Point72 Asset Management L.P. Trims Stock Position in Lear Co. (NYSE:LEA)

Point72 Asset Management L.P. decreased its stake in Lear Co. (NYSE:LEA - Free Report) by 94.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,200 shares of the auto parts company's stock after selling 530,900 shares during the period. Point72 Asset Management L.P. owned about 0.06% of Lear worth $3,296,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Altshuler Shaham Ltd bought a new stake in Lear during the 2nd quarter valued at $26,000. EverSource Wealth Advisors LLC raised its stake in shares of Lear by 70.5% during the second quarter. EverSource Wealth Advisors LLC now owns 266 shares of the auto parts company's stock valued at $32,000 after acquiring an additional 110 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Lear by 240.4% during the third quarter. Blue Trust Inc. now owns 303 shares of the auto parts company's stock worth $35,000 after purchasing an additional 214 shares during the period. Brooklyn Investment Group bought a new stake in shares of Lear in the third quarter worth about $34,000. Finally, Signaturefd LLC increased its holdings in Lear by 71.6% during the 3rd quarter. Signaturefd LLC now owns 333 shares of the auto parts company's stock valued at $36,000 after purchasing an additional 139 shares during the period. 97.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on LEA shares. JPMorgan Chase & Co. cut their price objective on Lear from $162.00 to $160.00 and set an "overweight" rating on the stock in a research report on Monday, October 21st. TD Cowen cut their price target on shares of Lear from $142.00 to $125.00 and set a "buy" rating on the stock in a report on Friday, October 25th. Bank of America dropped their target price on shares of Lear from $180.00 to $170.00 and set a "buy" rating for the company in a research report on Monday, October 14th. Morgan Stanley reduced their price target on shares of Lear from $145.00 to $135.00 and set an "overweight" rating on the stock in a research report on Thursday, November 14th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $132.00 price objective on shares of Lear in a research report on Tuesday, September 10th. Eight equities 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.com, the company has a consensus rating of "Hold" and an average target price of $140.25.

Lear Stock Up 0.1 %

Shares of LEA traded up $0.13 on Tuesday, hitting $102.69. 323,142 shares of the stock traded hands, compared to its average volume of 663,980. Lear Co. has a one year low of $92.14 and a one year high of $147.11. The company has a market capitalization of $5.58 billion, a PE ratio of 10.78, a P/E/G ratio of 0.59 and a beta of 1.45. The business has a 50 day simple moving average of $100.60 and a 200 day simple moving average of $110.22. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.33.

Lear (NYSE:LEA - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The auto parts company reported $2.89 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.32. Lear had a return on equity of 14.68% and a net margin of 2.33%. The firm had revenue of $5.58 billion during the quarter, compared to analysts' expectations of $5.52 billion. During the same quarter in the previous year, the business earned $2.87 earnings per share. The company's revenue was down 3.4% on a year-over-year basis. As a group, equities analysts forecast that Lear Co. will post 12.01 earnings per share for the current fiscal year.

Lear Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.77 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $3.08 dividend on an annualized basis and a yield of 3.00%. Lear's dividend payout ratio is presently 32.39%.

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.