for the current fiscal year.

Lear announced that its board has authorized a stock buyback program on Thursday, September 24th that permits the company to buy back $1.50 billion in outstanding shares. This repurchase authorization permits the auto parts company to buy up to 25.7% of its stock through open market purchases. Share repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Lear Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Wednesday, September 2nd were given a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Wednesday, September 2nd. Lear's dividend payout ratio is 28.70%.

Insider Transactions at Lear

In other Lear news, Director Conrad L. Mallett, Jr. sold 1,646 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $121.35, for a total transaction of $199,742.10. Following the completion of the transaction, the director directly owned 37 shares in the company, valued at $4,489.95. This represents a 97.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.02% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

LEA has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their target price on shares of Lear from $137.00 to $138.00 and gave the stock an "equal weight" rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $150.00 price target (down from $175.00) on shares of Lear in a research report on Tuesday, September 15th. The Goldman Sachs Group dropped their price objective on Lear from $140.00 to $124.00 and set a "buy" rating on the stock in a research note on Tuesday, October 6th. Wall Street Zen cut Lear from a "buy" rating to a "hold" rating in a research report on Sunday, September 20th. Finally, Barclays cut their price objective on Lear from $155.00 to $145.00 and set an "equal weight" rating for the company in a research report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $143.58.

Lear Company Profile

Lear Corporation NYSE: LEA is a global automotive technology supplier that designs and manufactures products used by vehicle manufacturers worldwide. The company's principal business areas are seating systems and e-systems, which support the functionality, comfort, safety and connectivity of modern vehicles.

Lear's seating business provides complete seating systems and related components, including seat structures, mechanisms, foam, trim, covers and comfort technologies. Its e-systems business develops electrical distribution systems, connection systems, electronic components and software-enabled technologies that help manage power, data and connectivity within vehicles.

Founded in 1917 and headquartered in Southfield, Michigan, Lear serves automotive manufacturers through operations and facilities across major vehicle-producing regions, including North America, Europe and Asia.

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