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LEA $135.17

LEA target price
135.17
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Lear Corporation
Formerly called
American Metal Products
Type
Public Fortune 500
Traded as NYSE: LEA
Russell 2500 Component
Industry Manufacturing
Founded Detroit, Michigan (1917 (1917))
Headquarters Southfield, Michigan, United States of America
Number of locations
240 locations in 36 countries
Area served
International
Key people
Matthew J. Simoncini, President, Chief Executive Officer and Director; Terry Larkin, Executive Vice President, Business Development and General Counsel
Services Supplier of automotive seating and electrical
Revenue $18.6 billion in 2016
Number of employees
140,000
Divisions Seating and Electrical
Website www.lear.com/en/

Lear Corporation headquartered in Southfield, Michigan, United States of America, is a Fortune 500 company, engaged in the business of manufacturing and distribution of automotive seating and electrical distribution systems. As of 2014, the company had 221 manufacturing facilities in 36 countries around the globe, staffed by 113,401 employees. They recorded an aggregate global sales of US$16.2 billion in 2013. Lear has two major divisions: the seating business segment and the electrical business segment.

Lear Corporation was launched as American Metal Products in 1917 in Detroit, Michigan. At the time of its founding it was engaged in the manufacture of tubular, welded and stamped assemblies for the aircraft and automobile industries.

Lear grew during the 1980s and 1990s through a series of acquisitions. The company sought to become a supplier of complete interior automotive systems, that is, a supplier of seating, electrical, flooring, interior trim, instrument panels, etc., to original equipment manufacturing (OEM) auto companies.

On March 16, 1999, Lear announced it would acquire United Technologies Automotive, a subsidiary of United Technologies Corporation that produced dashboards, electrical distribution systems, motors and air-flow parts, interior door panels and switches, for $2.3 billion. Lear announced on May 4, 1999, that it had completed the acquisition.

On April 5, 2004, Lear announced it would pay $220 million for Wuppertal, Germany-based Grote & Hartmann, a maker of electrical components. On July 6, 2004, Lear announced it had completed the transaction.

As of late 2005, most OEM auto companies had indicated that they no longer wanted to purchase total interiors from any one company. As this was Lear's primary purpose in assembling those three divisions, and the Interior Systems Division was not profitable, the company began seeking to get rid of this division.

In early 2007, Lear Corporation completed the transfer of substantially all of its former North American Interior Systems Division to International Automotive Components Group (IAC), a joint venture of Lear, WL Ross & Co., and Franklin Mutual Advisers. The deal involved 26 manufacturing plants and two Chinese joint ventures. Lear also contributed $27 million in cash for a 25 percent interest in IAC and warrants for an additional 7 percent.

Also in 2007, Lear's board of directors agreed to a $2.3 billion takeover offer from American Real Estate Partners, an affiliate of financier Carl Icahn, subject to shareholder approval. Lear has said it will continue to talk to other interested parties, however, Icahn would receive a $100 million fee should another offer be accepted. The deal was later voted down by shareholders.

On July 2, 2009 Bloomberg News reported that Lear Corp. planned to file for Chapter 11 bankruptcy after reaching an agreement with representatives of secured lenders and bondholders. On November 9, 2009, Lear announced it had emerged from bankruptcy.

On August 10, 2011, Lear announced that senior vice president and chief financial officer Matt Simoncini had been elected chief executive officer and president, effective September 1, 2011.

In 2012, Automotive News awarded Lear a Premier Automotive Suppliers' Contribution to Excellence (PACE) Award for innovation, technological advancement and business performance for its Solid State Smart Junction Box (S3JB), noting Lear's "S3JB junction box has 1) integrated solid state fuse technology to eliminate relays, 2) created a new package that no longer has to be accessible from the driver compartment which decreases nuisance calls and lowers electrical device warranty returns, 3) created and installed a smart software logic with detailed diagnostics to permit a 'fail safe operation,' and 4) designed a single state board design with patented thermal aspects that permits multiple system and device connections and various configurations to ease manufacturing processes."

