Magnetar Financial LLC Acquires Shares of 35,447 Lear Corporation $LEA

Key Points

• Magnetar Financial LLC bought a new stake of 35,447 Lear shares (about $3.57M), representing roughly 0.07% ownership of the company.
• Insiders have been net sellers recently — the CFO sold 10,000 shares and the VP sold 1,590, with insiders selling 30,220 shares (~$3.99M) in the last 90 days; insider ownership is 0.91%.
• Lear topped quarterly expectations (EPS $3.41 vs. $2.67; revenue $5.99B vs. $5.78B), declared a $0.77 quarterly dividend (annualized $3.08, ~2.6% yield), and carries an average analyst rating of "Hold" with a $138.27 target.

Magnetar Financial LLC bought a new stake in shares of Lear Corporation (NYSE:LEA - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 35,447 shares of the auto parts company's stock, valued at approximately $3,566,000. Magnetar Financial LLC owned 0.07% of Lear as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. WealthCollab LLC acquired a new position in Lear in the second quarter valued at about $28,000. Quent Capital LLC bought a new stake in Lear during the third quarter worth about $38,000. Farther Finance Advisors LLC grew its stake in Lear by 34.0% during the third quarter. Farther Finance Advisors LLC now owns 422 shares of the auto parts company's stock worth $42,000 after buying an additional 107 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in Lear by 130.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 470 shares of the auto parts company's stock valued at $48,000 after buying an additional 266 shares during the period. Finally, Rothschild Investment LLC bought a new position in Lear in the 3rd quarter valued at about $48,000. Institutional investors own 97.04% of the company's stock.

Insider Transactions at Lear

In other news, VP Marianne Vidershain sold 1,590 shares of the business's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $135.00, for a total transaction of $214,650.00. Following the sale, the vice president directly owned 1,862 shares in the company, valued at approximately $251,370. The trade was a 46.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Jason M. Cardew sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $134.51, for a total value of $1,345,100.00. Following the completion of the transaction, the chief financial officer directly owned 22,741 shares of the company's stock, valued at $3,058,891.91. This represents a 30.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 30,220 shares of company stock worth $3,986,427 in the last 90 days. 0.91% of the stock is currently owned by company insiders.

Lear Stock Performance

Shares of Lear stock opened at $117.89 on Thursday. Lear Corporation has a fifty-two week low of $73.85 and a fifty-two week high of $142.84. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.35 and a quick ratio of 1.05. The firm has a market capitalization of $5.98 billion, a P/E ratio of 14.46, a P/E/G ratio of 0.86 and a beta of 1.26. The company's 50 day moving average price is $126.55 and its two-hundred day moving average price is $113.81.

Lear (NYSE:LEA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 4th. The auto parts company reported $3.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.74. Lear had a net margin of 1.88% and a return on equity of 13.40%. The company had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.78 billion. During the same period in the prior year, the business earned $2.94 earnings per share. The company's revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities analysts forecast that Lear Corporation will post 12.89 earnings per share for the current fiscal year.

Lear Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Thursday, March 5th will be given a dividend of $0.77 per share. The ex-dividend date is Thursday, March 5th. This represents a $3.08 dividend on an annualized basis and a yield of 2.6%. Lear's payout ratio is currently 37.79%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on LEA shares. Morgan Stanley upped their price target on shares of Lear from $112.00 to $123.00 and gave the stock an "equal weight" rating in a report on Thursday, February 5th. The Goldman Sachs Group reissued a "neutral" rating and issued a $121.00 price objective on shares of Lear in a research note on Thursday, January 15th. Argus upgraded shares of Lear to a "strong-buy" rating in a research report on Monday, February 9th. Bank of America initiated coverage on Lear in a research note on Wednesday, March 4th. They set a "neutral" rating for the company. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Lear in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Lear presently has an average rating of "Hold" and an average target price of $138.27.

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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