Lear Corporation (LEA) is Downgraded by BofA/Merrill to Neutral

Lear Corporation (LEA) was Downgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Jun 21, 2016.

Many Wall Street Analysts have commented on Lear Corporation. Company shares were Reiterated by RBC Capital Mkts on Apr 28, 2016 to “Outperform”, Firm has raised the Price Target to $ 136 from a previous price target of $124 .Company shares were Reiterated by Barclays on Apr 28, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 125 from a previous price target of $119 .

On the company’s financial health, Lear Corporation reported $3.40 EPS for the quarter, beating the analyst consensus estimate by $ 0.63 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $2.77. The company had revenue of $4662.90 million for the quarter, compared to analysts expectations of $4705.02 million. The company’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.28 EPS.

Lear Corporation opened for trading at $116.25 and hit $117.84 on the upside on Monday, eventually ending the session at $117.49, with a gain of 2.77% or 3.17 points. The heightened volatility saw the trading volume jump to 7,35,237 shares. Company has a market cap of $8,668 M.

In a different news, on Jun 7, 2016, Jay K. Kunkel (President, Asia Pacific Ops) sold 653 shares at $116.32 per share price. According to the SEC, on May 23, 2016, Greg C Smith (director) sold 1,000 shares at $113.95 per share price. On Feb 22, 2016, Mel Stephens (SVP Comm, Facilities & Inv Rel) sold 17,146 shares at $104.08 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

Lear Corporation

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