Wedge Capital Management L L P NC Acquires 22,121 Shares of Lear Corporation $LEA

Key Points

• Wedge Capital Management L L P NC increased its stake in Lear Corporation by 20.5% in Q2, acquiring an additional 22,121 shares, bringing its total holdings to 130,200 shares valued at approximately $12.37 million.
• Analysts have a consensus rating of "Hold" on Lear's stock, with price targets ranging from $100.00 to $136.00. Recent changes include Barclays raising its target from $100 to $120.
• Lear Corporation declared a quarterly dividend of $0.77 per share, which will be paid out on September 23, contributing to an annual yield of 2.9%.

Wedge Capital Management L L P NC lifted its holdings in shares of Lear Corporation (NYSE:LEA - Free Report) by 20.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 130,200 shares of the auto parts company's stock after acquiring an additional 22,121 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.24% of Lear worth $12,366,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in LEA. Toronto Dominion Bank bought a new stake in Lear in the 4th quarter valued at $1,051,000. Tidal Investments LLC boosted its stake in Lear by 57.9% in the 4th quarter. Tidal Investments LLC now owns 12,937 shares of the auto parts company's stock valued at $1,225,000 after purchasing an additional 4,742 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Lear by 11.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 163,408 shares of the auto parts company's stock valued at $15,475,000 after purchasing an additional 16,942 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Lear by 11.6% in the 4th quarter. Public Employees Retirement System of Ohio now owns 27,622 shares of the auto parts company's stock valued at $2,616,000 after acquiring an additional 2,874 shares in the last quarter. Finally, Perennial Advisors LLC acquired a new position in Lear in the 4th quarter valued at $3,002,000. 97.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

LEA has been the subject of several analyst reports. UBS Group dropped their price objective on Lear from $116.00 to $109.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Wells Fargo & Company lifted their price objective on Lear from $102.00 to $111.00 and gave the company an "equal weight" rating in a report on Tuesday, September 9th. Citigroup lifted their price objective on Lear from $123.00 to $136.00 and gave the company a "buy" rating in a report on Monday, June 30th. Bank of America cut Lear from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $135.00 to $123.00 in a report on Wednesday, September 10th. Finally, Wall Street Zen cut Lear from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $112.70.

Insider Buying and Selling

In related news, CFO Jason M. Cardew sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $98.47, for a total transaction of $492,350.00. Following the completion of the sale, the chief financial officer directly owned 20,244 shares of the company's stock, valued at approximately $1,993,426.68. This trade represents a 19.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Raymond E. Scott sold 5,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $96.77, for a total value of $483,850.00. Following the sale, the chief executive officer directly owned 38,729 shares of the company's stock, valued at approximately $3,747,805.33. This represents a 11.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.91% of the stock is currently owned by corporate insiders.

Lear Price Performance

Shares of Lear stock traded down $2.12 during trading on Monday, reaching $103.22. 619,218 shares of the company's stock were exchanged, compared to its average volume of 702,705. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.07 and a current ratio of 1.34. Lear Corporation has a 1-year low of $73.85 and a 1-year high of $115.47. The company has a market cap of $5.49 billion, a P/E ratio of 12.04, a PEG ratio of 0.82 and a beta of 1.34. The firm's 50-day moving average price is $104.16 and its 200 day moving average price is $95.31.

Lear (NYSE:LEA - Get Free Report) last issued its earnings results on Friday, July 25th. The auto parts company reported $3.47 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.03 billion during the quarter, compared to analysts' expectations of $5.89 billion. During the same quarter in the prior year, the firm earned $3.60 EPS. The business's revenue for the quarter was up .3% compared to the same quarter last year. Lear has set its FY 2025 guidance at EPS. As a group, research analysts anticipate that Lear Corporation will post 12.89 earnings per share for the current year.

Lear Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Wednesday, September 3rd will be paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 3rd. Lear's dividend payout ratio is 35.94%.

Lear Company 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.