Strattec Security (NASDAQ:STRT) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Strattec Security Corporation (NASDAQ:STRT) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $79.10 and traded as high as $83.31. Strattec Security shares last traded at $83.30, with a volume of 86,979 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on STRT. Zacks Research upgraded Strattec Security from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Weiss Ratings restated a “buy (b)” rating on shares of Strattec Security in a research note on Wednesday, June 24th. Freedom Capital upgraded Strattec Security from a “hold” rating to a “strong-buy” rating in a report on Monday, May 11th. Finally, Wall Street Zen cut Strattec Security from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Strattec Security Trading Down 1.2%

The stock has a market capitalization of $344.26 million, a P/E ratio of 13.59, a P/E/G ratio of 1.72 and a beta of 1.18. The stock’s 50 day simple moving average is $76.22 and its 200 day simple moving average is $79.13.

Strattec Security (NASDAQ:STRT) last issued its quarterly earnings results on Thursday, May 7th. The auto parts company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.24). Strattec Security had a net margin of 4.31% and a return on equity of 11.00%. The firm had revenue of $137.63 million during the quarter, compared to the consensus estimate of $140.35 million. On average, sell-side analysts expect that Strattec Security Corporation will post 6.12 EPS for the current fiscal year.

Strattec Security declared that its board has approved a stock buyback plan on Thursday, May 28th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the auto parts company to purchase up to 12.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Strattec Security

In related news, CFO Matthew Pauli purchased 2,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were acquired at an average cost of $62.53 per share, for a total transaction of $125,060.00. Following the transaction, the chief financial officer owned 2,000 shares of the company’s stock, valued at $125,060. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frederic Jack Liebau, Jr. acquired 1,000 shares of Strattec Security stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average price of $61.37 per share, with a total value of $61,370.00. Following the transaction, the director directly owned 7,748 shares in the company, valued at approximately $475,494.76. This trade represents a 14.82% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 4,598 shares of company stock worth $286,440. 3.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Strattec Security

Hedge funds and other institutional investors have recently modified their holdings of the company. Gabelli Funds LLC increased its holdings in shares of Strattec Security by 41.7% in the 1st quarter. Gabelli Funds LLC now owns 247,800 shares of the auto parts company’s stock worth $19,413,000 after acquiring an additional 72,900 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Strattec Security in the 3rd quarter valued at about $4,353,000. Millennium Management LLC lifted its position in Strattec Security by 117.3% in the 3rd quarter. Millennium Management LLC now owns 112,312 shares of the auto parts company’s stock valued at $7,644,000 after purchasing an additional 60,628 shares during the last quarter. Geode Capital Management LLC boosted its stake in Strattec Security by 110.2% during the 2nd quarter. Geode Capital Management LLC now owns 90,389 shares of the auto parts company’s stock valued at $5,624,000 after purchasing an additional 47,389 shares during the period. Finally, Invesco Ltd. acquired a new position in Strattec Security during the 2nd quarter valued at about $2,831,000. Institutional investors and hedge funds own 68.91% of the company’s stock.

Strattec Security Company Profile

Strattec Security Corporation is a Wisconsin‐based designer and manufacturer of mechanical and electronic locking systems for the global automotive market. Established more than five decades ago, the company supplies original equipment manufacturers (OEMs) and the aftermarket with a broad portfolio of lock and key solutions tailored to passenger cars, light trucks and commercial vehicles.

The company’s product range includes mechanical locking systems such as door lock cylinders, ignition lock modules, key blanks and door handles, as well as electromechanical and keyless‐entry systems.