Corebridge Financial Inc. Reduces Stock Holdings in Lear Co. (NYSE:LEA)

Corebridge Financial Inc. reduced its position in shares of Lear Co. (NYSE:LEA - Free Report) by 7.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 61,486 shares of the auto parts company's stock after selling 5,042 shares during the period. Corebridge Financial Inc. owned about 0.11% of Lear worth $5,823,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Lear by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 467,863 shares of the auto parts company's stock worth $51,067,000 after acquiring an additional 12,379 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Lear during the third quarter worth approximately $34,000. BNP Paribas Financial Markets boosted its holdings in Lear by 405.5% in the third quarter. BNP Paribas Financial Markets now owns 51,356 shares of the auto parts company's stock valued at $5,606,000 after purchasing an additional 41,197 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Lear by 23.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,701 shares of the auto parts company's stock valued at $1,386,000 after purchasing an additional 2,423 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its holdings in Lear by 68.5% during the third quarter. Hantz Financial Services Inc. now owns 77,594 shares of the auto parts company's stock worth $8,469,000 after purchasing an additional 31,536 shares in the last quarter. Institutional investors and hedge funds own 97.04% of the company's stock.

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Analyst Ratings Changes

Several brokerages have recently issued reports on LEA. StockNews.com upgraded shares of Lear from a "hold" rating to a "buy" rating in a report on Thursday, December 19th. Cowen cut Lear from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. reduced their target price on Lear from $147.00 to $143.00 and set an "overweight" rating for the company in a report on Monday, January 27th. Morgan Stanley cut their price target on Lear from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Monday, March 3rd. Finally, TD Cowen downgraded Lear from a "buy" rating to a "hold" rating and set a $95.00 price objective for the company. in a report on Friday, March 7th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $123.36.

Lear Stock Performance

Shares of LEA stock traded down $6.47 during mid-day trading on Thursday, hitting $82.29. The stock had a trading volume of 891,705 shares, compared to its average volume of 733,153. The firm has a market cap of $4.41 billion, a PE ratio of 9.20, a PEG ratio of 0.49 and a beta of 1.44. The company's 50-day simple moving average is $94.73 and its 200-day simple moving average is $97.87. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.32 and a quick ratio of 1.02. Lear Co. has a fifty-two week low of $81.43 and a fifty-two week high of $144.77.

Lear (NYSE:LEA - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The auto parts company reported $2.94 EPS for the quarter, beating analysts' consensus estimates of $2.50 by $0.44. Lear had a net margin of 2.17% and a return on equity of 14.70%. Sell-side analysts anticipate that Lear Co. will post 12.89 earnings per share for the current year.

Lear Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Thursday, March 6th were issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date was Thursday, March 6th. Lear's dividend payout ratio is presently 34.45%.

Insiders Place Their Bets

In related news, Director Rod Lache bought 2,178 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was bought at an average cost of $91.80 per share, with a total value of $199,940.40. Following the completion of the acquisition, the director now owns 2,178 shares in the company, valued at approximately $199,940.40. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.79% of the stock is currently owned by company insiders.

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.