Strattec Security’s (STRT) Hold Rating Reaffirmed at Freedom Broker

Strattec Security (NASDAQ:STRT)‘s stock had its “hold” rating reiterated by Freedom Broker in a research note issued on Monday,Benzinga reports. They currently have a $83.00 price target on the auto parts company’s stock, down from their previous price target of $89.00. Freedom Broker’s price target suggests a potential upside of 17.70% from the stock’s previous close.

A number of other brokerages have also recently issued reports on STRT. Freedom Capital upgraded Strattec Security from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 11th. Wall Street Zen cut shares of Strattec Security from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Zacks Research raised shares of Strattec Security from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Strattec Security in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $83.00.

Strattec Security Stock Down 6.0%

Shares of NASDAQ STRT traded down $4.52 on Monday, reaching $70.52. 51,621 shares of the company’s stock traded hands, compared to its average volume of 82,462. Strattec Security has a 12 month low of $57.01 and a 12 month high of $93.00. The business’s 50 day simple moving average is $81.93 and its two-hundred day simple moving average is $79.68. The company has a market cap of $294.77 million, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 1.76 and a beta of 1.18.

Strattec Security (NASDAQ:STRT) last issued its quarterly earnings results on Tuesday, August 25th. The auto parts company reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.70. The firm had revenue of $151.83 million for the quarter, compared to analysts’ expectations of $146.77 million. Strattec Security had a return on equity of 10.82% and a net margin of 3.56%. Analysts forecast that Strattec Security will post 4.27 earnings per share for the current fiscal year.

Strattec Security announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 28th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the auto parts company to repurchase up to 12.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Gabelli Funds LLC boosted its position in shares of Strattec Security by 41.7% during the first quarter. Gabelli Funds LLC now owns 247,800 shares of the auto parts company’s stock valued at $19,413,000 after buying an additional 72,900 shares during the last quarter. De Lisle Partners LLP purchased a new position in Strattec Security in the 2nd quarter worth about $3,494,000. Dimensional Fund Advisors LP lifted its stake in Strattec Security by 3.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 248,136 shares of the auto parts company’s stock valued at $19,438,000 after acquiring an additional 8,542 shares during the period. Sei Investments Co. lifted its stake in Strattec Security by 100.0% during the 1st quarter. Sei Investments Co. now owns 17,682 shares of the auto parts company’s stock valued at $1,385,000 after acquiring an additional 8,841 shares during the period. Finally, Lazard Asset Management LLC boosted its holdings in shares of Strattec Security by 16.4% during the 1st quarter. Lazard Asset Management LLC now owns 40,995 shares of the auto parts company’s stock valued at $3,212,000 after acquiring an additional 5,769 shares during the last quarter. 68.91% of the stock is owned by institutional investors.

Strattec Security Company Profile

Strattec Security Corporation is a Wisconsin?based designer and manufacturer of mechanical and electronic locking systems for the global automotive market. Established more than five decades ago, the company supplies original equipment manufacturers (OEMs) and the aftermarket with a broad portfolio of lock and key solutions tailored to passenger cars, light trucks and commercial vehicles.

The company’s product range includes mechanical locking systems such as door lock cylinders, ignition lock modules, key blanks and door handles, as well as electromechanical and keyless?entry systems.