Bank of America Trims Lear (NYSE:LEA) Target Price to $170.00

Lear (NYSE:LEA) had its target price lowered by equities researchers at Bank of America from $180.00 to $170.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the auto parts company’s stock. Bank of America‘s target price suggests a potential upside of 59.59% from the company’s previous close.

Several other brokerages also recently weighed in on LEA. Barclays reduced their price objective on shares of Lear from $155.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $132.00 price objective on shares of Lear in a research note on Tuesday, September 10th. Citigroup dropped their price objective on Lear from $141.00 to $127.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Wells Fargo & Company decreased their target price on Lear from $131.00 to $114.00 and set an “equal weight” rating for the company in a research report on Friday, September 20th. Finally, Morgan Stanley cut their price target on Lear from $150.00 to $145.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 25th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Lear currently has an average rating of “Moderate Buy” and a consensus target price of $146.55.

Lear Stock Down 0.4 %

Shares of LEA stock traded down $0.47 on Monday, reaching $106.52. 122,763 shares of the stock were exchanged, compared to its average volume of 643,936. The company has a market capitalization of $6.05 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 0.44 and a beta of 1.44. The business’s 50 day moving average price is $110.19 and its 200 day moving average price is $120.13. 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 twelve month low of $101.67 and a twelve month high of $147.11.

Lear (NYSE:LEA) last released its quarterly earnings data on Thursday, July 25th. The auto parts company reported $3.60 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the prior year, the firm posted $3.33 EPS. The business’s quarterly revenue was up .2% compared to the same quarter last year. As a group, sell-side analysts expect that Lear will post 12.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lear

A number of large investors have recently modified their holdings of LEA. Pacer Advisors Inc. raised its holdings in Lear by 11,753.3% during the second quarter. Pacer Advisors Inc. now owns 1,016,778 shares of the auto parts company’s stock worth $116,126,000 after purchasing an additional 1,008,200 shares during the last quarter. Pzena Investment Management LLC lifted its stake in 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 valued at $820,929,000 after buying an additional 946,109 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings 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 during the last quarter. Point72 Asset Management L.P. increased its position in Lear by 115.4% during the second quarter. Point72 Asset Management L.P. now owns 561,100 shares of the auto parts company’s stock worth $64,083,000 after buying an additional 300,667 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in shares of Lear by 9.5% in the second quarter. Diamond Hill Capital Management Inc. now owns 2,754,752 shares of the auto parts company’s stock worth $314,620,000 after acquiring an additional 238,964 shares during the last quarter. 97.04% of the stock is owned by hedge funds and other institutional investors.

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 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.