M&T Bank Corp Raises Holdings in Lear Corporation $LEA

Key Points

• M&T Bank Corp massively increased its stake in Lear, raising its position by 46,707.8% in Q4 after buying 949,569 shares and ending the period with 951,602 shares (1.83% of Lear) worth about $109.1 million.
• Lear beat expectations in its most recent quarter with EPS $3.41 vs. $2.67 estimate and revenue of $5.99 billion (up 4.8% YoY), and analysts project full-year EPS of about 14.18.
• The company pays a $0.77 quarterly dividend (annualized $3.08, ~2.4% yield) but faces mixed sentiment—MarketBeat’s consensus is a "Hold" with an average price target of $134.92—and insiders have sold roughly 25,264 shares (~$3.4M) recently while institutional ownership stands at 97.04%.

M&T Bank Corp grew its position in shares of Lear Corporation (NYSE:LEA - Free Report) by 46,707.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 951,602 shares of the auto parts company's stock after buying an additional 949,569 shares during the period. M&T Bank Corp owned 1.83% of Lear worth $109,054,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vest Financial LLC lifted its position in shares of Lear by 134.9% during the 3rd quarter. Vest Financial LLC now owns 25,951 shares of the auto parts company's stock valued at $2,611,000 after buying an additional 14,904 shares during the last quarter. American Century Companies Inc. lifted its holdings in Lear by 23.6% during the 3rd quarter. American Century Companies Inc. now owns 1,569,341 shares of the auto parts company's stock worth $157,891,000 after purchasing an additional 299,841 shares in the last quarter. Capital Management Corp VA purchased a new stake in Lear during the 3rd quarter worth about $2,295,000. Meritage Portfolio Management purchased a new stake in Lear during the 3rd quarter worth about $3,268,000. Finally, RWC Asset Management LLP lifted its holdings in Lear by 3.8% during the 3rd quarter. RWC Asset Management LLP now owns 570,048 shares of the auto parts company's stock worth $57,353,000 after purchasing an additional 20,900 shares in the last quarter. Hedge funds and other institutional investors own 97.04% of the company's stock.

Lear Stock Performance

NYSE:LEA opened at $128.48 on Wednesday. The business's 50-day moving average price is $124.30 and its two-hundred day moving average price is $116.66. Lear Corporation has a twelve month low of $79.14 and a twelve month high of $142.84. The stock has a market cap of $6.51 billion, a P/E ratio of 15.76, a PEG ratio of 0.82 and a beta of 1.24. The company has a quick ratio of 1.05, a current ratio of 1.35 and a debt-to-equity ratio of 0.52.

Lear (NYSE:LEA - Get Free Report) last released its quarterly earnings results on Wednesday, February 4th. The auto parts company reported $3.41 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.74. The firm had revenue of $5.99 billion for the quarter, compared to analysts' expectations of $5.78 billion. Lear had a return on equity of 13.40% and a net margin of 1.88%.The company's revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.94 EPS. As a group, equities analysts predict that Lear Corporation will post 14.18 EPS for the current fiscal year.

Lear Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Thursday, March 5th were given a dividend of $0.77 per share. The ex-dividend date was Thursday, March 5th. This represents a $3.08 annualized dividend and a dividend yield of 2.4%. Lear's dividend payout ratio is 37.79%.

Analyst Upgrades and Downgrades

LEA has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $120.00 price objective on shares of Lear in a report on Friday. Morgan Stanley increased their price objective on Lear from $112.00 to $123.00 and gave the stock an "equal weight" rating in a report on Thursday, February 5th. UBS Group dropped their price objective on Lear from $145.00 to $135.00 and set a "neutral" rating on the stock in a report on Tuesday, April 14th. Wells Fargo & Company dropped their price objective on Lear from $131.00 to $126.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. Finally, Barclays set a $140.00 price target on Lear in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, Lear presently has a consensus rating of "Hold" and an average price target of $134.92.

Insider Transactions at Lear

In other news, SVP Harry Albert Kemp sold 7,000 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $136.31, for a total transaction of $954,170.00. Following the transaction, the senior vice president directly owned 17,423 shares in the company, valued at approximately $2,374,929.13. This represents a 28.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Marianne Vidershain sold 1,590 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $135.00, for a total value of $214,650.00. Following the transaction, the vice president owned 1,862 shares in the company, valued at $251,370. This trade represents a 46.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 25,264 shares of company stock valued at $3,400,687 over the last 90 days. Company insiders own 1.02% of the company's stock.

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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