Lear (NYSE:LEA) Issues Earnings Results

Lear (NYSE:LEA) released its quarterly earnings results on Thursday. The auto parts company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.26, Briefing.com reports. Lear had a net margin of 2.28% and a return on equity of 14.47%. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same period last year, the firm earned $3.33 earnings per share. The company’s quarterly revenue was up .2% on a year-over-year basis. Lear updated its FY 2024 guidance to EPS.

Lear Price Performance

Shares of LEA traded up $0.55 during midday trading on Friday, hitting $121.31. 696,384 shares of the company traded hands, compared to its average volume of 659,236. Lear has a 52 week low of $112.26 and a 52 week high of $157.90. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.04 and a current ratio of 1.33. The firm has a 50 day moving average of $119.61 and a 200-day moving average of $130.13. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 0.34 and a beta of 1.47.

Lear Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 25th. Shareholders of record on Thursday, June 6th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 2.54%. The ex-dividend date was Thursday, June 6th. Lear’s payout ratio is currently 33.59%.

Insider Buying and Selling

In other news, Director Conrad L. Mallett, Jr. sold 1,278 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $124.55, for a total transaction of $159,174.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Conrad L. Mallett, Jr. sold 1,278 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $124.55, for a total transaction of $159,174.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Greg C. Smith sold 2,392 shares of Lear stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $123.86, for a total value of $296,273.12. The disclosure for this sale can be found here. 0.79% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently commented on LEA. UBS Group lowered their target price on Lear from $136.00 to $128.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. JPMorgan Chase & Co. lowered their price objective on Lear from $179.00 to $166.00 and set an “overweight” rating on the stock in a research report on Monday. StockNews.com lowered shares of Lear from a “buy” rating to a “hold” rating in a report on Tuesday, June 25th. Bank of America lowered their price target on shares of Lear from $205.00 to $185.00 and set a “buy” rating on the stock in a report on Monday. Finally, Wells Fargo & Company reduced their price objective on shares of Lear from $132.00 to $131.00 and set an “equal weight” rating for the company in a research note on Friday. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Lear presently has an average rating of “Moderate Buy” and an average target price of $157.70.

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.