Cornerstone Investment Partners Lowers stake in Lear Corporation (LEA)

Lear Corporation (LEA) : Cornerstone Investment Partners reduced its stake in Lear Corporation by 20.07% during the most recent quarter end. The investment management company now holds a total of 24,659 shares of Lear Corporation which is valued at $2,870,061 after selling 6,192 shares in Lear Corporation , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Lear Corporation makes up approximately 0.13% of Cornerstone Investment Partners’s portfolio.

Other Hedge Funds, Including , Msi Financial Services Inc boosted its stake in LEA in the latest quarter, The investment management firm added 144 additional shares and now holds a total of 1,617 shares of Lear Corporation which is valued at $188,203. Lear Corporation makes up approx 0.01% of Msi Financial Services Inc’s portfolio.Oregon Public Employees Retirement Fund boosted its stake in LEA in the latest quarter, The investment management firm added 7,337 additional shares and now holds a total of 21,521 shares of Lear Corporation which is valued at $2,590,052. Lear Corporation makes up approx 0.06% of Oregon Public Employees Retirement Fund’s portfolio. First Mercantile Trust Co added LEA to its portfolio by purchasing 2,570 company shares during the most recent quarter which is valued at $310,996. Lear Corporation makes up approx 0.04% of First Mercantile Trust Co’s portfolio.

Lear Corporation closed down -1.95 points or -1.62% at $118.4 with 5,88,595 shares getting traded on Tuesday. Post opening the session at $120.19, the shares hit an intraday low of $117.75 and an intraday high of $120.5 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Lear Corporation reported $3.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.34 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $3.32. The company had revenue of $4724.80 million for the quarter, compared to analysts expectations of $4860.36 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.82 EPS.

Many Wall Street Analysts have commented on Lear Corporation. Company shares were Downgraded by RBC Capital Mkts on Oct 14, 2016 to ” Sector Perform”, Firm has raised the Price Target to $ 121 from a previous price target of $120 .Robert W. Baird Initiated Lear Corporation on Oct 11, 2016 to “Neutral”, Price Target of the shares are set at $133.Lear Corporation was Initiated by Seaport Global Securities to “Neutral” on Aug 9, 2016.

Lear Corporation is engaged in providing automotive seat systems and individual seat component parts. The Company has two segments: seating and electrical. The Company seating segment consists of the design development engineering assembly and delivery of complete seat systems. The Company is also involved in the design development engineering and manufacture of all seat components including seat structures and mechanisms seat covers and surface materials such as fabric and leather seat foam and headrests. The Company’s electrical segment consists of the design development engineering manufacture assembly and supply of electrical distribution systems and components for light vehicles. The Company has manufacturing engineering and administrative capabilities in about 34 countries with 219 locations. The Company also manufactures junction boxes and electronic control modules which are connected to the wire harness assemblies.

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