Wedge Capital Management L L P NC Lowers Stock Holdings in Lear Corporation $LEA

Key Points

• Wedge Capital Management trimmed its stake in Lear by 7.7%, selling 9,969 shares to finish the quarter with 120,249 shares (about 0.23% of Lear) valued at $13.78 million.
• Lear beat quarterly estimates, reporting $3.41 EPS versus $2.67 expected and $5.99 billion in revenue versus $5.78 billion expected; analysts forecast roughly $12.89 EPS for the fiscal year.
• Insiders have been net sellers, offloading 25,264 shares worth about $3.4 million over the past 90 days, while institutional investors hold roughly 97% of the stock.

Wedge Capital Management L L P NC cut its stake in shares of Lear Corporation (NYSE:LEA - Free Report) by 7.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 120,249 shares of the auto parts company's stock after selling 9,969 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.23% of Lear worth $13,781,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Schroder Investment Management Group increased its position in Lear by 75.6% during the 2nd quarter. Schroder Investment Management Group now owns 1,801,284 shares of the auto parts company's stock valued at $171,086,000 after purchasing an additional 775,476 shares during the period. Norges Bank purchased a new stake in shares of Lear in the 2nd quarter worth approximately $48,468,000. Balyasny Asset Management L.P. purchased a new stake in shares of Lear in the 2nd quarter worth approximately $39,656,000. Caisse de depot et placement du Quebec bought a new position in shares of Lear during the third quarter valued at approximately $40,984,000. Finally, American Century Companies Inc. increased its holdings in Lear by 23.6% during the third quarter. American Century Companies Inc. now owns 1,569,341 shares of the auto parts company's stock valued at $157,891,000 after buying an additional 299,841 shares during the period. 97.04% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Marianne Vidershain sold 1,590 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $135.00, for a total transaction of $214,650.00. Following the transaction, the vice president owned 1,862 shares in the company, valued at $251,370. This represents a 46.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Alicia J. Davis sold 6,630 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $132.98, for a total transaction of $881,657.40. Following the completion of the transaction, the senior vice president directly owned 9,972 shares of the company's stock, valued at $1,326,076.56. The trade was a 39.93% 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 worth $3,400,687 over the last ninety days. Insiders own 0.91% of the company's stock.

Lear Stock Performance

Shares of LEA stock opened at $118.03 on Friday. Lear Corporation has a 12-month low of $73.85 and a 12-month high of $142.84. The business's fifty day simple moving average is $125.37 and its 200-day simple moving average is $114.42. 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 company has a market cap of $5.99 billion, a PE ratio of 14.48, a PEG ratio of 0.85 and a beta of 1.26.

Lear (NYSE:LEA - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The auto parts company reported $3.41 earnings per share for the quarter, topping analysts' consensus estimates of $2.67 by $0.74. Lear had a return on equity of 13.40% and a net margin of 1.88%.The firm had revenue of $5.99 billion during the quarter, compared to analysts' expectations of $5.78 billion. During the same quarter last year, the firm earned $2.94 EPS. The business's quarterly revenue was up 4.8% on a year-over-year basis. Analysts expect that Lear Corporation will post 12.89 earnings per share for the current fiscal year.

Lear Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Thursday, March 5th were paid a dividend of $0.77 per share. The ex-dividend date was Thursday, March 5th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.6%. Lear's payout ratio is presently 37.79%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on LEA shares. Wall Street Zen upgraded Lear from a "buy" rating to a "strong-buy" rating in a report on Friday, January 23rd. Morgan Stanley boosted their price target on Lear from $112.00 to $123.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 5th. UBS Group upped their price objective on Lear from $135.00 to $145.00 and gave the stock a "neutral" rating in a research note on Thursday, February 5th. Citigroup raised their price objective on Lear from $146.00 to $177.00 and gave the company a "buy" rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Lear in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $138.00.

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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