Lear acquired automotive and specialty fabrics company Guilford Mills for $257 million in May 2012. In addition to automotive fabric applications, Guilford produces fabrics for markets including water filtration, window covering, performance apparel, medical and other industrial applications.

In August 2014, it was announced that Lear Corp would acquire automotive leather supplier Eagle Ottawa LLC for a fee of $850 million.

In May 2015 the company announced that it will open a new automotive plant in Gostivar, Macedonia in the summer of 2015. This is Lear's first facility in Macedonia.

In August 2015 the company acquired the intellectual property and engineering team of Autonet Mobile. Autonet Mobile was a developer of connected car solutions using cellular, WiFi, bluetooth and cloud connected solutions.

In November 2015 the company acquired Arada Systems. Arada Systems was a technology company specializing in vehicle-to-vehicle and vehicle-to-infrastructure (V2V and V2I, together V2X) communication systems. They developed hardware and software solutions for V2X utilizing their expertise in 5.9GHz dedicated short range communication (DSRC) and other wired and wireless technologies such as CAN and GPS.

In February 2017 it was announced that Lear Corp signed a definitive agreement to acquire Grupo Antolin's automotive seating business. The transaction was valued at €286 million on a cash and debt free basis. Lear Corp funded the transaction with cash on hand.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q3 2022 2022-10-31 Future report Set alerts
Q2 2022 2022-08-02 1.79 1.79
Q1 2022 2022-05-03 1.80 1.80
Q4 2021 2022-02-08 1.22 1.22
Q3 2021 2021-11-02 0.53 0.53
Q2 2021 2021-08-06 2.45 2.45
Q1 2021 2021-05-07 3.73 3.73
Q4 2020 2021-02-04 3.66 3.66
Q3 2020 2020-10-30 0.00 0.00
Q2 2020 2020-08-04 -4.14 -4.89

