Allspring Global Investments Holdings LLC Lowers Holdings in Lear Corporation (NYSE:LEA)

Allspring Global Investments Holdings LLC trimmed its stake in shares of Lear Corporation (NYSE:LEA - Free Report) by 22.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 135,345 shares of the auto parts company's stock after selling 38,510 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.25% of Lear worth $11,847,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Lear by 7.4% in the fourth quarter. Vanguard Group Inc. now owns 6,491,895 shares of the auto parts company's stock valued at $614,782,000 after buying an additional 447,835 shares during the period. Dimensional Fund Advisors LP raised its holdings in Lear by 12.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,614,227 shares of the auto parts company's stock worth $247,566,000 after purchasing an additional 283,838 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Lear by 29.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,212,579 shares of the auto parts company's stock worth $209,531,000 after purchasing an additional 498,918 shares during the period. First Trust Advisors LP increased its position in shares of Lear by 45.9% during the fourth quarter. First Trust Advisors LP now owns 1,133,186 shares of the auto parts company's stock worth $107,313,000 after acquiring an additional 356,760 shares in the last quarter. Finally, Lyrical Asset Management LP increased its position in shares of Lear by 2.9% during the fourth quarter. Lyrical Asset Management LP now owns 1,056,694 shares of the auto parts company's stock worth $100,069,000 after acquiring an additional 29,370 shares in the last quarter. 97.04% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Conrad L. Mallett, Jr. sold 1,187 shares of Lear stock in a transaction on Monday, June 16th. The shares were sold at an average price of $92.86, for a total value of $110,224.82. Following the sale, the director owned 84 shares in the company, valued at $7,800.24. The trade was a 93.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.91% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on LEA. The Goldman Sachs Group set a $88.00 price target on shares of Lear and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Barclays lowered shares of Lear from an "equal weight" rating to a "negative" rating in a report on Tuesday, April 15th. Citigroup upped their price objective on shares of Lear from $123.00 to $136.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Bank of America upped their price objective on shares of Lear from $110.00 to $115.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Finally, UBS Group increased their target price on shares of Lear from $83.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Lear currently has a consensus rating of "Hold" and an average target price of $108.55.

Lear Price Performance

Shares of LEA stock traded down $0.80 during trading hours on Monday, reaching $102.78. The stock had a trading volume of 672,665 shares, compared to its average volume of 712,491. The stock's fifty day simple moving average is $92.10 and its 200 day simple moving average is $91.74. The company has a current ratio of 1.32, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57. Lear Corporation has a 12 month low of $73.85 and a 12 month high of $126.85. The firm has a market capitalization of $5.49 billion, a PE ratio of 12.05, a PEG ratio of 0.58 and a beta of 1.29.

Lear (NYSE:LEA - Get Free Report) last announced its earnings results on Tuesday, May 6th. The auto parts company reported $3.12 earnings per share for the quarter, beating analysts' consensus estimates of $2.64 by $0.48. The business had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.47 billion. Lear had a net margin of 2.09% and a return on equity of 14.53%. Lear's quarterly revenue was down 7.2% on a year-over-year basis. During the same period last year, the firm posted $3.18 earnings per share. On average, equities research analysts predict that Lear Corporation will post 12.89 EPS for the current year.

Lear Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Thursday, June 5th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Thursday, June 5th. Lear's payout ratio is 36.11%.

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.