Empowered Funds LLC acquired a new stake in Strattec Security Corporation (NASDAQ:STRT - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 26,702 shares of the auto parts company's stock, valued at approximately $2,175,000. Empowered Funds LLC owned about 0.64% of Strattec Security as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. New York State Teachers Retirement System bought a new stake in shares of Strattec Security during the fourth quarter worth $27,000. Legal & General Group Plc bought a new position in Strattec Security in the second quarter valued at about $34,000. Raymond James Financial Inc. acquired a new stake in Strattec Security in the second quarter worth about $92,000. New York State Common Retirement Fund acquired a new stake in Strattec Security in the second quarter worth about $106,000. Finally, Triumph Capital Management bought a new stake in Strattec Security during the 3rd quarter worth about $133,000. 68.91% of the stock is owned by institutional investors and hedge funds.
Strattec Security Price Performance
Shares of NASDAQ:STRT opened at $73.07 on Thursday. The firm's 50 day simple moving average is $81.38 and its 200 day simple moving average is $79.32. Strattec Security Corporation has a fifty-two week low of $57.01 and a fifty-two week high of $93.00. The company has a market capitalization of $290.82 million, a price-to-earnings 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 issued its earnings results on Tuesday, August 25th. The auto parts company reported $2.06 EPS for the quarter, beating the consensus estimate of $1.36 by $0.70. The firm had revenue of $151.83 million during 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 10.79%. 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 authorized a stock buyback program on Thursday, May 28th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the auto parts company to purchase up to 12.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on STRT shares. Zacks Research raised shares of Strattec Security from a "strong sell" rating to a "hold" rating in a research note on Friday, July 10th. Freedom Capital upgraded shares of Strattec Security from a "hold" rating to a "strong-buy" rating in a report on Monday, May 11th. Freedom Broker reaffirmed a "hold" rating and issued a $83.00 price objective (down from $89.00) on shares of Strattec Security in a research note on Monday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Strattec Security in a research note on Wednesday, June 24th. 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 investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $83.00.
Read Our Latest Stock Analysis on STRT
About Strattec Security
(
Free Report)
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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