Strattec Security (NASDAQ:STRT) Posts Earnings Results, Beats Estimates By $0.70 EPS

Strattec Security (NASDAQ:STRT) released its quarterly earnings results on Tuesday. The auto parts company reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.70, Zacks reports. Strattec Security had a net margin of 4.31% and a return on equity of 11.00%. The firm had revenue of $151.83 million during the quarter, compared to analyst estimates of $146.77 million.

Strattec Security Price Performance

STRT stock traded up $1.54 during mid-day trading on Tuesday, hitting $79.21. 71,784 shares of the stock were exchanged, compared to its average volume of 81,220. The business has a fifty day moving average price of $82.30 and a 200 day moving average price of $80.08. Strattec Security has a 12 month low of $57.01 and a 12 month high of $92.50. The stock has a market capitalization of $331.10 million, a price-to-earnings ratio of 13.07, a PEG ratio of 1.69 and a beta of 1.18.

Hedge Funds Weigh In On Strattec Security

A number of large investors have recently modified their holdings of STRT. Vanguard Group Inc. boosted its stake in Strattec Security by 2.3% in the third quarter. Vanguard Group Inc. now owns 238,937 shares of the auto parts company’s stock worth $16,262,000 after buying an additional 5,280 shares in the last quarter. Millennium Management LLC raised its stake in shares of Strattec Security by 117.3% during the third quarter. Millennium Management LLC now owns 112,312 shares of the auto parts company’s stock worth $7,644,000 after acquiring an additional 60,628 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Strattec Security by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 97,246 shares of the auto parts company’s stock worth $7,406,000 after acquiring an additional 6,403 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Strattec Security by 40.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 89,531 shares of the auto parts company’s stock worth $6,817,000 after acquiring an additional 25,572 shares during the last quarter. Finally, Bridgeway Capital Management LLC lifted its holdings in shares of Strattec Security by 84.4% in the 3rd quarter. Bridgeway Capital Management LLC now owns 78,599 shares of the auto parts company’s stock worth $5,349,000 after acquiring an additional 35,986 shares during the last quarter. 68.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Strattec Security announced that its Board of Directors has initiated a stock buyback program on Thursday, May 28th that permits the company to buyback $40.00 million in shares. This buyback authorization permits the auto parts company to reacquire up to 12.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

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.