Bank of New York Mellon Corp Trims Stock Position in Lear Co. (NYSE:LEA)

Bank of New York Mellon Corp lowered its holdings in shares of Lear Co. (NYSE:LEA - Free Report) by 4.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 637,675 shares of the auto parts company's stock after selling 27,564 shares during the quarter. Bank of New York Mellon Corp owned 1.12% of Lear worth $72,829,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of LEA. Vanguard Group Inc. increased its position in shares of Lear by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 6,023,195 shares of the auto parts company's stock worth $872,640,000 after purchasing an additional 109,746 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Lear by 7.6% during the 4th quarter. Franklin Resources Inc. now owns 2,179,175 shares of the auto parts company's stock worth $307,721,000 after acquiring an additional 153,282 shares during the period. Greenhaven Associates Inc. boosted its stake in shares of Lear by 1.0% during the 2nd quarter. Greenhaven Associates Inc. now owns 1,816,880 shares of the auto parts company's stock worth $207,506,000 after acquiring an additional 17,820 shares during the period. Lyrical Asset Management LP boosted its stake in shares of Lear by 55.4% during the 4th quarter. Lyrical Asset Management LP now owns 1,067,888 shares of the auto parts company's stock worth $150,796,000 after acquiring an additional 380,771 shares during the period. Finally, Boston Partners boosted its stake in Lear by 4.2% in the 1st quarter. Boston Partners now owns 1,023,165 shares of the auto parts company's stock valued at $148,216,000 after purchasing an additional 41,496 shares during the period. Institutional investors and hedge funds own 97.04% of the company's stock.

Lear Stock Up 0.7 %

Shares of NYSE:LEA traded up $0.80 during mid-day trading on Friday, hitting $116.69. 383,183 shares of the company traded hands, compared to its average volume of 639,177. The stock has a 50-day moving average price of $115.77 and a two-hundred day moving average price of $126.98. The stock has a market cap of $6.63 billion, a P/E ratio of 12.73, a P/E/G ratio of 0.36 and a beta of 1.47. Lear Co. has a 12-month low of $107.25 and a 12-month high of $147.57. 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 (NYSE:LEA - Get Free Report) last issued its quarterly earnings results on Thursday, July 25th. The auto parts company reported $3.60 EPS for the quarter, topping analysts' consensus estimates of $3.34 by $0.26. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $6.02 billion. Lear had a return on equity of 14.75% and a net margin of 2.30%. Lear's quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the company posted $3.33 earnings per share. On average, equities research analysts forecast that Lear Co. will post 13.13 earnings per share for the current year.

Lear Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Wednesday, September 4th will be given a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Wednesday, September 4th. Lear's dividend payout ratio (DPR) is presently 33.59%.

Analysts Set New Price Targets

LEA has been the subject of several recent research reports. Barclays reduced their price target on Lear from $155.00 to $150.00 and set an "overweight" rating for the company in a research note on Monday, July 29th. Wells Fargo & Company lowered their price target on Lear from $132.00 to $131.00 and set an "equal weight" rating for the company in a report on Friday, July 26th. Evercore ISI lowered their price target on Lear from $155.00 to $145.00 and set an "in-line" rating for the company in a report on Monday, July 15th. Citigroup lowered their price target on Lear from $141.00 to $127.00 and set a "neutral" rating for the company in a report on Friday, July 12th. Finally, StockNews.com raised Lear from a "hold" rating to a "buy" rating in a report on Friday, July 26th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $153.56.

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.