Strattec Security (NASDAQ:STRT) Cut to Buy at Wall Street Zen

Key Points

• Strattec Security has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen and from "hold" to "strong sell" by Zacks Research, reflecting a shift in analyst sentiment.
• Despite the downgrades, Strattec Security reported strong earnings, with $2.06 EPS, surpassing expectations of $1.07 and achieving revenues of $152.01 million for the quarter.
• Hedge funds have shown increased interest in Strattec Security, with notable investments from Allspring Global Investments and Ritholtz Wealth Management, indicating a belief in the company's potential despite recent analyst ratings.

Strattec Security (NASDAQ:STRT - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Sunday.

Separately, Zacks Research cut shares of Strattec Security from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 19th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Strattec Security has a consensus rating of "Sell".

Strattec Security Price Performance

Shares of NASDAQ STRT opened at $67.50 on Friday. Strattec Security has a twelve month low of $31.57 and a twelve month high of $83.00. The stock's 50 day moving average price is $65.27 and its 200-day moving average price is $51.56. The company has a market capitalization of $281.48 million, a PE ratio of 14.77, a PEG ratio of 1.59 and a beta of 1.30. The company has a quick ratio of 1.72, a current ratio of 2.33 and a debt-to-equity ratio of 0.06.

Strattec Security (NASDAQ:STRT - Get Free Report) last announced its earnings results on Thursday, August 14th. The auto parts company reported $2.06 earnings per share for the quarter, topping analysts' consensus estimates of $1.07 by $0.99. Strattec Security had a return on equity of 9.11% and a net margin of 3.31%.The firm had revenue of $152.01 million for the quarter, compared to the consensus estimate of $143.51 million. On average, equities analysts anticipate that Strattec Security will post 3.67 EPS for the current year.

Institutional Investors Weigh In On Strattec Security

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its holdings in Strattec Security by 16.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 54,202 shares of the auto parts company's stock valued at $2,139,000 after acquiring an additional 7,726 shares during the period. Ritholtz Wealth Management raised its holdings in Strattec Security by 152.1% during the 1st quarter. Ritholtz Wealth Management now owns 29,051 shares of the auto parts company's stock valued at $1,146,000 after acquiring an additional 17,529 shares during the period. Informed Momentum Co LLC bought a new stake in Strattec Security during the 1st quarter valued at $899,000. Jane Street Group LLC bought a new stake in Strattec Security during the 4th quarter valued at $406,000. Finally, Millennium Management LLC raised its holdings in Strattec Security by 143.8% during the 4th quarter. Millennium Management LLC now owns 29,597 shares of the auto parts company's stock valued at $1,219,000 after acquiring an additional 17,459 shares during the period. Institutional investors own 68.91% of the company's stock.

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.

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