Man Group plc Invests $1.25 Million in Strattec Security Corporation $STRT

Key Points

• Man Group plc acquired 15,407 Strattec Security shares worth approximately $1.255 million, giving it a 0.37% stake. Institutional investors collectively own 68.91% of the company.
• Strattec Security exceeded quarterly expectations, reporting $2.06 EPS versus the $1.36 consensus and revenue of $151.83 million versus $146.77 million expected.
• The company authorized a $40 million share buyback, while analysts maintain a “Moderate Buy” consensus with an average price target of $83, above the reported $73.07 share price.

Man Group plc acquired a new position in Strattec Security Corporation (NASDAQ:STRT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 15,407 shares of the auto parts company's stock, valued at approximately $1,255,000. Man Group plc owned about 0.37% of Strattec Security as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Strattec Security during the second quarter worth about $26,464,000. Gabelli Funds LLC lifted its stake in shares of Strattec Security by 41.7% during the 1st quarter. Gabelli Funds LLC now owns 247,800 shares of the auto parts company's stock valued at $19,413,000 after buying an additional 72,900 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Strattec Security during the 3rd quarter valued at approximately $4,353,000. Millennium Management LLC boosted its holdings in Strattec Security by 117.3% in the 3rd quarter. Millennium Management LLC now owns 112,312 shares of the auto parts company's stock worth $7,644,000 after buying an additional 60,628 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Strattec Security by 110.2% in the 2nd quarter. Geode Capital Management LLC now owns 90,389 shares of the auto parts company's stock worth $5,624,000 after buying an additional 47,389 shares during the period. 68.91% of the stock is currently owned by institutional investors.

Strattec Security Price Performance

Shares of NASDAQ:STRT opened at $73.07 on Thursday. The firm has a fifty day moving average price of $81.38 and a two-hundred day moving average price of $79.32. Strattec Security Corporation has a one year low of $57.01 and a one year high of $93.00. The company has a market cap of $290.82 million, a price-to-earnings ratio of 14.61, a PEG ratio of 1.62 and a beta of 1.17.

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

Strattec Security announced that its Board of Directors has initiated a share buyback plan on Thursday, May 28th that allows the company to buyback $40.00 million in shares. This buyback authorization allows the auto parts company to reacquire 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 stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on STRT. Zacks Research raised shares of Strattec Security from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. Freedom Capital raised Strattec Security from a "hold" rating to a "strong-buy" rating in a report on Monday, May 11th. Freedom Broker reiterated a "hold" rating and issued a $83.00 price target (down from $89.00) on shares of Strattec Security in a research report on Monday. Wall Street Zen lowered Strattec Security from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Strattec Security in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $83.00.

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.

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