Bank of America Corp DE Sells 39,935 Shares of Lear Corporation $LEA

Key Points

• Bank of America reduced its Lear position by 16.7%, selling 39,935 shares and retaining 198,527 shares valued at approximately $24.0 million. Institutional investors and hedge funds collectively own 97.04% of the company.
• Lear reported quarterly EPS of $4.28, beating estimates of $3.98, while revenue reached $6.21 billion, up 3% year over year. The company also declared a quarterly dividend of $0.77 per share, representing a 2.5% annualized yield.
• Lear shares opened at $125.06, below their 50-day and 200-day moving averages. Analysts maintain a consensus “Hold” rating, with an average price target of $145.23.

Bank of America Corp DE lowered its position in shares of Lear Corporation (NYSE:LEA - Free Report) by 16.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 198,527 shares of the auto parts company's stock after selling 39,935 shares during the quarter. Bank of America Corp DE owned 0.40% of Lear worth $24,038,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Edgestream Partners L.P. bought a new position in Lear in the first quarter valued at $5,658,000. Bull Harbor Capital LLC bought a new stake in Lear during the 1st quarter worth about $238,000. Altshuler Shaham Ltd boosted its stake in shares of Lear by 36.5% during the 1st 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. Amundi boosted its stake in shares of Lear by 308.3% during the 1st quarter. Amundi now owns 49,064 shares of the auto parts company's stock worth $5,941,000 after buying an additional 37,048 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Lear by 40.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,298 shares of the auto parts company's stock valued at $157,000 after acquiring an additional 373 shares in the last quarter. 97.04% of the stock is currently owned by institutional investors and hedge funds.

Lear Price Performance

Shares of LEA opened at $125.06 on Tuesday. The company's 50-day moving average is $135.45 and its 200-day moving average is $131.26. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.04. The firm has a market capitalization of $6.17 billion, a PE ratio of 11.66, a PEG ratio of 0.60 and a beta of 1.25. Lear Corporation has a fifty-two week low of $96.04 and a fifty-two week high of $150.33.

Lear (NYSE:LEA - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The auto parts company reported $4.28 earnings per share for the quarter, beating the consensus estimate of $3.98 by $0.30. The firm had revenue of $6.21 billion for the quarter, compared to analysts' expectations of $6.15 billion. Lear had a net margin of 2.35% and a return on equity of 14.18%. The business's revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $3.06 EPS. Equities analysts forecast that Lear Corporation will post 14.87 EPS for the current year.

Lear Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Wednesday, September 2nd will be given a dividend of $0.77 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $3.08 annualized dividend and a yield of 2.5%. Lear's dividend payout ratio (DPR) is presently 28.70%.

Wall Street Analyst Weigh In

Several brokerages recently commented on LEA. TD Cowen raised Lear from a "hold" rating to a "buy" rating and increased their price target for the company from $138.00 to $165.00 in a research report on Tuesday, May 26th. Weiss Ratings lowered Lear from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Wall Street Zen cut Lear from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Wells Fargo & Company increased their price objective on Lear from $137.00 to $138.00 and gave the company an "equal weight" rating in a report on Monday, August 3rd. Finally, Morgan Stanley set a $130.00 target price on shares of Lear in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $145.23.

Insider Transactions at Lear

In other news, CFO Jason M. Cardew sold 5,000 shares of Lear stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $147.50, for a total transaction of $737,500.00. Following the completion of the sale, the chief financial officer owned 13,241 shares of the company's stock, valued at approximately $1,953,047.50. This trade represents a 27.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Nicholas Jon Roelli sold 2,336 shares of the business's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $141.38, for a total transaction of $330,263.68. Following the completion of the sale, the senior vice president directly owned 2,339 shares of the company's stock, valued at approximately $330,687.82. The trade was a 49.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 63,672 shares of company stock worth $8,697,990 over the last quarter. 1.02% of the stock is currently owned by corporate insiders.

Lear Profile

Lear Corporation NYSE: LEA is a global supplier of automotive seating and electrical distribution systems. The company designs, engineers and manufactures complete seat systems, seat components and power solutions for major vehicle manufacturers. Its electrical business delivers modules and components for battery management, infotainment, body and safety electronics, as well as advanced connectivity and electrification solutions.

The seating division develops lightweight, ergonomic seat structures, trim and mechanisms that address comfort, safety and environmental targets.

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