Russell Investments Group Ltd. Boosts Stock Position in Lear Corporation $LEA

Key Points

• Russell Investments increased its stake in Lear by 8.9% in Q3 to 501,201 shares (about 0.97% of the company), a position worth roughly $50.4 million, and institutional investors now own about 97.04% of Lear.
• Lear beat expectations for the quarter with EPS of $3.41 versus $2.67 consensus and revenue of $5.99 billion versus $5.78 billion (revenue +4.8% y/y); analysts overall rate the stock a "Hold" with a consensus target of $138.27, though some firms have raised targets (Citigroup to $177).
• Company insiders sold 30,220 shares (~$3.99 million) in the last quarter, including two senior VPs who reduced positions, and Lear declared a quarterly dividend of $0.77 ($3.08 annualized, ~2.6% yield) payable March 25.

Russell Investments Group Ltd. grew its position in shares of Lear Corporation (NYSE:LEA - Free Report) by 8.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 501,201 shares of the auto parts company's stock after purchasing an additional 41,071 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.97% of Lear worth $50,419,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. WealthCollab LLC purchased a new stake in Lear in the second quarter worth approximately $28,000. Quent Capital LLC purchased a new position in shares of Lear during the third quarter worth approximately $38,000. Farther Finance Advisors LLC lifted its holdings in shares of Lear by 34.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 422 shares of the auto parts company's stock worth $42,000 after acquiring an additional 107 shares during the last quarter. Rothschild Investment LLC bought a new stake in shares of Lear in the 3rd quarter worth approximately $48,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of 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 purchasing an additional 266 shares in the last quarter. Institutional investors own 97.04% of the company's stock.

Insider Transactions at Lear

In other news, SVP Harry Albert Kemp sold 7,000 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $136.31, for a total value of $954,170.00. Following the completion of the transaction, the senior vice president owned 17,423 shares in the company, valued at $2,374,929.13. This trade represents a 28.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Alicia J. Davis sold 6,630 shares of Lear stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $132.98, for a total value of $881,657.40. Following the sale, the senior vice president owned 9,972 shares in the company, valued at $1,326,076.56. This represents a 39.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 30,220 shares of company stock worth $3,986,427. 0.91% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on LEA shares. TD Cowen increased their target price on shares of Lear from $117.00 to $133.00 and gave the company a "hold" rating in a report on Thursday, February 5th. Barclays set a $140.00 price target on shares of Lear in a research note on Thursday, February 5th. Argus upgraded shares of Lear to a "strong-buy" rating in a research report on Monday, February 9th. Wells Fargo & Company raised their price objective on Lear from $123.00 to $131.00 and gave the company an "equal weight" rating in a research note on Thursday, February 5th. Finally, Citigroup boosted their target price on Lear from $146.00 to $177.00 and gave the company a "buy" rating in a research note on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, Lear presently has an average rating of "Hold" and a consensus target price of $138.27.

Lear Trading Down 1.2%

Shares of LEA opened at $117.89 on Thursday. Lear Corporation has a 1-year low of $73.85 and a 1-year high of $142.84. The company has a current ratio of 1.35, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52. The firm's 50-day moving average price is $126.55 and its 200-day moving average price is $113.81. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 0.86 and a beta of 1.26.

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 (EPS) for the quarter, topping analysts' consensus estimates 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 firm earned $2.94 earnings per share. Lear's revenue was up 4.8% on a year-over-year basis. Sell-side analysts anticipate that Lear Corporation will post 12.89 EPS for the current year.

Lear Dividend Announcement

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

Lear Company 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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