Pzena Investment Management Discloses Stake in Lear Corp

TL;DR

**Pzena Investment Management just revealed a stake in Lear Corp, a bullish sign for the auto supplier.**

AI Summary

Pzena Investment Management LLC, a New York-based investment firm, reported on February 7, 2024, that it holds a significant stake in Lear Corp (NYSE: LEA) as of December 31, 2023. This filing indicates Pzena's continued or new investment in the automotive parts supplier, signaling their belief in the company's value. For investors, this matters because large institutional holdings can provide a vote of confidence in the stock, potentially influencing its stability and future performance.

Why It Matters

This filing shows a major institutional investor, Pzena Investment Management, has a position in Lear Corp, which can be seen as a positive signal for the company's stock.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of an institutional holding and does not indicate any immediate negative risks to the company or its investors.

Analyst Insight

An investor might view this as a neutral to slightly positive signal, indicating institutional interest in Lear Corp, but should await further details on the size of the stake to gauge its true significance.

Key Players & Entities

• Pzena Investment Management LLC (company) — the reporting person and institutional investor
• Lear Corp (company) — the subject company, an automotive parts & accessories manufacturer
• December 31, 2023 (date) — the date of the event requiring the filing
• February 7, 2024 (date) — the filing date of the SC 13G

FAQ

From the Filing

0000950170-24-012001.txt : 20240207 0000950170-24-012001.hdr.sgml : 20240207 20240207104832 ACCESSION NUMBER: 0000950170-24-012001 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240207 DATE AS OF CHANGE: 20240207 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: LEAR CORP CENTRAL INDEX KEY: 0000842162 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 133386776 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-43537 FILM NUMBER: 24602791 BUSINESS ADDRESS: STREET 1: 21557 TELEGRAPH ROAD CITY: SOUTHFIELD STATE: MI ZIP: 48033 BUSINESS PHONE: 2484471500 MAIL ADDRESS: STREET 1: 21557 TELEGRAPH ROAD CITY: SOUTHFIELD STATE: MI ZIP: 48033 FORMER COMPANY: FORMER CONFORMED NAME: LEAR CORP /DE/ DATE OF NAME CHANGE: 19960620 FORMER COMPANY: FORMER CONFORMED NAME: LEAR SEATING CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: LEAR SIEGLER SEATING CORP DATE OF NAME CHANGE: 19900723 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PZENA INVESTMENT MANAGEMENT LLC CENTRAL INDEX KEY: 0001027796 ORGANIZATION NAME: IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 320 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-355-1600 MAIL ADDRESS: STREET 1: 320 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G 1 lear_corp_13g_dec_2023.htm SC 13G SC 13G       UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   SCHEDULE 13G Under the Securities Exchange Act of 1934   LEAR CORP (Name of Issuer) COMMON STOCK (Title of Class of Securities) 521865204 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement)   Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☐ Rule 13d-1(c) ☐ Rule 13d-1(d) ☒ Rule 13d-1(b) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).             SCHEDULE 13G     CUSIP NO. 521865204       PAGE 2  OF 6 PAGES   1. Name of reporting person/s.s. Or I.R.S. Identification No. of above person   PZENA INVESTMENT MANAGEMENT, LLC 2. Check the appropriate box if a member of a group (a) ☐     (b) ☐ 3. SEC use only   4. Citizenship or place of organization DELAWARE Number of 5. Sole voting power 5,170,971 shares beneficially owned by 6. Shared voting power 0 each reporting person 7. Sole dispositive power    6,304,116 with: 8. Shared dispositive power 0 9. Aggregate amount beneficially owned by each reporting person 6,304,116 10. Check box if the aggregate amount in Row (9) excludes certain shares* ☐   11. Percent of class represented by amount in Row (9)    10.8% 12. Type of reporting person* IA             SCHEDULE 13G     CUSIP NO. 521865204       PAGE 3  OF 6 PAGES   ITEM 1. (a) Name of Issuer: Lear Corp (b) Address of Issuer's Principal Executive Offices: 21557 Telegraph Road Southfield, MI 48033 ITEM 2. (a) Name of Person Filing: Pzena Investment Management, LLC (b) Address of Principal Business Office or, if none, Residence: 320 Park Avenue, 8th Floor, New Yo