Strattec Security (NASDAQ:STRT) Issues Quarterly Earnings Results, Beats Expectations By $0.99 EPS

Key Points

• Strattec Security reported a quarterly earnings per share (EPS) of $2.06, significantly exceeding analysts' expectations of $1.07.
• The company generated revenues of $152.01 million, surpassing the forecast of $143.51 million.
• Institutional investors have shown increased interest, with 68.91% of stocks now owned by such entities, including significant purchases by Bank of America and BNP Paribas.

Strattec Security (NASDAQ:STRT - Get Free Report) released its earnings results on Thursday. The auto parts company reported $2.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.07 by $0.99, Zacks reports. Strattec Security had a return on equity of 9.11% and a net margin of 3.31%.The business had revenue of $152.01 million for the quarter, compared to the consensus estimate of $143.51 million.

Strattec Security Stock Down 3.2%

STRT traded down $2.16 on Wednesday, hitting $65.81. 136,317 shares of the company were exchanged, compared to its average volume of 122,600. Strattec Security has a 12 month low of $31.57 and a 12 month high of $83.00. The company has a market cap of $274.43 million, a PE ratio of 14.40, a PEG ratio of 1.60 and a beta of 1.30. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.72 and a current ratio of 2.33. The stock's fifty day moving average is $64.93 and its 200-day moving average is $51.05.

Hedge Funds Weigh In On Strattec Security

A number of institutional investors have recently bought and sold shares of the business. Empowered Funds LLC increased its position in Strattec Security by 3.3% during the first quarter. Empowered Funds LLC now owns 17,221 shares of the auto parts company's stock worth $680,000 after buying an additional 555 shares during the last quarter. Bank of America Corp DE increased its position in Strattec Security by 137.9% during the fourth quarter. Bank of America Corp DE now owns 2,208 shares of the auto parts company's stock worth $91,000 after buying an additional 1,280 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Strattec Security during the second quarter worth approximately $92,000. Bridgeway Capital Management LLC increased its stake in shares of Strattec Security by 3.9% during the second quarter. Bridgeway Capital Management LLC now owns 42,613 shares of the auto parts company's stock worth $2,651,000 after purchasing an additional 1,580 shares during the period. Finally, New York State Common Retirement Fund acquired a new stake in Strattec Security during the 2nd quarter worth approximately $106,000. Institutional investors and hedge funds own 68.91% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Strattec Security from a "buy" rating to a "strong-buy" rating in a report on Saturday.

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.