Strattec Security (NASDAQ:STRT) Announces Quarterly Earnings Results

Strattec Security (NASDAQ:STRT) posted its quarterly earnings data on Tuesday. The auto parts company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.70, Zacks reports. The firm had revenue of $151.83 million for the quarter, compared to the consensus estimate of $146.77 million. Strattec Security had a net margin of 3.56% and a return on equity of 10.82%.

Strattec Security Trading Down 8.0%

Strattec Security stock opened at $72.76 on Thursday. The business’s 50 day simple moving average is $82.22 and its 200 day simple moving average is $79.93. Strattec Security has a 12 month low of $57.01 and a 12 month high of $93.00. The company has a market cap of $304.14 million, a price-to-earnings ratio of 14.55, a PEG ratio of 1.63 and a beta of 1.18.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wall Street Zen cut shares of Strattec Security from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Strattec Security in a report 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, Zacks Research raised Strattec Security from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. One equities research 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 company’s stock. Based on data from MarketBeat.com, Strattec Security currently has an average rating of “Buy”.

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

Institutional Investors Weigh In On Strattec Security

Several institutional investors have recently added to or reduced their stakes in STRT. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Strattec Security during the third quarter worth $4,353,000. Millennium Management LLC lifted its holdings in Strattec Security by 117.3% during the 3rd quarter. Millennium Management LLC now owns 112,312 shares of the auto parts company’s stock worth $7,644,000 after purchasing an additional 60,628 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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 worth $5,624,000 after purchasing an additional 47,389 shares in the last quarter. Invesco Ltd. bought a new position in Strattec Security in the 2nd quarter worth about $2,831,000. Finally, Bridgeway Capital Management LLC boosted its stake in 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 purchasing an additional 35,986 shares during the period. 68.91% of the stock is owned by hedge funds and other institutional investors.

About Strattec Security

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.