324,909 Shares in Strattec Security Corporation $STRT Bought by BlackRock Inc.

Key Points

• BlackRock acquired 324,909 shares of Strattec Security in the second quarter, worth approximately $26.5 million and representing a 7.77% stake. Institutional investors collectively own 68.91% of the company.
• Strattec reported quarterly earnings of $2.06 per share, beating analyst expectations by $0.70, while revenue of $151.83 million also exceeded estimates.
• The company authorized a $40 million share-repurchase program, covering up to 12.8% of outstanding shares. Analysts maintain a “Moderate Buy” consensus with an $83 price target, despite the stock recently trading at $73.07.

BlackRock Inc. purchased a new position in shares of Strattec Security Corporation (NASDAQ:STRT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 324,909 shares of the auto parts company's stock, valued at approximately $26,464,000. BlackRock Inc. owned approximately 7.77% of Strattec Security at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in STRT. Gabelli Funds LLC raised its holdings in shares of Strattec Security by 41.7% in the 1st quarter. Gabelli Funds LLC now owns 247,800 shares of the auto parts company's stock valued at $19,413,000 after purchasing an additional 72,900 shares during the period. Sei Investments Co. grew its holdings in Strattec Security by 100.0% during the first quarter. Sei Investments Co. now owns 17,682 shares of the auto parts company's stock worth $1,385,000 after purchasing an additional 8,841 shares during the period. Dimensional Fund Advisors LP increased its position in Strattec Security by 3.6% during the first quarter. Dimensional Fund Advisors LP now owns 248,136 shares of the auto parts company's stock worth $19,438,000 after buying an additional 8,542 shares during the last quarter. Lazard Asset Management LLC increased its position in Strattec Security by 16.4% during the first quarter. Lazard Asset Management LLC now owns 40,995 shares of the auto parts company's stock worth $3,212,000 after buying an additional 5,769 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Strattec Security during the second quarter worth approximately $106,000. Institutional investors and hedge funds own 68.91% of the company's stock.

Strattec Security Stock Up 5.6%

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

Strattec Security (NASDAQ:STRT - Get Free Report) last announced its earnings results on Tuesday, August 25th. The auto parts company reported $2.06 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.70. The company had revenue of $151.83 million for the quarter, compared to analyst estimates of $146.77 million. Strattec Security had a return on equity of 10.79% and a net margin of 3.56%. Equities research analysts expect that Strattec Security Corporation will post 4.27 earnings per share for the current year.

Strattec Security declared that its board has approved a stock buyback plan on Thursday, May 28th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the auto parts company to repurchase up to 12.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently issued reports on STRT. Freedom Capital raised Strattec Security from a "hold" rating to a "strong-buy" rating in a research 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. Weiss Ratings restated a "buy (b)" rating on shares of Strattec Security in a research note on Wednesday, June 24th. Freedom Broker reaffirmed a "hold" rating and set a $83.00 price target (down from $89.00) on shares of Strattec Security in a report on Monday. Finally, Wall Street Zen cut shares of Strattec Security from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $83.00.

Strattec Security 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.

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