State of Michigan Retirement System Has $1.56 Million Stake in Lear Co. (NYSE:LEA)

State of Michigan Retirement System decreased its holdings in shares of Lear Co. (NYSE:LEA - Free Report) by 25.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,655 shares of the auto parts company's stock after selling 4,738 shares during the quarter. State of Michigan Retirement System's holdings in Lear were worth $1,560,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LEA. Bailard Inc. acquired a new position in shares of Lear in the second quarter valued at approximately $242,000. First Heartland Consultants Inc. increased its holdings in shares of Lear by 40.8% in the second quarter. First Heartland Consultants Inc. now owns 5,209 shares of the auto parts company's stock valued at $595,000 after purchasing an additional 1,509 shares during the period. Perennial Advisors LLC increased its holdings in shares of Lear by 9.1% in the second quarter. Perennial Advisors LLC now owns 32,912 shares of the auto parts company's stock valued at $3,759,000 after purchasing an additional 2,746 shares during the period. Lecap Asset Management Ltd. acquired a new position in shares of Lear in the second quarter valued at approximately $1,388,000. Finally, Fifth Third Wealth Advisors LLC acquired a new position in shares of Lear in the second quarter valued at approximately $222,000. Hedge funds and other institutional investors own 97.04% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on LEA shares. Citigroup dropped their target price on Lear from $141.00 to $127.00 and set a "neutral" rating on the stock in a report on Friday, July 12th. Bank of America dropped their target price on Lear from $205.00 to $185.00 and set a "buy" rating on the stock in a report on Monday, July 22nd. JPMorgan Chase & Co. dropped their price objective on Lear from $179.00 to $166.00 and set an "overweight" rating on the stock in a report on Monday, July 22nd. Morgan Stanley dropped their price objective on Lear from $160.00 to $150.00 and set an "overweight" rating on the stock in a report on Wednesday, August 14th. Finally, UBS Group dropped their price objective on Lear from $136.00 to $128.00 and set a "neutral" rating on the stock in a report on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $153.56.

Lear Price Performance

Shares of NYSE:LEA traded up $0.11 on Thursday, hitting $115.89. The company had a trading volume of 353,639 shares, compared to its average volume of 640,710. The company has a current ratio of 1.34, a quick ratio of 1.04 and a debt-to-equity ratio of 0.56. Lear Co. has a 52-week low of $107.25 and a 52-week high of $147.57. The business has a 50 day moving average of $115.74 and a 200 day moving average of $127.05. The company has a market cap of $6.58 billion, a PE ratio of 12.71, a PEG ratio of 0.36 and a beta of 1.47.

Lear (NYSE:LEA - Get Free Report) last released its earnings results on Thursday, July 25th. The auto parts company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.26. Lear had a return on equity of 14.75% and a net margin of 2.30%. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same period in the prior year, the business posted $3.33 earnings per share. The firm's revenue for the quarter was up .2% compared to the same quarter last year. As a group, equities analysts anticipate that Lear Co. will post 13.13 earnings per share for the current fiscal year.

Lear Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Wednesday, September 4th will be issued a $0.77 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.66%. Lear's dividend payout ratio (DPR) is 33.59%.

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.