Lear (NYSE:LEA) Releases Earnings Results, Beats Expectations By $0.14 EPS

Lear (NYSE:LEA - Get Free Report) posted its earnings results on Tuesday. The auto parts company reported $3.18 earnings per share for the quarter, topping analysts' consensus estimates of $3.04 by $0.14, Briefing.com reports. Lear had a net margin of 2.44% and a return on equity of 14.09%. The company had revenue of $5.99 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the prior year, the business posted $2.78 EPS. The firm's revenue was up 2.6% compared to the same quarter last year. Lear updated its FY 2024 guidance to EPS.

Lear Price Performance

LEA traded down $1.50 during trading on Wednesday, reaching $124.37. 1,719,874 shares of the company were exchanged, compared to its average volume of 569,620. The company has a quick ratio of 1.04, a current ratio of 1.35 and a debt-to-equity ratio of 0.54. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 12.85, a P/E/G ratio of 0.34 and a beta of 1.54. Lear has a 12-month low of $117.79 and a 12-month high of $157.90. The company's 50-day moving average is $138.62 and its two-hundred day moving average is $135.77.

Lear Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 8th were issued a dividend of $0.77 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $3.08 dividend on an annualized basis and a yield of 2.48%. Lear's payout ratio is 31.82%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on LEA shares. Morgan Stanley raised their price target on shares of Lear from $140.00 to $150.00 and gave the company an "equal weight" rating in a research report on Monday, February 26th. UBS Group decreased their price target on Lear from $146.00 to $142.00 and set a "neutral" rating for the company in a research report on Wednesday. Barclays boosted their price objective on Lear from $170.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. raised their target price on Lear from $177.00 to $179.00 and gave the company an "overweight" rating in a research report on Monday, April 22nd. Finally, Wells Fargo & Company boosted their price target on shares of Lear from $134.00 to $139.00 and gave the stock an "equal weight" rating in a report on Wednesday. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $161.44.

Insider Activity

In other news, CFO Jason M. Cardew sold 2,750 shares of the firm's stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $140.81, for a total value of $387,227.50. Following the completion of the transaction, the chief financial officer now directly owns 17,506 shares in the company, valued at $2,465,019.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Lear news, CEO Raymond E. Scott sold 10,652 shares of the firm's stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $132.86, for a total value of $1,415,224.72. Following the sale, the chief executive officer now owns 13,627 shares of the company's stock, valued at approximately $1,810,483.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Jason M. Cardew sold 2,750 shares of the business's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $140.81, for a total value of $387,227.50. Following the transaction, the chief financial officer now directly owns 17,506 shares of the company's stock, valued at approximately $2,465,019.86. The disclosure for this sale can be found here. Company insiders own 0.79% of the company's stock.

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.