Lear (NYSE:LEA) Price Target Cut to $170.00

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

LEA has been the topic of several other reports. Morgan Stanley lowered their price objective on Lear from $150.00 to $145.00 and set an “overweight” rating on the stock in a report on Wednesday, September 25th. StockNews.com raised Lear from a “hold” rating to a “buy” rating in a research note on Friday, July 26th. Wells Fargo & Company reduced their price objective on Lear from $131.00 to $114.00 and set an “equal weight” rating for the company in a research note on Friday, September 20th. Citigroup lowered their target price on shares of Lear from $141.00 to $127.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Finally, Wolfe Research assumed coverage on shares of Lear in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Lear currently has a consensus rating of “Moderate Buy” and an average target price of $146.55.

Lear Price Performance

LEA traded down $0.47 during trading on Monday, hitting $106.52. The company’s stock had a trading volume of 122,763 shares, compared to its average volume of 643,936. The firm has a market capitalization of $6.05 billion, a price-to-earnings ratio of 11.62, a P/E/G ratio of 0.44 and a beta of 1.44. Lear has a twelve month low of $101.67 and a twelve month high of $147.11. The business’s fifty day simple moving average is $110.19 and its 200 day simple moving average 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 (NYSE:LEA) last issued its quarterly earnings results on Thursday, July 25th. The auto parts company reported $3.60 EPS for the quarter, topping the consensus estimate of $3.34 by $0.26. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $6.02 billion. Lear had a net margin of 2.30% and a return on equity of 14.75%. The firm’s revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.33 EPS. On average, equities research analysts forecast that Lear will post 12.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LEA. Headlands Technologies LLC acquired a new stake in Lear during the 1st quarter worth approximately $29,000. Riverview Trust Co purchased a new position in Lear in the first quarter valued at $32,000. Altshuler Shaham Ltd acquired a new position in Lear during the 2nd quarter worth $26,000. EverSource Wealth Advisors LLC grew its stake in Lear by 70.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 266 shares of the auto parts company’s stock worth $32,000 after purchasing an additional 110 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in Lear during the 1st quarter worth about $62,000. Hedge funds and other institutional investors own 97.04% 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.