VIRGINIA RETIREMENT SYSTEMS ET Al Invests $4.03 Million in Lear Corporation $LEA

Key Points

• Virginia Retirement Systems acquired 30,050 Lear shares worth approximately $4.03 million, representing about 0.06% of the auto-parts company. Institutional investors collectively own 97.04% of Lear.
• Lear reported stronger-than-expected quarterly results, with EPS of $4.28 versus the $3.98 consensus and revenue of $6.21 billion, up 3% year over year.
• Lear declared a quarterly dividend of $0.77 per share, equivalent to an annualized $3.08 and a 2.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $147.08.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Lear Corporation (NYSE:LEA - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 30,050 shares of the auto parts company's stock, valued at approximately $4,029,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.06% of Lear as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd bought a new stake in Lear in the 4th quarter worth approximately $25,000. WealthCollab LLC bought a new position in shares of Lear during the 2nd quarter valued at $28,000. Los Angeles Capital Management LLC bought a new stake in shares of Lear in the fourth quarter worth $30,000. Allworth Financial LP boosted its position in Lear by 62.6% in the third quarter. Allworth Financial LP now owns 309 shares of the auto parts company's stock worth $31,000 after purchasing an additional 119 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its holdings in shares of Lear by 942.3% in the fourth quarter. Global Retirement Partners LLC now owns 271 shares of the auto parts company's stock worth $31,000 after buying an additional 245 shares during the last quarter. Institutional investors own 97.04% of the company's stock.

Lear News Summary

Here are the key news stories impacting Lear this week:

• Positive Sentiment: Zacks identifies Lear as a highly ranked growth stock. The article highlights Zacks’ Style Scores as a screening tool and presents Lear as an attractive candidate for growth-oriented investors. This could support sentiment, although the report does not introduce new financial results or raise the company’s guidance. Lear is a Top-Ranked Growth Stock: Should You Buy?
• Neutral Sentiment: Lear has recently reported stronger-than-expected operating results. The company’s latest quarterly report showed earnings of $4.28 per share versus a $3.98 consensus estimate, revenue of $6.21 billion, and 3% year-over-year revenue growth. Those results provide a fundamental cushion, but they were reported previously and are unlikely to explain the latest trading activity.
• Negative Sentiment: Potentially higher interest rates could pressure auto suppliers. Commentary warning that the Federal Reserve could raise rates amid an energy shock raises broader risks for economically sensitive industries. Higher borrowing costs and weaker vehicle demand could affect automakers and suppliers such as Lear, though the article does not discuss Lear specifically. Fed rate and oil shock analysis

Lear Trading Down 1.5%

Shares of Lear stock opened at $126.92 on Thursday. Lear Corporation has a twelve month low of $96.04 and a twelve month high of $150.33. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $131.31 and a 200-day moving average price of $130.66. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 0.79 and a beta of 1.26.

Lear (NYSE:LEA - Get Free Report) last posted its earnings results on Friday, July 31st. The auto parts company reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $3.98 by $0.30. The company had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.15 billion. Lear had a return on equity of 14.18% and a net margin of 2.35%.The firm's revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the business earned $3.06 earnings per share. Equities research analysts anticipate that Lear Corporation will post 14.86 EPS for the current fiscal year.

Lear Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Wednesday, September 2nd will be given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Wednesday, September 2nd. Lear's dividend payout ratio is currently 28.70%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on LEA shares. The Goldman Sachs Group reiterated a "neutral" rating and issued a $140.00 price target on shares of Lear in a research report on Saturday, August 1st. TD Cowen raised Lear from a "hold" rating to a "buy" rating and raised their price target for the company from $138.00 to $165.00 in a report on Tuesday, May 26th. Royal Bank Of Canada boosted their price objective on Lear from $138.00 to $143.00 and gave the company a "sector perform" rating in a research report on Monday, July 13th. Weiss Ratings raised Lear from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 25th. Finally, Deutsche Bank Aktiengesellschaft set a $131.00 target price on Lear in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Lear presently has a consensus rating of "Hold" and an average target price of $147.08.

Insider Buying and Selling

In related news, CEO Raymond E. Scott sold 50,000 shares of the company's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $135.37, for a total transaction of $6,768,500.00. Following the sale, the chief executive officer owned 49,789 shares of the company's stock, valued at $6,739,936.93. This represents a 50.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Conrad Mallett, Jr. sold 1,646 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $121.35, for a total transaction of $199,742.10. Following the transaction, the director owned 37 shares of the company's stock, valued at $4,489.95. This trade represents a 97.80% decrease in their position. The SEC filing for this sale provides additional information. 1.02% of the stock is currently owned by corporate insiders.

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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