Lear (LEA) Invests In Maniv To Enhance Mobility Technology

Lear Corporation (NYSE:LEA) announced that it invested in an Israel-based venture capital fund, managed by Maniv Mobility. The investment was made through Lear Innovation Ventures (“LIV”). It enables future alliance and strengthens Southfield, MI-based Lear’s involvement in the mobility technology ecosystem. Importantly, Maniv is exclusively focused on the advancement of mobility technology.

Israel is a frontrunner in the thriving auto tech sector. Lear is opting for strategic collaborations to drive mobility. Notably, this was not the first time when Lear made an investment in Israel in the mobility front.

In 2017, the company acquired Israel-based developer of high-accuracy vehicle positioning technology, EXO Technologies. The acquisition was aimed at meeting industry demand, and driving change through increased accuracy, reliability and functional safety for ADAS and autonomous driving applications.

In fourth-quarter 2018, Lear’s adjusted earnings per share surpassed the Zacks Consensus Estimate while revenues missed. However, its bottom and top lines declined from the prior-year quarter.

In the past six months, shares of Lear have outperformed the industry it belongs to. Its stock fell 7.7% in comparison with the industry’s decline of 18.3%.



Zacks Rank and Stocks to Consider

Lear currently carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the auto space are Ferrari N.V. (NYSE:RACE) , Oshkosh Corporation (NYSE:OSK) and Fox Factory Holding Corp. (NASDAQ:FOXF) . While Ferrari currently sports a Zacks Rank #1 (Strong Buy), Oshkosh and Fox Factory carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Ferrari has an expected long-term growth rate of 18.5%. Over the past three months, shares of the company have risen 35.2%.

Oshkosh has an expected long-term growth rate of 11.3%. Over the past three months, shares of the company have gained 22.8%.

Fox Factory has an expected long-term growth rate of 15.1%. Over the past three months, shares of the company have risen 16.1%.

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