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

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

Lear Price Performance

LEA stock traded up $0.65 during midday trading on Friday, reaching $121.41. The stock had a trading volume of 696,386 shares, compared to its average volume of 683,158. Lear has a 52-week low of $112.26 and a 52-week high of $157.90. The company has a market cap of $6.89 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 0.35 and a beta of 1.47. The company’s fifty day simple moving average is $119.61 and its 200 day simple moving average is $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 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 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend was Thursday, June 6th. Lear’s dividend payout ratio is presently 33.59%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on LEA shares. Bank of America cut their price objective on shares of Lear from $205.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Evercore ISI decreased their price target on shares of Lear from $155.00 to $145.00 and set an “in-line” rating for the company in a report on Monday, July 15th. StockNews.com raised shares of Lear from a “hold” rating to a “buy” rating in a report on Friday. UBS Group reduced their target price on Lear from $136.00 to $128.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Barclays lowered their price target on Lear from $165.00 to $155.00 and set an “overweight” rating for the company in a research report on Tuesday, July 16th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $157.70.

Insider Activity

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

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.