Pictet Asset Management Ltd. Acquires 2,300 Shares of Lear Co. (NYSE:LEA)

Pictet Asset Management Ltd. boosted its stake in Lear Co. (NYSE:LEA) by 4.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 50,848 shares of the auto parts company’s stock after buying an additional 2,300 shares during the quarter. Pictet Asset Management Ltd. owned approximately 0.08% of Lear worth $6,901,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LEA. Norges Bank purchased a new stake in shares of Lear during the 4th quarter valued at $653,026,000. Oregon Public Employees Retirement Fund boosted its stake in Lear by 11,007.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,898,551 shares of the auto parts company’s stock worth $40,000 after purchasing an additional 4,854,451 shares during the period. Harris Associates L P boosted its stake in Lear by 65.9% in the 4th quarter. Harris Associates L P now owns 3,424,807 shares of the auto parts company’s stock worth $420,772,000 after purchasing an additional 1,360,164 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Lear by 140.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,841,520 shares of the auto parts company’s stock worth $349,110,000 after purchasing an additional 1,659,488 shares during the period. Finally, Pzena Investment Management LLC bought a new position in Lear in the 4th quarter worth about $339,861,000. 89.15% of the stock is owned by institutional investors and hedge funds.

Lear stock traded down $1.19 during trading hours on Friday, reaching $139.27. The company had a trading volume of 914,459 shares, compared to its average volume of 603,231. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.10 and a current ratio of 1.34. Lear Co. has a 12-month low of $114.45 and a 12-month high of $192.73. The stock has a market cap of $8.75 billion, a price-to-earnings ratio of 7.64, a price-to-earnings-growth ratio of 3.22 and a beta of 1.41. The stock has a 50-day simple moving average of $132.89.

Lear (NYSE:LEA) last posted its earnings results on Friday, April 26th. The auto parts company reported $4.00 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $4.06 by ($0.06). Lear had a net margin of 4.94% and a return on equity of 25.28%. The business had revenue of $5.16 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same period last year, the firm posted $5.10 earnings per share. Lear’s quarterly revenue was down 10.0% on a year-over-year basis. Analysts anticipate that Lear Co. will post 17.45 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 7th were paid a dividend of $0.75 per share. The ex-dividend date was Thursday, June 6th. This represents a $3.00 annualized dividend and a dividend yield of 2.15%. Lear’s dividend payout ratio (DPR) is presently 16.47%.

A number of brokerages have recently issued reports on LEA. Morgan Stanley dropped their price target on Lear from $185.00 to $181.00 and set an “overweight” rating for the company in a research report on Monday, April 15th. Longbow Research reiterated a “buy” rating and set a $190.00 price target on shares of Lear in a research report on Wednesday, April 10th. KeyCorp dropped their price target on Lear from $190.00 to $185.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Deutsche Bank downgraded Lear from a “buy” rating to a “hold” rating and dropped their price target for the company from $162.00 to $159.00 in a research report on Tuesday, March 19th. Finally, Credit Suisse Group began coverage on Lear in a research report on Wednesday. They set a “neutral” rating and a $155.00 price target for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $173.13.

About Lear

Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers worldwide. It operates in two segments, Seating and E-Systems. The Seating segment offers leather and fabric products, seat trim covers, recliner mechanisms, seat tracks and foams, seat structures and mechanisms, and headrests for automobiles and light trucks, compact cars, and sport utility vehicles; and heating and cooling systems.

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Institutional Ownership by Quarter for Lear (NYSE:LEA)

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