Motorcar Parts of America (NASDAQ:MPAA) Announces Earnings Results

Motorcar Parts of America (NASDAQ:MPAA) issued its earnings results on Monday. The auto parts company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.14), FiscalAI reports. The firm had revenue of $167.70 million during the quarter, compared to analyst estimates of $189.00 million. Motorcar Parts of America had a net margin of 0.31% and a return on equity of 5.76%.

Motorcar Parts of America Trading Up 2.7%

NASDAQ MPAA opened at $13.14 on Monday. 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 1-year low of $5.38 and a 1-year high of $18.12. The firm’s fifty day simple moving average is $12.88 and its 200-day simple moving average is $14.03. The company has a market capitalization of $257.02 million, a PE ratio of 119.45 and a beta of 1.32.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. PharVision Advisers LLC acquired a new position in Motorcar Parts of America during the 3rd quarter valued at $397,000. XTX Topco Ltd increased its holdings in shares of Motorcar Parts of America by 21.6% during the 3rd quarter. XTX Topco Ltd now owns 42,915 shares of the auto parts company’s stock worth $710,000 after purchasing an additional 7,637 shares during the period. Sherbrooke Park Advisers LLC acquired a new position in shares of Motorcar Parts of America during the third quarter valued at about $177,000. Quarry LP lifted its stake in shares of Motorcar Parts of America by 1,117.9% in the third quarter. Quarry LP now owns 4,214 shares of the auto parts company’s stock valued at $70,000 after buying an additional 3,868 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Motorcar Parts of America by 224.4% in the third quarter. Millennium Management LLC now owns 58,188 shares of the auto parts company’s stock valued at $962,000 after buying an additional 40,252 shares during the period. 83.48% of the stock is owned by institutional investors.

Motorcar Parts of America announced that its Board of Directors has initiated a share repurchase plan on Monday, December 8th that authorizes the company to buyback $57.00 million in shares. This buyback authorization authorizes the auto parts company to buy up to 22.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MPAA. Weiss Ratings reissued a “sell (d+)” rating on shares of Motorcar Parts of America in a report on Monday, December 29th. Loop Capital set a $20.00 price target on shares of Motorcar Parts of America in a research report on Friday, December 12th. Zacks Research raised Motorcar Parts of America from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Finally, Wall Street Zen cut Motorcar Parts of America from a “strong-buy” rating to a “buy” rating in a research note on Sunday, December 14th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $20.00.

Motorcar Parts of America Company Profile

Motorcar Parts of America, Inc is a leading North American designer, manufacturer and distributor of aftermarket automotive replacement parts. The company’s product portfolio spans collision and mechanical components, providing solutions for steering and suspension, brake systems, engine cooling, electrical and drivelines. Through a combination of proprietary brands and exclusive licensing agreements, Motorcar Parts of America offers an extensive selection of both new and remanufactured parts to meet the needs of automotive service professionals and retailers.

In addition to its core collision and under-hood product lines, the company markets specialty items such as performance accessories, tools and equipment.