Zacks Investment Research upgraded shares of Motorcar Parts of America (NASDAQ:MPAA) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Motorcar Parts of America, Inc. is a remanufacturer, manufacturer and distributor of automotive aftermarket parts — including alternators, starters, wheel bearing and hub assemblies, brake master cylinders, brake power boosters and turbochargers utilized in imported and domestic passenger vehicles, light trucks and heavy-duty applications. In addition, the company designs and manufactures test equipment for performance, endurance and production testing of alternators, starters, electric motors, inverters and belt starter generators for both the OE and aftermarket. Motorcar Parts of America’s products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities located in California, Mexico, Malaysia and China, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia and Canada. Motorcar Parts of America, Inc. is headquartered in Torrance, CA. “
MPAA has been the topic of a number of other reports. BidaskClub raised Motorcar Parts of America from a sell rating to a hold rating in a research report on Friday, January 5th. ValuEngine downgraded Motorcar Parts of America from a buy rating to a hold rating in a research note on Sunday, December 31st. Roth Capital set a $26.00 price target on Motorcar Parts of America and gave the stock a buy rating in a research note on Monday, February 12th. Finally, B. Riley reiterated a buy rating and issued a $39.00 price target on shares of Motorcar Parts of America in a research note on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $34.00.
Motorcar Parts of America (NASDAQ:MPAA) last announced its earnings results on Friday, February 9th. The auto parts company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.15). Motorcar Parts of America had a return on equity of 13.00% and a net margin of 4.02%. The business had revenue of $100.10 million for the quarter, compared to analysts’ expectations of $113.46 million. During the same period in the previous year, the firm posted $0.60 earnings per share. The firm’s revenue was down 11.1% compared to the same quarter last year. equities research analysts anticipate that Motorcar Parts of America will post 1.81 earnings per share for the current year.
Motorcar Parts of America declared that its board has approved a share buyback program on Friday, February 9th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the auto parts company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, CEO Joffe Selwyn purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was acquired at an average cost of $21.00 per share, for a total transaction of $105,000.00. Following the completion of the purchase, the chief executive officer now owns 140,271 shares of the company’s stock, valued at $2,945,691. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders purchased 6,612 shares of company stock valued at $140,356 over the last quarter. Insiders own 4.20% of the company’s stock.
A number of large investors have recently bought and sold shares of MPAA. Bank of New York Mellon Corp boosted its stake in Motorcar Parts of America by 3.6% in the third quarter. Bank of New York Mellon Corp now owns 244,598 shares of the auto parts company’s stock valued at $7,206,000 after acquiring an additional 8,603 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in Motorcar Parts of America by 4.8% in the third quarter. Schwab Charles Investment Management Inc. now owns 88,447 shares of the auto parts company’s stock valued at $2,606,000 after acquiring an additional 4,021 shares during the period. Dimensional Fund Advisors LP boosted its stake in Motorcar Parts of America by 8.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,171,965 shares of the auto parts company’s stock valued at $34,526,000 after acquiring an additional 94,985 shares during the period. OxFORD Asset Management LLP acquired a new position in Motorcar Parts of America in the third quarter valued at approximately $807,000. Finally, GSA Capital Partners LLP boosted its stake in Motorcar Parts of America by 27.5% in the third quarter. GSA Capital Partners LLP now owns 52,503 shares of the auto parts company’s stock valued at $1,547,000 after acquiring an additional 11,333 shares during the period.
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About Motorcar Parts of America
Motorcar Parts of America, Inc manufactures, remanufactures, and distributes automotive aftermarket parts. The company offers rotating electrical products, including alternators and starters; wheel hub assemblies and bearings; brake master cylinders; and other products, such as turbochargers and brake power boosters for import and domestic cars, light trucks, heavy duty, agricultural, and industrial applications.
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