Strattec Security Corporation (NASDAQ:STRT) Short Interest Down 27.7% in August

Key Points

• Strattec Security Corporation saw a significant 27.7% drop in short interest, with 206,400 shares sold short as of August 31st, reflecting a stronger market position for the company.
• The company reported $2.06 EPS for the last quarter, exceeding estimates by $0.99, along with revenue of $152.01 million, surpassing expectations.
• Institutional investors now own 68.91% of Strattec's stock, with several hedge funds increasing their stakes in the company during the second quarter.

Strattec Security Corporation (NASDAQ:STRT - Get Free Report) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totaling 206,400 shares, a drop of 27.7% from the August 15th total of 285,400 shares. Currently, 5.4% of the company's shares are short sold. Based on an average daily volume of 108,200 shares, the days-to-cover ratio is currently 1.9 days. Based on an average daily volume of 108,200 shares, the days-to-cover ratio is currently 1.9 days. Currently, 5.4% of the company's shares are short sold.

Insiders Place Their Bets

In related news, COO Rolando Guillot sold 22,890 shares of Strattec Security stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $65.86, for a total value of $1,507,535.40. Following the transaction, the chief operating officer owned 5,541 shares of the company's stock, valued at approximately $364,930.26. This trade represents a 80.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.90% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. acquired a new position in shares of Strattec Security during the second quarter worth approximately $25,000. Police & Firemen s Retirement System of New Jersey bought a new position in Strattec Security in the second quarter worth $50,000. Raymond James Financial Inc. bought a new position in Strattec Security in the second quarter worth $92,000. New York State Common Retirement Fund bought a new position in Strattec Security in the second quarter worth $106,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in Strattec Security by 57.1% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,715 shares of the auto parts company's stock worth $71,000 after purchasing an additional 623 shares during the period. 68.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Strattec Security from a "buy" rating to a "strong-buy" rating in a research report on Monday, September 1st. Zacks Research lowered shares of Strattec Security from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 19th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Strattec Security currently has a consensus rating of "Sell".

Strattec Security Stock Performance

STRT stock traded down $1.41 during midday trading on Friday, hitting $70.45. 126,428 shares of the company traded hands, compared to its average volume of 69,146. Strattec Security has a twelve month low of $31.57 and a twelve month high of $83.00. The company has a quick ratio of 1.89, a current ratio of 2.43 and a debt-to-equity ratio of 0.03. The business has a 50 day simple moving average of $67.20 and a 200-day simple moving average of $54.28. The stock has a market capitalization of $293.07 million, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 1.69 and a beta of 1.37.

Strattec Security (NASDAQ:STRT - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The auto parts company reported $2.06 EPS for the quarter, beating the consensus estimate of $1.07 by $0.99. Strattec Security had a return on equity of 8.95% and a net margin of 3.31%.The company had revenue of $152.01 million for the quarter, compared to the consensus estimate of $143.51 million. As a group, equities research analysts predict that Strattec Security will post 3.67 earnings per share for the current year.

Strattec Security Company Profile

Strattec Security Corporation designs, develops, manufactures, and markets automotive access control products under the VAST Automotive Group brand primarily in North America. The company provides mechanical and electronically enhanced locks and keys, passive entry passive start systems, steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power tailgate and lift gate systems, power deck lid systems, door handles, and related products.