Lear (NYSE:LEA) Issues Earnings Results

Lear (NYSE:LEA) released its quarterly earnings results on Tuesday. The auto parts company reported $3.18 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.14, Briefing.com reports. Lear had a return on equity of 14.47% and a net margin of 2.28%. The firm had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the firm posted $2.78 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. Lear updated its FY 2024 guidance to EPS.

Lear Stock Performance

Shares of LEA stock opened at $124.29 on Thursday. The company’s fifty day moving average price is $138.62 and its 200-day moving average price is $135.77. The stock has a market cap of $7.08 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 0.31 and a beta of 1.55. The company has a current ratio of 1.33, a quick ratio of 1.04 and a debt-to-equity ratio of 0.55. Lear has a 12 month low of $117.79 and a 12 month high of $157.90.

Lear Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 8th were issued a $0.77 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $3.08 dividend on an annualized basis and a yield of 2.48%. Lear’s dividend payout ratio (DPR) is 33.59%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. StockNews.com upgraded Lear from a “hold” rating to a “buy” rating in a research report on Tuesday. Barclays boosted their target price on Lear from $170.00 to $175.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Morgan Stanley lifted their price target on Lear from $140.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. UBS Group dropped their price objective on Lear from $146.00 to $142.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Lear from $177.00 to $179.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Lear has an average rating of “Moderate Buy” and an average price target of $161.44.

Insider Buying and Selling

In related news, CEO Raymond E. Scott sold 10,652 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $132.86, for a total transaction of $1,415,224.72. Following the sale, the chief executive officer now owns 13,627 shares of the company’s stock, valued at $1,810,483.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Raymond E. Scott sold 10,652 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $132.86, for a total transaction of $1,415,224.72. Following the sale, the chief executive officer now directly owns 13,627 shares of the company’s stock, valued at approximately $1,810,483.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jason M. Cardew sold 2,750 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $140.81, for a total transaction of $387,227.50. Following the sale, the chief financial officer now owns 17,506 shares in the company, valued at approximately $2,465,019.86. The disclosure for this sale can be found here. 0.79% of the stock is owned by company insiders.

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.