Ratings

2016-06-21 Downgrade Bank of America Buy to Neutral
2016-06-21 Downgrade Bank of America Corp. Buy to Neutral
2016-05-03 Boost Price Target Goldman Sachs Neutral $107.00 to $122.00
2016-05-03 Boost Price Target Goldman Sachs Group Inc. Neutral $107.00 to $122.00
2016-04-28 Reiterated Rating Barclays Neutral to Equal Weight $119.00 to $125.00
2016-04-28 Reiterated Rating RBC Capital Outperform $124.00 to $136.00
2016-04-28 Reiterated Rating Barclays PLC Neutral to Equal Weight $119.00 to $125.00
2016-04-28 Reiterated Rating Royal Bank Of Canada Outperform $124.00 to $136.00
2016-03-03 Reiterated Rating Morgan Stanley Outperform
2016-01-29 Lower Price Target Credit Suisse Outperform $134.00 to $124.00
2016-01-29 Lower Price Target Credit Suisse Group AG Outperform $134.00 to $124.00
2016-01-25 Boost Price Target Deutsche Bank Hold $127.00 to $134.00
2016-01-25 Lower Price Target Barclays Equal Weight $126.00 to $116.00
2016-01-25 Boost Price Target Deutsche Bank AG Hold $127.00 to $134.00
2015-12-03 Reiterated Rating Susquehanna Neutral $95.00 to $100.00
2015-12-03 Reiterated Rating RBC Capital Outperform $115.00 to $120.00
2015-12-03 Reiterated Rating JPMorgan Chase & Co. Neutral $110.00 to $111.00
2015-12-03 Reiterated Rating Deutsche Bank Hold $102.00 to $111.00
2015-12-03 Reiterated Rating Credit Suisse Outperform $114.00 to $115.00
2015-12-03 Reiterated Rating Citigroup Inc. Buy $118.00 to $132.00
2015-12-03 Reiterated Rating Barclays Outperform $110.00 to $114.00
2015-10-27 Boost Price Target Barclays Equal Weight $115.00 to $119.00
2015-10-26 Downgrade Deutsche Bank Buy to Hold $121.00 to $127.00
2015-10-26 Boost Price Target RBC Capital Outperform $126.00 to $138.00
2015-10-26 Boost Price Target JPMorgan Chase & Co. Neutral $136.00 to $138.00
2015-10-20 Boost Price Target Susquehanna $121.00 to $132.00
2015-10-20 Boost Price Target JPMorgan Chase & Co. $120.00 to $136.00
2015-10-14 Boost Price Target Goldman Sachs $131.00 to $136.00
2015-10-14 Reiterated Rating Deutsche Bank Buy $119.00 to $121.00
2015-08-12 Boost Price Target Susquehanna Neutral $113.00 to $121.00
2015-07-27 Boost Price Target Barclays Equal Weight $107.00 to $111.00
2015-07-27 Reiterated Rating Credit Suisse Outperform $127.00
2015-07-27 Upgrade Deutsche Bank Hold to Buy $120.00 to $122.00
2015-07-20 Lower Price Target JPMorgan Chase & Co. Neutral $125.00 to $120.00
2015-07-17 Boost Price Target Susquehanna Neutral $121.00 to $131.00
2015-07-16 Downgrade Barclays Overweight to Equal Weight $124.00 to $107.00
2015-07-10 Reiterated Rating Citigroup Inc. Buy $132.00 to $131.00
2015-05-23 Reiterated Rating Evercore ISI Buy $160.00
2015-05-12 Initiated Coverage Evercore Partners Inc. Buy $160.00
2015-05-12 Initiated Coverage Evercore ISI Buy $160.00
2015-04-27 Boost Price Target Citigroup Inc. Buy $118.00 to $132.00
2015-04-27 Boost Price Target Barclays Overweight $120.00 to $124.00
2015-04-27 Boost Price Target Deutsche Bank Hold $109.00 to $120.00
2015-04-27 Boost Price Target RBC Capital Outperform $126.00 to $128.00
2015-04-22 Boost Price Target Susquehanna Neutral $100.00 to $117.00
2015-04-20 Reiterated Rating JPMorgan Chase & Co. Hold $122.00 to $125.00
2015-04-16 Boost Price Target Barclays Overweight $114.00 to $120.00
2015-03-11 Lower Price Target Deutsche Bank Hold $111.00 to $109.00
2015-02-02 Boost Price Target Credit Suisse Outperform $114.00 to $115.00
2015-02-02 Boost Price Target Susquehanna Neutral $95.00 to $100.00
2015-02-02 Boost Price Target Barclays Overweight $110.00 to $114.00
2015-02-02 Boost Price Target Citigroup Inc. Buy $117.00 to $118.00
2015-02-02 Boost Price Target RBC Capital Outperform $115.00 to $120.00
