Wall Street Zen Upgrades Strattec Security (NASDAQ:STRT) to "Strong-Buy"

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 research report issued to clients and investors on Saturday.

Strattec Security Stock Down 3.2%

Shares of NASDAQ STRT traded down $2.16 during midday trading on Friday, hitting $65.81. The company's stock had a trading volume of 136,317 shares, compared to its average volume of 122,600. The business's fifty day simple moving average is $64.93 and its two-hundred day simple moving average is $51.05. 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 has a 1 year low of $31.57 and a 1 year high of $83.00. The firm has a market capitalization of $274.43 million, a price-to-earnings ratio of 14.40, a price-to-earnings-growth ratio of 1.60 and a beta of 1.30.

Strattec Security (NASDAQ:STRT - Get Free Report) last posted its quarterly earnings data 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 net margin of 3.31% and a return on equity of 9.11%. The business had revenue of $152.01 million during the quarter, compared to analyst estimates of $143.51 million. On average, equities analysts predict that Strattec Security will post 3.67 EPS for the current year.

Institutional Trading of Strattec Security

Hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its holdings in Strattec Security by 16.6% in the first 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 in the last quarter. Ritholtz Wealth Management raised its holdings in Strattec Security by 152.1% in the first 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 in the last quarter. Informed Momentum Co LLC acquired a new stake in Strattec Security in the first quarter valued at approximately $899,000. Jane Street Group LLC acquired a new stake in Strattec Security in the fourth quarter valued at approximately $406,000. Finally, Millennium Management LLC raised its holdings in Strattec Security by 143.8% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 68.91% of the company's stock.

About Strattec Security

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.