Wedge Capital Management L L P NC Sells 7,245 Shares of Lear Co. (NYSE:LEA)

Wedge Capital Management L L P NC lowered its position in Lear Co. (NYSE:LEA - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 108,079 shares of the auto parts company's stock after selling 7,245 shares during the period. Wedge Capital Management L L P NC owned 0.20% of Lear worth $9,535,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in LEA. Schroder Investment Management Group bought a new position in Lear in the fourth quarter worth approximately $90,700,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Lear by 29.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,212,579 shares of the auto parts company's stock valued at $209,531,000 after purchasing an additional 498,918 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Lear by 7.4% in the fourth quarter. Vanguard Group Inc. now owns 6,491,895 shares of the auto parts company's stock valued at $614,782,000 after purchasing an additional 447,835 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Lear by 45.9% in the fourth quarter. First Trust Advisors LP now owns 1,133,186 shares of the auto parts company's stock valued at $107,313,000 after purchasing an additional 356,760 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Lear in the fourth quarter valued at approximately $31,881,000. Institutional investors own 97.04% of the company's stock.

Lear Stock Performance

NYSE:LEA opened at $88.48 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.32 and a quick ratio of 1.02. The business has a fifty day simple moving average of $86.01 and a two-hundred day simple moving average of $92.23. Lear Co. has a 1 year low of $73.85 and a 1 year high of $126.85. The company has a market capitalization of $4.73 billion, a P/E ratio of 9.90, a P/E/G ratio of 0.49 and a beta of 1.29.

Lear (NYSE:LEA - Get Free Report) last released its earnings results on Tuesday, May 6th. The auto parts company reported $3.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.64 by $0.48. Lear had a return on equity of 14.70% and a net margin of 2.17%. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.47 billion. During the same period last year, the business posted $3.18 earnings per share. The business's revenue for the quarter was down 7.2% on a year-over-year basis. On average, analysts expect that Lear Co. will post 12.89 earnings per share for the current year.

Lear Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Thursday, June 5th will be given a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date is Thursday, June 5th. Lear's dividend payout ratio is currently 36.11%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on LEA shares. The Goldman Sachs Group set a $88.00 target price on Lear and gave the company a "neutral" rating in a report on Tuesday, May 6th. UBS Group raised their target price on Lear from $83.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Morgan Stanley dropped their target price on Lear from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Barclays lowered Lear from an "equal weight" rating to a "negative" rating in a report on Tuesday, April 15th. Finally, Citigroup began coverage on Lear in a report on Wednesday, April 23rd. They issued a "buy" rating and a $123.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $112.09.

About Lear

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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