Pzena Investment Management LLC Sells 61,809 Shares of Lear Corporation $LEA

Key Points

• Pzena Investment Management LLC reduced its stake in Lear Corporation by 0.8%, selling 61,809 shares during the 2nd quarter, leaving it with approximately 7.6 million shares of LEA stock.
• Lear Corporation reported $3.47 earnings per share (EPS) for the recent quarter, exceeding expectations of $3.23, alongside a revenue of $6.03 billion.
• The company recently announced a quarterly dividend of $0.77 per share, indicating a dividend yield of 3.2% and a payout ratio of 35.94%.

Pzena Investment Management LLC lessened its stake in shares of Lear Corporation (NYSE:LEA - Free Report) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,602,991 shares of the auto parts company's stock after selling 61,809 shares during the quarter. Lear accounts for about 2.4% of Pzena Investment Management LLC's investment portfolio, making the stock its 18th largest position. Pzena Investment Management LLC owned 14.22% of Lear worth $722,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of LEA. Oldfield Partners LLP bought a new position in shares of Lear during the 1st quarter worth approximately $53,799,000. AQR Capital Management LLC lifted its position in shares of Lear by 483.4% during the 1st quarter. AQR Capital Management LLC now owns 567,335 shares of the auto parts company's stock worth $49,625,000 after buying an additional 470,096 shares during the period. American Century Companies Inc. lifted its position in shares of Lear by 105.7% during the 1st quarter. American Century Companies Inc. now owns 710,962 shares of the auto parts company's stock worth $62,721,000 after buying an additional 365,382 shares during the period. Vanguard Group Inc. increased its holdings in Lear by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 6,657,389 shares of the auto parts company's stock valued at $587,315,000 after purchasing an additional 165,494 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in Lear by 38.3% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 540,411 shares of the auto parts company's stock valued at $47,675,000 after purchasing an additional 149,644 shares in the last quarter. Institutional investors own 97.04% of the company's stock.

Lear Stock Down 2.1%

Shares of LEA opened at $96.76 on Monday. The firm has a market capitalization of $5.15 billion, a price-to-earnings ratio of 11.29, a PEG ratio of 0.75 and a beta of 1.32. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.07 and a current ratio of 1.34. The business's fifty day moving average price is $103.83 and its two-hundred day moving average price is $95.89. Lear Corporation has a 52 week low of $73.85 and a 52 week high of $113.10.

Lear (NYSE:LEA - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The auto parts company reported $3.47 EPS for the quarter, beating analysts' consensus estimates of $3.23 by $0.24. Lear had a return on equity of 13.94% and a net margin of 2.05%.The firm had revenue of $6.03 billion for the quarter, compared to analyst estimates of $5.89 billion. During the same period last year, the company earned $3.60 EPS. The business's quarterly revenue was up .3% compared to the same quarter last year. Lear has set its FY 2025 guidance at EPS. On average, analysts predict that Lear Corporation will post 12.89 earnings per share for the current year.

Lear Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Wednesday, September 3rd were given a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Wednesday, September 3rd. Lear's dividend payout ratio (DPR) is currently 35.94%.

Analysts Set New Price Targets

A number of research firms recently weighed in on LEA. Wall Street Zen raised Lear from a "buy" rating to a "strong-buy" rating in a report on Saturday. The Goldman Sachs Group set a $104.00 price target on Lear in a report on Monday, September 29th. Wells Fargo & Company dropped their price target on Lear from $113.00 to $108.00 and set an "equal weight" rating for the company in a report on Friday, October 3rd. Barclays raised their price target on Lear from $100.00 to $120.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Citigroup raised their price target on Lear from $123.00 to $136.00 and gave the company a "buy" rating in a report on Monday, June 30th. Three research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, Lear presently has a consensus rating of "Hold" and a consensus target price of $113.70.

Insider Buying and Selling at Lear

In other news, CEO Raymond E. Scott sold 5,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $96.77, for a total value of $483,850.00. Following the transaction, the chief executive officer directly owned 38,729 shares in the company, valued at $3,747,805.33. This trade represents a 11.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jason M. Cardew sold 5,000 shares of the firm's stock in a transaction on 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 owned 20,244 shares in the company, valued at $1,993,426.68. This represents a 19.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.91% of the stock is owned by company 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.

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