Strattec Security (NASDAQ:STRT) Upgraded by Wall Street Zen to "Strong-Buy" Rating

Key Points

• Strattec Security's stock has been upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating, indicating a positive outlook for investors.
• The company recently announced quarterly earnings of $2.06 EPS, exceeding analysts' expectations of $1.07, with revenue also surpassing estimates at $152.01 million.
• Numerous hedge funds have increased their stakes in Strattec Security, reflecting growing institutional interest, with over 68.91% of the stock now owned by these investors.

Strattec Security (NASDAQ:STRT - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday.

Strattec Security Stock Up 0.7%

NASDAQ:STRT opened at $75.89 on Friday. The firm has a market capitalization of $316.46 million, a P/E ratio of 16.61, a PEG ratio of 1.59 and a beta of 1.30. Strattec Security has a 1-year low of $31.57 and a 1-year high of $83.00. The company's fifty day moving average price is $64.30 and its 200-day moving average price is $50.42. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.33 and a quick ratio of 1.72.

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

Hedge Funds Weigh In On Strattec Security

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STRT. JPMorgan Chase & Co. raised its position in shares of Strattec Security by 172.0% in the fourth quarter. JPMorgan Chase & Co. now owns 4,392 shares of the auto parts company's stock valued at $181,000 after buying an additional 2,777 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Strattec Security by 4.2% in the fourth quarter. Renaissance Technologies LLC now owns 100,906 shares of the auto parts company's stock valued at $4,157,000 after buying an additional 4,100 shares during the last quarter. Barclays PLC raised its position in shares of Strattec Security by 25.5% in the fourth quarter. Barclays PLC now owns 4,957 shares of the auto parts company's stock valued at $204,000 after buying an additional 1,007 shares during the last quarter. Gabelli Funds LLC raised its position in shares of Strattec Security by 3.2% in the fourth quarter. Gabelli Funds LLC now owns 31,900 shares of the auto parts company's stock valued at $1,314,000 after buying an additional 1,000 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of Strattec Security by 47.8% in the fourth quarter. Marshall Wace LLP now owns 13,805 shares of the auto parts company's stock valued at $569,000 after buying an additional 4,464 shares during the last quarter. 68.91% of the stock is owned by hedge funds and other institutional investors.

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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