Strattec Security (NASDAQ:STRT) Board Approves Share Repurchase Program

Strattec Security (NASDAQ:STRT) announced that its board has approved a share repurchase plan on Thursday, May 28th, RTT News reports. The company plans to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to buy up to 12.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Strattec Security Stock Performance

NASDAQ STRT traded up $4.16 during trading hours on Thursday, hitting $79.22. 122,789 shares of the company’s stock were exchanged, compared to its average volume of 102,795. The business’s 50 day moving average is $74.95 and its 200-day moving average is $78.13. Strattec Security has a 12-month low of $51.77 and a 12-month high of $92.50. The firm has a market capitalization of $331.14 million, a P/E ratio of 13.07, a price-to-earnings-growth ratio of 1.23 and a beta of 1.17.

Strattec Security (NASDAQ:STRT) last released its earnings results on Thursday, May 7th. The auto parts company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.24). Strattec Security had a return on equity of 11.00% and a net margin of 4.31%.The business had revenue of $137.63 million for the quarter, compared to analysts’ expectations of $140.35 million. As a group, equities research analysts anticipate that Strattec Security will post 6.12 EPS for the current fiscal year.

Analyst Ratings Changes

STRT has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Strattec Security in a research note on Friday, March 27th. Zacks Research lowered Strattec Security from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Freedom Capital raised Strattec Security from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 11th. Finally, Wall Street Zen lowered Strattec Security from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Insider Buying and Selling

In other Strattec Security news, CEO Jennifer Lynn Slater bought 801 shares of Strattec Security stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average cost of $62.46 per share, for a total transaction of $50,030.46. Following the completion of the transaction, the chief executive officer owned 57,924 shares of the company’s stock, valued at $3,617,933.04. This represents a 1.40% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matthew Pauli bought 2,000 shares of Strattec Security stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average price of $62.53 per share, for a total transaction of $125,060.00. Following the completion of the transaction, the chief financial officer directly owned 2,000 shares of the company’s stock, valued at $125,060. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have acquired 4,598 shares of company stock worth $286,440. 3.90% of the stock is owned by company insiders.

About Strattec Security

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.