2015-01-28 Lower Price Target Deutsche Bank Hold $104.00 to $102.00
2015-01-26 Reiterated Rating JPMorgan Chase & Co. Neutral $110.00 to $111.00
2015-01-09 Initiated Coverage Citigroup Inc. Buy
2014-12-10 Initiated Coverage Northcoast Research Buy
2014-10-27 Boost Price Target RBC Capital Outperform $111.00 to $114.00
2014-10-21 Initiated Coverage Deutsche Bank Neutral $90.00
2014-10-21 Initiated Coverage Susquehanna Neutral $90.00
2014-10-17 Reiterated Rating Deutsche Bank Hold $103.00 to $104.00
2014-10-14 Downgrade Goldman Sachs Buy to Neutral $113.00 to $104.00
2014-10-03 Upgrade RBC Capital Sector Perform to Outperform $111.00
2014-08-28 Reiterated Rating S&P Equity Research Strong-Buy
2014-08-13 Initiated Coverage Credit Suisse Outperform $114.00
2014-08-11 Boost Price Target Morgan Stanley $90.00 to $98.00
2014-07-28 Reiterated Rating Citigroup Inc. Buy $101.00 to $117.00
2014-07-28 Boost Price Target Buckingham Research $105.00 to $120.00
2014-07-28 Boost Price Target JPMorgan Chase & Co. Neutral $105.00 to $108.00
2014-07-28 Downgrade Deutsche Bank Buy to Hold $100.00 to $103.00
2014-07-22 Reiterated Rating JPMorgan Chase & Co. Hold $94.00 to $105.00
2014-07-14 Upgrade Barclays Equal Weight to Overweight $93.00 to $113.00
2014-07-14 Lower Price Target Goldman Sachs $108.00 to $107.00
2014-06-16 Reiterated Rating KeyBanc Buy $97.00 to $104.00
2014-05-14 Upgrade Deutsche Bank Hold to Buy $95.00 to $100.00
2014-04-28 Boost Price Target Buckingham Research Buy $92.00 to $105.00
2014-04-28 Boost Price Target JPMorgan Chase & Co. Neutral $91.00 to $94.00
2014-04-28 Boost Price Target Deutsche Bank Hold $94.00 to $95.00
2014-04-28 Boost Price Target Citigroup Inc. Buy $90.00 to $101.00
2014-04-28 Boost Price Target RBC Capital Sector Perform $96.00 to $98.00
2014-04-15 Boost Price Target RBC Capital $89.00 to $96.00
2014-04-10 Reiterated Rating Barclays Equal Weight $88.00 to $93.00
2014-02-03 Downgrade CRT Capital Buy to Fair Value
2014-01-09 Boost Price Target Goldman Sachs Buy $90.00 to $95.00
2013-12-13 Reiterated Rating Deutsche Bank Positive
2013-10-29 Boost Price Target KeyBanc Buy $97.00
2013-10-29 Boost Price Target Guggenheim Buy $82.00 to $91.00
2013-10-28 Boost Price Target Morgan Stanley Overweight $66.00 to $90.00
2013-10-28 Boost Price Target Barclays Equal Weight $77.00 to $86.00
2013-10-28 Boost Price Target Jefferies Group Buy $78.00 to $92.00
2013-10-28 Downgrade Deutsche Bank Buy to Hold $76.00 to $83.00
2013-10-21 Reiterated Rating JPMorgan Chase & Co. Neutral $80.00 to $86.00
2013-10-16 Boost Price Target Barclays Equal Weight $73.00 to $77.00
2013-09-16 Reiterated Rating Deutsche Bank Buy $76.00
2013-09-16 Boost Price Target Guggenheim Buy $60.00 to $82.00
2012-03-14 Reiterated Barclays Capital Equal Weight $52 to $54
2016-06-21 Downgrade Bank of America Buy to Neutral
2016-06-21 Downgrade Bank of America Corp. Buy to Neutral
2016-05-03 Boost Price Target Goldman Sachs Neutral $107.00 to $122.00
2016-05-03 Boost Price Target Goldman Sachs Group Inc. Neutral $107.00 to $122.00
2016-04-28 Reiterated Rating Barclays Neutral to Equal Weight $119.00 to $125.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
STEPHENS MEL Sr VP Comm, Corp Relation & HR 0.05%  (40000) LEA /
SMITH GREG C 0.01%  (11349) LEA / PAG /
SCOTT RAYMOND E EVP & President, Seating 0.01%  (9524) LEA /
FOSTER JONATHAN F 0.01%  (9092) BERY / CHMT / DOOR / LEA /
Orsini Frank C Interim President, EPMS 0.01%  (8735) LEA /
Kunkel Jay K. President, Asia Pacific Ops 0.01%  (8368) LEA /
Vanneste Jeffrey H. Sr. VP and CFO 0.01%  (5565) LEA /
Foss Wendy L VP & Corporate Controller 0.01%  (5436) LEA /