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Should You Add Lear Corporation (LEA) to Your Holdings?

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio delivered positive results in the second quarter while modestly trailing the Russell Midcap Index. The healthcare holdings positively contributed to the relative performance while the information technology and materials holdings trailed benchmark peers. The fund returned 6.76% (net) in Q2 compared to 9.10% for the benchmark. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Capital Mid Cap Strategy highlighted stocks like Lear Corporation (NYSE:LEA) in the second quarter 2023 investor letter. Headquartered in Southfield, Michigan, Lear Corporation (NYSE:LEA) designs and manufactures automotive seats, electrical distribution systems, and electronic modules, as well as related sub-systems, components, and software. On September 7, 2023, Lear Corporation (NYSE:LEA) stock closed at $139.77 per share. One-month return of Lear Corporation (NYSE:LEA) was -5.98%, and its shares gained 1.67% of their value over the last 52 weeks. Lear Corporation (NYSE:LEA) has a market capitalization of $8.211 billion.

Diamond Hill Capital Mid Cap Strategy made the following comment about Lear Corporation (NYSE:LEA) in its Q2 2023 investor letter:

"As markets have risen, we have been cautious about deploying cash. That said, we are still finding attractive values in the market and capitalized on attractive entry points to initiate three new positions in Q2: Ferguson, SBA Communications Corp and Lear Corporation (NYSE:LEA).

Lear is a leading manufacturer of global automotive seating and is end-market agnostic to the ICE/EV (internal combustion engine to electric vehicles) secular shift. Lear has a stable business with attractive cash-generation capabilities. A recent market selloff allowed us to establish a market position at an attractive discount to our estimate of intrinsic value.”

Easiest and Cheapest Luxury Cars to Maintain
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YAKOBCHUK VIACHESLAV/Shutterstock.com

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Lear Corporation (NYSE:LEA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Lear Corporation (NYSE:LEA) at the end of second quarter which was 24 in the previous quarter.

We discussed Lear Corporation (NYSE:LEA) in another article and shared the list of undervalued cyclical stocks to buy now according to Wall Street analysts. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.