Bank of New York Mellon Corp Invests $1.99 Million in Strattec Security Corporation $STRT

Key Points

• Bank of New York Mellon acquired 24,431 Strattec Security shares worth approximately $1.99 million, giving it a 0.58% stake. Institutional investors and hedge funds collectively own 68.91% of the company.
• Strattec reported quarterly EPS of $2.06, beating estimates of $1.36, while revenue of $151.83 million also exceeded expectations. The company has authorized a $40 million share-repurchase plan covering up to 12.8% of outstanding shares.
• STRT shares recently traded at $74.34, down 2%, below the analyst consensus target of $83.00. Analyst sentiment remains a “Moderate Buy,” with ratings ranging from Strong Buy to Hold.

Bank of New York Mellon Corp acquired a new position in Strattec Security Corporation (NASDAQ:STRT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 24,431 shares of the auto parts company's stock, valued at approximately $1,990,000. Bank of New York Mellon Corp owned about 0.58% of Strattec Security as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. New York State Teachers Retirement System bought a new stake in Strattec Security in the fourth quarter valued at approximately $27,000. Raymond James Financial Inc. bought a new stake in Strattec Security during the second quarter valued at $92,000. New York State Common Retirement Fund bought a new stake in Strattec Security during the second quarter valued at $106,000. Triumph Capital Management acquired a new stake in Strattec Security during the 3rd quarter worth about $133,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Strattec Security in the 2nd quarter valued at about $132,000. 68.91% of the stock is currently owned by institutional investors and hedge funds.

Strattec Security Trading Down 2.0%

Shares of STRT stock opened at $74.34 on Wednesday. The firm has a fifty day simple moving average of $80.85 and a two-hundred day simple moving average of $78.90. Strattec Security Corporation has a 12 month low of $57.01 and a 12 month high of $93.00. The firm has a market capitalization of $295.87 million, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.78 and a beta of 1.17.

Strattec Security (NASDAQ:STRT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 25th. The auto parts company reported $2.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.70. The firm had revenue of $151.83 million during the quarter, compared to analysts' expectations of $146.77 million. Strattec Security had a net margin of 3.56% and a return on equity of 10.79%. On average, equities analysts predict that Strattec Security Corporation will post 4.27 earnings per share for the current fiscal year.

Strattec Security declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 28th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to repurchase up to 12.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

STRT has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Strattec Security from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. Zacks Research raised shares of Strattec Security from a "strong sell" rating to a "hold" rating in a research note on Friday, July 10th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Strattec Security in a research note on Wednesday, June 24th. Finally, Freedom Broker reaffirmed a "hold" rating and issued a $83.00 price target (down from $89.00) on shares of Strattec Security in a research note on Monday, August 31st. One investment 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 stock. According to data from MarketBeat, Strattec Security currently has an average rating of "Moderate Buy" and a consensus target price 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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