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Does Lear Corporation (LEA) Have a Stable Business?

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy underperformed and returned -0.75% (net) compared to a 7.46% return for the Russell 1000 Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Large Cap Strategy highlighted stocks like Lear Corporation (NYSE:LEA) in the Q1 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 May 11, 2023, Lear Corporation (NYSE:LEA) stock closed at $125.57 per share. One-month return of Lear Corporation (NYSE:LEA) was -7.21%, and its shares lost 5.33% of their value over the last 52 weeks. Lear Corporation (NYSE:LEA) has a market capitalization of $7.462 billion.

Diamond Hill Large Cap Strategy made the following comment about Lear Corporation (NYSE:LEA) in its Q1 2023 investor letter:

"We used a portion of the proceeds from those sales to initiate positions in aforementioned Allstate, as well as Lear Corporation (NYSE:LEA) and Regal Rexnord Corporation. 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. A recent selloff in the market allowed us to establish a position at an attractive discount to our estimate of intrinsic value."

Pixabay/Public Domain

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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, 28 hedge fund portfolios held Lear Corporation (NYSE:LEA) at the end of the fourth quarter, which was 23 in the previous quarter.

We discussed Lear Corporation (NYSE:LEA) in another article and shared best auto parts stocks. In addition, please check out our hedge fund investor letters Q1 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.