Millennium Management LLC Boosts Holdings in Lear Co. (NYSE:LEA)

Millennium Management LLC lifted its stake in shares of Lear Co. (NYSE:LEA) by 2,630.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 161,422 shares of the auto parts company’s stock after buying an additional 155,510 shares during the quarter. Millennium Management LLC owned about 0.28% of Lear worth $18,436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Pzena Investment Management LLC grew its position in shares of Lear by 15.2% in the 2nd quarter. Pzena Investment Management LLC now owns 7,187,890 shares of the auto parts company’s stock worth $820,929,000 after buying an additional 946,109 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Lear by 1.9% during the first quarter. Vanguard Group Inc. now owns 6,023,195 shares of the auto parts company’s stock valued at $872,640,000 after purchasing an additional 109,746 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its position in shares of Lear by 9.5% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,754,752 shares of the auto parts company’s stock worth $314,620,000 after purchasing an additional 238,964 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Lear by 36.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,871,346 shares of the auto parts company’s stock valued at $213,726,000 after buying an additional 504,091 shares in the last quarter. Finally, Greenhaven Associates Inc. increased its position in Lear by 1.0% during the 2nd quarter. Greenhaven Associates Inc. now owns 1,816,880 shares of the auto parts company’s stock valued at $207,506,000 after buying an additional 17,820 shares in the last quarter. 97.04% of the stock is owned by institutional investors.

Lear Trading Up 1.3 %

Shares of LEA stock opened at $108.04 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.04 and a current ratio of 1.34. The stock has a fifty day simple moving average of $111.59 and a two-hundred day simple moving average of $121.79. The firm has a market capitalization of $6.14 billion, a PE ratio of 11.78, a PEG ratio of 0.43 and a beta of 1.44. Lear Co. has a 52-week low of $101.67 and a 52-week high of $147.11.

Lear (NYSE:LEA) last issued its earnings results on Thursday, July 25th. The auto parts company reported $3.60 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter last year, the company earned $3.33 EPS. The firm’s quarterly revenue was up .2% on a year-over-year basis. On average, analysts predict that Lear Co. will post 12.66 EPS for the current fiscal year.

Lear Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Wednesday, September 4th were paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date was Wednesday, September 4th. Lear’s payout ratio is 33.59%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on LEA shares. UBS Group dropped their target price on shares of Lear from $136.00 to $128.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Wolfe Research started coverage on Lear in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Evercore ISI reduced their price objective 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 dropped their price target on shares of Lear from $141.00 to $127.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Finally, Wells Fargo & Company decreased their price objective on shares of Lear from $131.00 to $114.00 and set an “equal weight” rating for the company in a report on Friday, September 20th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Lear has a consensus rating of “Moderate Buy” and a consensus target price of $147.91.

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.