Lear stock edges up after boosting buyback to $1.5 billion
Investing.com -- Lear Corporation (NYSE: LEA) shares edged 1.3% higher in after-hours trading Thursday following the company's announcement of an increased share repurchase authorization.
The automotive technology company said its Board of Directors approved boosting the share buyback authorization to $1.5 billion and extended the program through December 31, 2029. At the end of the second quarter 2026, Lear had approximately $600 million remaining on its previous authorization, which was set to expire on December 31, 2026.
Since launching its share repurchase program in 2011 through the end of the second quarter 2026, Lear has bought back 63.6 million shares of its common stock for a total of $6.1 billion. This represents a reduction of approximately 60% of shares outstanding since the program's inception.
The Southfield, Michigan-based company, which operates in automotive seating and electrical systems, said the Board's decision reflects confidence in the company's outlook and free cash flow generation capabilities.