Bank of New York Mellon Corp Trims Stake in Lear Corporation (NYSE:LEA)

Bank of New York Mellon Corp lessened its stake in Lear Corporation (NYSE:LEA - Free Report) by 5.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 640,545 shares of the auto parts company's stock after selling 36,432 shares during the period. Bank of New York Mellon Corp owned 1.20% of Lear worth $56,509,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in LEA. Schroder Investment Management Group acquired a new position in Lear in the 4th quarter valued at about $90,700,000. Massachusetts Financial Services Co. MA increased its position in Lear by 29.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,212,579 shares of the auto parts company's stock valued at $209,531,000 after acquiring an additional 498,918 shares during the period. Vanguard Group Inc. increased its position in Lear by 7.4% in the 4th quarter. Vanguard Group Inc. now owns 6,491,895 shares of the auto parts company's stock valued at $614,782,000 after acquiring an additional 447,835 shares during the period. First Trust Advisors LP increased its position in Lear by 45.9% in the 4th quarter. First Trust Advisors LP now owns 1,133,186 shares of the auto parts company's stock valued at $107,313,000 after acquiring an additional 356,760 shares during the period. Finally, Norges Bank acquired a new position in Lear in the 4th quarter valued at about $31,881,000. Institutional investors and hedge funds own 97.04% of the company's stock.

Insider Transactions at Lear

In related news, Director Conrad L. Mallett, Jr. sold 1,187 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $92.86, for a total value of $110,224.82. Following the sale, the director owned 84 shares of the company's stock, valued at approximately $7,800.24. This represents a 93.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.91% of the company's stock.

Lear Price Performance

Shares of NYSE:LEA traded down $0.92 during trading on Friday, hitting $106.75. 510,748 shares of the stock were exchanged, compared to its average volume of 715,583. The company has a fifty day moving average price of $93.76 and a two-hundred day moving average price of $92.09. The company has a market cap of $5.71 billion, a PE ratio of 12.51, a P/E/G ratio of 0.59 and a beta of 1.29. 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.

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

Lear Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Thursday, June 5th were paid a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend was Thursday, June 5th. Lear's dividend payout ratio (DPR) is 36.11%.

Analyst Upgrades and Downgrades

LEA has been the topic of several recent research reports. The Goldman Sachs Group set a $88.00 price target on Lear and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Wells Fargo & Company boosted their price target on Lear from $100.00 to $103.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Wall Street Zen upgraded Lear from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. boosted their target price on Lear from $119.00 to $120.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, Citigroup boosted their target price on Lear from $123.00 to $136.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $108.55.

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.