Prudential Financial Inc. Has $83,222,000 Stake in Lear Corp. (LEA)
Prudential Financial Inc. increased its stake in Lear Corp. (NYSE:LEA) by 292.7% during the third quarter, Holdings Channel reports. The fund owned 686,532 shares of the company’s stock after buying an additional 511,701 shares during the period. Prudential Financial Inc.’s holdings in Lear Corp. were worth $83,222,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Advisory Services Network LLC raised its position in Lear Corp. by 164.8% in the third quarter. Advisory Services Network LLC now owns 850 shares of the company’s stock valued at $103,000 after buying an additional 529 shares during the last quarter. Checchi Capital Advisers LLC raised its position in Lear Corp. by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 1,023 shares of the company’s stock valued at $104,000 after buying an additional 26 shares during the last quarter. Global X Management Co. LLC raised its position in Lear Corp. by 65.9% in the third quarter. Global X Management Co. LLC now owns 934 shares of the company’s stock valued at $113,000 after buying an additional 371 shares during the last quarter. Societe Generale acquired a new position in Lear Corp. during the second quarter valued at approximately $121,000. Finally, Financial Architects Inc raised its position in Lear Corp. by 5,882.4% in the third quarter. Financial Architects Inc now owns 1,017 shares of the company’s stock valued at $123,000 after buying an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 97.85% of the company’s stock.
Shares of Lear Corp. (NYSE:LEA) opened at 128.06 on Wednesday. Lear Corp. has a 52-week low of $93.54 and a 52-week high of $130.59. The firm has a market cap of $8.99 billion, a P/E ratio of 9.73 and a beta of 1.29. The stock’s 50 day moving average is $121.05 and its 200-day moving average is $115.83.
Lear Corp. (NYSE:LEA) last posted its earnings results on Wednesday, October 26th. The company reported $3.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.96 by $0.23. Lear Corp. had a return on equity of 31.86% and a net margin of 5.26%. The firm earned $4.50 billion during the quarter, compared to analyst estimates of $4.45 billion. During the same period in the previous year, the company earned $2.56 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. Equities analysts anticipate that Lear Corp. will post $13.69 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 9th will be issued a $0.30 dividend. The ex-dividend date is Wednesday, December 7th. This represents a $1.20 annualized dividend and a yield of 0.94%. Lear Corp.’s dividend payout ratio (DPR) is currently 9.12%.
Several research analysts recently commented on LEA shares. Zacks Investment Research upgraded shares of Lear Corp. from a “hold” rating to a “buy” rating and set a $136.00 price target on the stock in a report on Tuesday, October 4th. Citigroup Inc. raised their price target on shares of Lear Corp. from $145.00 to $153.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $126.75.
In related news, Director Jonathan F. Foster sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $119.24, for a total value of $178,860.00. Following the completion of the sale, the director now directly owns 4,025 shares in the company, valued at approximately $479,941. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.33% of the stock is owned by corporate insiders.
About Lear Corp.
Lear Corporation (Lear) is a supplier to the global automotive industry. The Company is engaged in supplying seating, electrical distribution systems and electronic modules, as well as related sub-systems, components and software, to automotive manufacturers. The Company operates through two segments: seating and electrical.
Want to see what other hedge funds are holding LEA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lear Corp. (NYSE:LEA).
Receive News & Ratings for Lear Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lear Corp. and related companies with MarketBeat.com's FREE daily email newsletter.