Strattec Security (NASDAQ:STRT) Announces Quarterly Earnings Results

Strattec Security (NASDAQ:STRT) released its quarterly earnings results on Tuesday. The auto parts company reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.70, Zacks reports. Strattec Security had a return on equity of 11.00% and a net margin of 4.31%.

Strattec Security Trading Up 2.0%

Shares of NASDAQ STRT traded up $1.54 during trading hours on Tuesday, hitting $79.21. 71,784 shares of the company traded hands, compared to its average volume of 81,220. The company’s 50 day moving average price is $82.30 and its 200 day moving average price is $80.08. The stock has a market capitalization of $331.10 million, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 1.69 and a beta of 1.18. Strattec Security has a 12 month low of $57.01 and a 12 month high of $92.50.

Strattec Security declared that its Board of Directors has approved a share repurchase program on Thursday, May 28th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the auto parts company to repurchase up to 12.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Strattec Security

A number of hedge funds have recently added to or reduced their stakes in STRT. Bank of America Corp DE increased its stake in shares of Strattec Security by 137.9% during the fourth quarter. Bank of America Corp DE now owns 2,208 shares of the auto parts company’s stock valued at $91,000 after buying an additional 1,280 shares during the period. Goldman Sachs Group Inc. grew its holdings in Strattec Security by 41.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 22,548 shares of the auto parts company’s stock worth $890,000 after acquiring an additional 6,624 shares in the last quarter. Empowered Funds LLC increased its position in Strattec Security by 3.3% during the 1st quarter. Empowered Funds LLC now owns 17,221 shares of the auto parts company’s stock valued at $680,000 after purchasing an additional 555 shares during the period. Jane Street Group LLC increased its holdings in Strattec Security by 61.1% during the first quarter. Jane Street Group LLC now owns 15,869 shares of the auto parts company’s stock valued at $626,000 after buying an additional 6,019 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Strattec Security by 110.2% during the second quarter. Geode Capital Management LLC now owns 90,389 shares of the auto parts company’s stock valued at $5,624,000 after buying an additional 47,389 shares during the period. 68.91% of the stock is currently owned by institutional investors.

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.