Lear Corporation $LEA Shares Sold by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P reduced its stake in Lear Corporation by 27.9%, owning 12,958 shares after selling 5,025 shares in the first quarter, amounting to a value of $1,143,000.
• Several other institutional investors also changed their positions in Lear, with American Century Companies Inc. significantly increasing its holdings by 105.7% to own 710,962 shares valued at $62.7 million.
• Lear Corporation reported quarterly earnings of $3.47 EPS, exceeding analysts' estimates and achieving a revenue of $6.03 billion, up 0.3% year-over-year.

Martingale Asset Management L P lessened its stake in shares of Lear Corporation (NYSE:LEA - Free Report) by 27.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 12,958 shares of the auto parts company's stock after selling 5,025 shares during the period. Martingale Asset Management L P's holdings in Lear were worth $1,143,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in Lear by 88.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,249 shares of the auto parts company's stock valued at $640,000 after acquiring an additional 3,409 shares during the last quarter. Eagle Global Advisors LLC grew its position in Lear by 11.5% in the 1st quarter. Eagle Global Advisors LLC now owns 75,531 shares of the auto parts company's stock valued at $6,663,000 after acquiring an additional 7,800 shares during the last quarter. State of Alaska Department of Revenue grew its position in Lear by 62.3% in the 1st quarter. State of Alaska Department of Revenue now owns 26,283 shares of the auto parts company's stock valued at $2,318,000 after acquiring an additional 10,085 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Lear by 3.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 513,408 shares of the auto parts company's stock valued at $45,293,000 after acquiring an additional 17,644 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in Lear by 34.9% in the 1st quarter. Harbor Capital Advisors Inc. now owns 39,622 shares of the auto parts company's stock valued at $3,495,000 after acquiring an additional 10,249 shares during the last quarter. Institutional investors own 97.04% of the company's stock.

Lear Stock Down 0.4%

Shares of NYSE:LEA traded down $0.45 during trading on Thursday, reaching $109.59. The stock had a trading volume of 242,436 shares, compared to its average volume of 699,499. Lear Corporation has a one year low of $73.85 and a one year high of $117.33. The company has a market capitalization of $5.83 billion, a P/E ratio of 12.78, a PEG ratio of 0.67 and a beta of 1.30. The company has a current ratio of 1.34, a quick ratio of 1.07 and a debt-to-equity ratio of 0.53. The firm's 50-day simple moving average is $100.93 and its 200 day simple moving average is $93.83.

Lear (NYSE:LEA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The auto parts company reported $3.47 earnings per share for the quarter, beating analysts' consensus estimates of $3.23 by $0.24. Lear had a net margin of 2.05% and a return on equity of 13.94%. The business had revenue of $6.03 billion for the quarter, compared to analysts' expectations of $5.89 billion. During the same period last year, the business earned $3.60 EPS. The company's revenue was up .3% compared to the same quarter last year. Lear has set its FY 2025 guidance at EPS. As a group, research analysts expect 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 will be paid on Tuesday, September 23rd. Shareholders of record on Wednesday, September 3rd will be issued a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, September 3rd. Lear's dividend payout ratio (DPR) is currently 35.94%.

Wall Street Analyst Weigh In

Several equities analysts have commented on LEA shares. The Goldman Sachs Group set a $88.00 price objective on Lear and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Wells Fargo & Company upped their price objective on Lear from $100.00 to $103.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Morgan Stanley dropped their price target on Lear from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, May 19th. JPMorgan Chase & Co. increased their price target on Lear from $119.00 to $120.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, Wall Street Zen downgraded Lear from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Four research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $113.00.

Insider Transactions at Lear

In other news, CFO Jason M. Cardew sold 5,000 shares of the firm's 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 completion of the transaction, the chief financial officer directly owned 20,244 shares in the company, valued at $1,993,426.68. This trade represents a 19.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Raymond E. Scott sold 5,000 shares of Lear stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $96.77, for a total value of $483,850.00. Following the transaction, the chief executive officer owned 38,729 shares of the company's stock, 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. Insiders sold a total of 11,187 shares of company stock worth $1,086,425 over the last three months. 0.91% of the stock is currently owned by insiders.

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.