Lear (NYSE:LEA) Posts Earnings Results, Beats Expectations By $0.26 EPS

Lear (NYSE:LEA) announced its quarterly earnings data on Thursday. The auto parts company reported $3.60 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.26, Briefing.com reports. Lear had a return on equity of 14.75% and a net margin of 2.30%. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the previous year, the firm earned $3.33 earnings per share. The firm’s quarterly revenue was up .2% compared to the same quarter last year. Lear updated its FY 2024 guidance to EPS.

Lear Price Performance

NYSE LEA traded up $0.65 on Friday, hitting $121.41. 696,386 shares of the company’s stock were exchanged, compared to its average volume of 683,158. The stock has a 50-day moving average of $119.61 and a 200-day moving average of $130.13. The company has a current ratio of 1.34, a quick ratio of 1.04 and a debt-to-equity ratio of 0.56. Lear has a 52 week low of $112.26 and a 52 week high of $157.90. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 13.24, a P/E/G ratio of 0.35 and a beta of 1.47.

Lear Dividend Announcement

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

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their target price on Lear from $179.00 to $166.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Citigroup cut their price target on Lear from $141.00 to $127.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Barclays cut their price target on Lear from $165.00 to $155.00 and set an “overweight” rating on the stock in a report on Tuesday, July 16th. Morgan Stanley upgraded Lear from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $150.00 to $160.00 in a report on Friday, May 10th. Finally, Bank of America cut their price target on Lear from $205.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.