Motorcar Parts of America (NASDAQ:MPAA) to Buyback $57.00 million in Stock

Motorcar Parts of America (NASDAQ:MPAA) declared that its Board of Directors has approved a share repurchase plan on Monday, December 8th, RTT News reports. The company plans to buyback $57.00 million in shares. This buyback authorization permits the auto parts company to repurchase up to 22.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Motorcar Parts of America in a research note on Monday, December 1st. Zacks Research lowered shares of Motorcar Parts of America from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 12th. Finally, Wall Street Zen upgraded shares of Motorcar Parts of America from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 6th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $14.00.

Motorcar Parts of America Trading Up 4.5%

Shares of MPAA opened at $13.57 on Thursday. The company’s fifty day simple moving average is $14.81 and its 200-day simple moving average is $13.52. The company has a market cap of $265.43 million, a P/E ratio of 123.36 and a beta of 1.26. The company has a current ratio of 1.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.17. Motorcar Parts of America has a twelve month low of $5.38 and a twelve month high of $18.12.

Motorcar Parts of America Company Profile

Motorcar Parts of America, Inc manufactures, remanufactures, and distributes heavy-duty truck, industrial, marine, and agricultural application replacement parts in the United States. The company offers rotating electrical products, including alternators and starters; wheel hub assemblies and bearings; and brake-related products comprising brake calipers, brake boosters, brake rotors, brake pads, and brake master cylinders.