Man Group plc Buys Shares of 15,407 Strattec Security Corporation $STRT

Man Group plc purchased a new position in Strattec Security Corporation (NASDAQ:STRT) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 15,407 shares of the auto parts company’s stock, valued at approximately $1,255,000.

Other institutional investors have also recently made changes to their positions in the company. New York State Teachers Retirement System purchased a new stake in shares of Strattec Security during the 4th quarter valued at $27,000. Legal & General Group Plc purchased a new position in Strattec Security in the second quarter worth $34,000. Raymond James Financial Inc. bought a new position in Strattec Security in the second quarter valued at $92,000. New York State Common Retirement Fund bought a new position in Strattec Security in the second quarter valued at $106,000. Finally, Triumph Capital Management purchased a new stake in Strattec Security during the third quarter valued at about $133,000. Institutional investors own 68.91% of the company’s stock.

Strattec Security Trading Up 5.6%

STRT opened at $73.07 on Thursday. The company has a market cap of $290.82 million, a P/E ratio of 14.61, a P/E/G ratio of 1.62 and a beta of 1.17. The business’s 50-day moving average price is $81.38 and its 200-day moving average price is $79.32. Strattec Security Corporation has a 12 month low of $57.01 and a 12 month high of $93.00.

Strattec Security (NASDAQ:STRT) last issued its earnings results on Tuesday, August 25th. The auto parts company reported $2.06 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.70. Strattec Security had a return on equity of 10.79% and a net margin of 3.56%.The company had revenue of $151.83 million during the quarter, compared to analysts’ expectations of $146.77 million. Equities research analysts forecast that Strattec Security Corporation will post 4.27 earnings per share for the current fiscal year.

Strattec Security announced that its board has authorized a share repurchase 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 reacquire up to 12.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

STRT has been the subject of several research analyst reports. Freedom Broker reaffirmed a “hold” rating and set a $83.00 price target (down from $89.00) on shares of Strattec Security in a research note on Monday. Wall Street Zen cut Strattec Security from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Zacks Research upgraded Strattec Security from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Freedom Capital raised Strattec Security from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Strattec Security in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.00.

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.