Strattec Security (NASDAQ:STRT) Upgraded to Hold at Zacks Research

Key Points

• Zacks Research upgraded Strattec Security from “strong sell” to “hold.” Despite the change, analysts’ average rating is “buy,” with an average price target of $79.
• Shares opened at $60.43 after trading down 5.8%; they remain below their 50-day and 200-day moving averages.
• Strattec reported quarterly EPS of $1.85, beating the $1.47 consensus estimate, while revenue of $147.2 million also topped expectations.

Strattec Security (NASDAQ:STRT - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Wednesday, Zacks reports.

A number of other equities research analysts have also issued reports on STRT. Freedom Broker upgraded shares of Strattec Security from a "hold" rating to a "buy" rating and cut their price target for the company from $83.00 to $79.00 in a report on Tuesday. Weiss Ratings cut shares of Strattec Security from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday. Finally, Wedbush set a $79.00 target price on shares of Strattec Security in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $79.00.

Strattec Security Trading Down 5.8%

Shares of STRT opened at $60.43 on Wednesday. The business's 50-day moving average price is $66.23 and its 200 day moving average price is $76.61. The stock has a market capitalization of $243.53 million, a P/E ratio of 9.84, a P/E/G ratio of 1.43 and a beta of 1.33. Strattec Security has a 1-year low of $57.01 and a 1-year high of $93.00.

Strattec Security (NASDAQ:STRT - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The auto parts company reported $1.85 EPS for the quarter, beating analysts' consensus estimates of $1.47 by $0.38. Strattec Security had a net margin of 2.94% and a return on equity of 10.06%. The company had revenue of $147.20 million during the quarter, compared to analyst estimates of $146.60 million. On average, research analysts predict that Strattec Security will post 4.47 earnings per share for the current year.

Hedge Funds Weigh In On Strattec Security

Institutional investors and hedge funds have recently modified their holdings of the stock. Baird Financial Group Inc. lifted its stake in Strattec Security by 4.1% in the second quarter. Baird Financial Group Inc. now owns 18,475 shares of the auto parts company's stock valued at $1,505,000 after acquiring an additional 720 shares during the last quarter. Nilsine Partners LLC grew its stake in Strattec Security by 3.9% in the 2nd quarter. Nilsine Partners LLC now owns 21,217 shares of the auto parts company's stock valued at $1,728,000 after buying an additional 790 shares during the last quarter. Susquehanna International Group LLP grew its position in shares of Strattec Security by 65.2% in the second quarter. Susquehanna International Group LLP now owns 11,765 shares of the auto parts company's stock valued at $958,000 after purchasing an additional 4,642 shares during the last quarter. Empowered Funds LLC acquired a new stake in Strattec Security in the 2nd quarter valued at approximately $2,175,000. Finally, Public Employees Retirement System of Ohio bought a new position in Strattec Security during the second quarter worth $766,000. 68.91% of the stock is currently owned by hedge funds and other institutional investors.

About Strattec Security

Strattec Security Corporation NASDAQ: STRT designs and manufactures automotive access, security and vehicle-control products. Its offerings include mechanical and electronic locks, latches, keys, ignition systems, power-liftgate and sliding-door systems, actuators, and related security components used in passenger vehicles and commercial vehicles.

The company supplies automotive original equipment manufacturers and other transportation-industry customers. Its products are developed for applications such as vehicle entry, theft deterrence, body access and electronic control, and are produced and supported through operations in North America and other international locations.

Strattec traces its history to the early automotive components industry and became an independent publicly traded company after being spun off from Briggs & Stratton Corporation in 1995.

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