Comerica Bank Grows Holdings in Lear Corporation $LEA

Key Points

• Comerica Bank increased its stake in Lear Corporation by 9.8%, now holding approximately 40,086 shares worth $3.5 million.
• Lear reported earnings of $3.47 per share for the last quarter, exceeding analysts' expectations and marking a 0.3% increase in revenue year-over-year.
• The company has announced a quarterly dividend of $0.77 per share, representing a 2.8% yield, to be paid on September 23rd.

Comerica Bank raised its stake in shares of Lear Corporation (NYSE:LEA - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,086 shares of the auto parts company's stock after purchasing an additional 3,575 shares during the period. Comerica Bank owned 0.07% of Lear worth $3,536,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Tower Research Capital LLC TRC raised its holdings in shares of Lear by 80.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,841 shares of the auto parts company's stock worth $269,000 after buying an additional 1,263 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Lear by 2.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,717 shares of the auto parts company's stock worth $3,288,000 after purchasing an additional 933 shares during the last quarter. Northern Trust Corp boosted its stake in Lear by 27.8% during the 4th quarter. Northern Trust Corp now owns 500,508 shares of the auto parts company's stock worth $47,398,000 after acquiring an additional 108,756 shares during the last quarter. AQR Capital Management LLC raised its stake in Lear by 38.9% during the 4th quarter. AQR Capital Management LLC now owns 97,239 shares of the auto parts company's stock worth $9,209,000 after buying an additional 27,213 shares during the period. Finally, Bayesian Capital Management LP lifted its holdings in shares of Lear by 38.7% during the 4th quarter. Bayesian Capital Management LP now owns 25,427 shares of the auto parts company's stock valued at $2,408,000 after purchasing an additional 7,100 shares in the last quarter. 97.04% of the stock is owned by institutional investors.

Lear Stock Performance

Shares of NYSE LEA traded up $1.52 during mid-day trading on Thursday, reaching $109.96. 213,078 shares of the company's stock were exchanged, compared to its average volume of 696,168. Lear Corporation has a 52 week low of $73.85 and a 52 week high of $115.47. The firm has a 50-day moving average price of $102.73 and a two-hundred day moving average price of $94.28. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of 12.84, a price-to-earnings-growth ratio of 0.67 and a beta of 1.34. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.34 and a quick ratio of 1.07.

Lear (NYSE:LEA - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The auto parts company reported $3.47 earnings per share for the quarter, topping the consensus estimate of $3.23 by $0.24. Lear had a return on equity of 13.94% and a net margin of 2.05%.The company had revenue of $6.03 billion during the quarter, compared to analyst estimates of $5.89 billion. During the same quarter last year, the firm posted $3.60 EPS. The firm's revenue for the quarter was up .3% on a year-over-year basis. Lear has set its FY 2025 guidance at EPS. Analysts predict that Lear Corporation will post 12.89 EPS for the current year.

Lear Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Wednesday, September 3rd will be issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, September 3rd. Lear's payout ratio is currently 35.94%.

Analysts Set New Price Targets

LEA has been the subject of a number of recent research reports. UBS Group reduced their price target on Lear from $116.00 to $109.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Morgan Stanley cut their target price on shares of Lear from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Monday, May 19th. Barclays upped their price objective on Lear from $100.00 to $120.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Citigroup increased their price target on Lear from $123.00 to $136.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Finally, Wells Fargo & Company upped their price target on shares of Lear from $100.00 to $103.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Four research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Lear has an average rating of "Hold" and a consensus target price of $113.00.

Insiders Place Their Bets

In other Lear news, Director Conrad L. Mallett, Jr. sold 1,187 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $92.86, for a total transaction of $110,224.82. Following the completion of the transaction, the director owned 84 shares of the company's stock, valued at approximately $7,800.24. This trade represents a 93.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Raymond E. Scott sold 5,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $96.77, for a total value of $483,850.00. Following the completion of the sale, the chief executive officer directly owned 38,729 shares in the company, valued at approximately $3,747,805.33. This represents a 11.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,187 shares of company stock valued at $1,086,425. 0.91% of the stock is currently owned by corporate insiders.

About Lear

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.