Meeder Asset Management Inc. Sells 52,486 Shares of Lear Corporation $LEA

Key Points

• Meeder Asset Management slashed its Lear Corporation stake by 88.5% in the first quarter, selling 52,486 shares and leaving it with 6,802 shares worth about $824,000.
• Lear reported better-than-expected earnings for the quarter, posting $3.87 EPS versus the $3.51 estimate, while revenue came in at $5.82 billion and rose 4.7% year over year.
• The company also paid a quarterly dividend of $0.77 per share and saw recent insider selling, including CFO Jason M. Cardew’s sale of 5,000 shares; analysts currently have a Hold consensus with a $144.62 price target.

Meeder Asset Management Inc. reduced its stake in Lear Corporation (NYSE:LEA - Free Report) by 88.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 6,802 shares of the auto parts company's stock after selling 52,486 shares during the quarter. Meeder Asset Management Inc.'s holdings in Lear were worth $824,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in LEA. M&T Bank Corp lifted its holdings in Lear by 46,707.8% during the fourth quarter. M&T Bank Corp now owns 951,602 shares of the auto parts company's stock valued at $109,054,000 after purchasing an additional 949,569 shares during the last quarter. Norges Bank purchased a new position in shares of Lear in the fourth quarter worth about $82,016,000. Balyasny Asset Management L.P. purchased a new position in shares of Lear in the second quarter worth about $39,656,000. Caisse de depot et placement du Quebec bought a new stake in shares of Lear in the third quarter valued at approximately $40,984,000. Finally, AQR Capital Management LLC lifted its stake in shares of Lear by 34.1% during the 4th quarter. AQR Capital Management LLC now owns 789,745 shares of the auto parts company's stock valued at $90,505,000 after buying an additional 200,617 shares in the last quarter. Institutional investors own 97.04% of the company's stock.

Lear Stock Performance

Lear stock opened at $140.21 on Tuesday. Lear Corporation has a fifty-two week low of $91.67 and a fifty-two week high of $150.33. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.33. The stock has a market cap of $7.02 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 0.68 and a beta of 1.25. The firm's fifty day moving average price is $138.57 and its 200-day moving average price is $129.74.

Lear (NYSE:LEA - Get Free Report) last announced its earnings results on Friday, May 1st. The auto parts company reported $3.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.51 by $0.36. The company had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.84 billion. Lear had a net margin of 2.25% and a return on equity of 13.69%. The firm's quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $3.12 earnings per share. On average, equities research analysts expect that Lear Corporation will post 14.81 earnings per share for the current fiscal year.

Lear Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Wednesday, June 3rd were given a dividend of $0.77 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $3.08 annualized dividend and a dividend yield of 2.2%. Lear's dividend payout ratio is 30.80%.

Insider Transactions at Lear

In other Lear news, CFO Jason M. Cardew sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $147.50, for a total value 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 $1,953,047.50. This represents a 27.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Conrad L. Mallett, Jr. sold 190 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $141.34, for a total transaction of $26,854.60. Following the transaction, the director owned 1,683 shares in the company, valued at $237,875.22. The trade was a 10.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 62,026 shares of company stock valued at $8,498,248. 1.02% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on LEA. Morgan Stanley set a $130.00 price target on Lear in a report on Monday, May 4th. TD Cowen raised Lear from a "hold" rating to a "buy" rating and increased their price objective for the stock from $138.00 to $165.00 in a report on Tuesday, May 26th. Barclays raised their target price on Lear from $150.00 to $155.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. The Goldman Sachs Group lifted their target price on Lear from $115.00 to $131.00 and gave the company a "neutral" rating in a report on Monday, May 4th. Finally, Royal Bank Of Canada upped their price target on Lear from $138.00 to $143.00 and gave the company a "sector perform" rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, Lear currently has a consensus rating of "Hold" and a consensus price target of $144.62.

About Lear

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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