Renaissance Investment Group Lowers stake in Lear Corporation (LEA)

Lear Corporation (LEA) : Renaissance Investment Group reduced its stake in Lear Corporation by 70.72% during the most recent quarter end. The investment management company now holds a total of 13,098 shares of Lear Corporation which is valued at $1.4 Million after selling 31,640 shares in Lear Corporation according to a report filed by the company on Apr 1, 2016 with the SEC.Lear Corporation makes up approximately 0.69% of Renaissance Investment Group’s portfolio.

Other Hedge Funds, Including , Beacon Financial Group reduced its stake in LEA by selling 171 shares or 3.0% in the most recent quarter. The Hedge Fund company now holds 5,535 shares of LEA which is valued at $587,153. Lear Corporation makes up approx 0.13% of Beacon Financial Group’s portfolio.

On the company’s financial health, Lear Corporation reported $3.20 EPS for the quarter, beating the analyst consensus estimate by $ 0.32 according to the earnings call on Jan 28, 2016. Analyst had a consensus of $2.88. The company had revenue of $4724.60 million for the quarter, compared to analysts expectations of $4718.40 million. The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.27 EPS.

Many Wall Street Analysts have commented on Lear Corporation. Shares were Reiterated by Barclays on Jan 25, 2016 to “Equal Weight” and Lowered the Price Target to $ 116 from a previous price target of $126 .

Lear Corporation opened for trading at $105.48 and hit $107.23 on the upside on Monday, eventually ending the session at $106.16, with a gain of 1.43% or 1.5 points. The heightened volatility saw the trading volume jump to 6,64,262 shares. Company has a market cap of $7,905 M.

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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