Horizon Investment Services Lowers stake in Lear Corporation (LEA)

Lear Corporation (LEA) : Horizon Investment Services reduced its stake in Lear Corporation by 10.75% during the most recent quarter end. The investment management company now holds a total of 59,424 shares of Lear Corporation which is valued at $6,789,192 after selling 7,159 shares in Lear Corporation , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Lear Corporation makes up approximately 3.26% of Horizon Investment Services’s portfolio.

Other Hedge Funds, Including , Voya Investment Management reduced its stake in LEA by selling 195,939 shares or 35.84% in the most recent quarter. The Hedge Fund company now holds 350,771 shares of LEA which is valued at $40,075,587. Lear Corporation makes up approx 0.09% of Voya Investment Management’s portfolio.United Services Automobile Association reduced its stake in LEA by selling 131 shares or 1.23% in the most recent quarter. The Hedge Fund company now holds 10,530 shares of LEA which is valued at $1,203,053.Alliancebernstein reduced its stake in LEA by selling 199,602 shares or 15.18% in the most recent quarter. The Hedge Fund company now holds 1,115,525 shares of LEA which is valued at $127,448,731. Lear Corporation makes up approx 0.11% of Alliancebernstein’s portfolio.Comerica Securities Inc boosted its stake in LEA in the latest quarter, The investment management firm added 641 additional shares and now holds a total of 3,649 shares of Lear Corporation which is valued at $416,898. Lear Corporation makes up approx 0.27% of Comerica Securities Inc’s portfolio.British Airways Pensions Investment Management Ltd reduced its stake in LEA by selling 71,428 shares or 32.96% in the most recent quarter. The Hedge Fund company now holds 145,315 shares of LEA which is valued at $16,920,479. Lear Corporation makes up approx 0.50% of British Airways Pensions Investment Management Ltd’s portfolio.

Lear Corporation closed down -0.54 points or -0.46% at $115.75 with 7,25,512 shares getting traded on Thursday. Post opening the session at $116, the shares hit an intraday low of $115.12 and an intraday high of $118.17 and the price fluctuated in this range throughout the day.Shares ended Thursday 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. Lear Corporation was Initiated by Seaport Global Securities to “Neutral” on Aug 9, 2016. Lear Corporation was Downgraded by BofA/Merrill to ” Neutral” on Jun 21, 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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