Motorcar Parts of America, Inc. (NASDAQ:MPAA) Raised to “Hold” at BidaskClub

Motorcar Parts of America, Inc. (NASDAQ:MPAA) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

MPAA has been the subject of a number of other research reports. Roth Capital set a $31.00 price objective on shares of Motorcar Parts of America and gave the company a “buy” rating in a report on Tuesday, June 13th. ValuEngine lowered shares of Motorcar Parts of America from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. FBR & Co reiterated an “outperform” rating and set a $39.00 price objective on shares of Motorcar Parts of America in a report on Tuesday. Zacks Investment Research lowered shares of Motorcar Parts of America from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Finally, B. Riley reiterated a “buy” rating and set a $39.00 price objective on shares of Motorcar Parts of America in a report on Saturday, June 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Motorcar Parts of America has a consensus rating of “Hold” and a consensus price target of $35.75.

Shares of Motorcar Parts of America (NASDAQ:MPAA) traded down 1.311% during trading on Wednesday, hitting $27.781. 83,106 shares of the company traded hands. The company has a 50 day moving average price of $28.11 and a 200 day moving average price of $28.53. Motorcar Parts of America has a 52 week low of $21.75 and a 52 week high of $34.73. The company has a market capitalization of $518.14 million, a price-to-earnings ratio of 14.394 and a beta of 0.95.

Motorcar Parts of America (NASDAQ:MPAA) last announced its quarterly earnings data on Wednesday, June 14th. The auto parts company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by $0.02. Motorcar Parts of America had a net margin of 8.92% and a return on equity of 18.59%. The company had revenue of $114.90 million for the quarter, compared to the consensus estimate of $113.56 million. During the same quarter in the previous year, the business earned $0.50 EPS. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. On average, analysts expect that Motorcar Parts of America will post $2.42 earnings per share for the current year.

Motorcar Parts of America declared that its board has approved a share repurchase plan on Monday, March 27th that allows the company to buyback $5.00 million in outstanding shares. This buyback authorization allows the auto parts company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

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In other Motorcar Parts of America news, VP Douglas Earl Schooner sold 1,192 shares of the firm’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $28.57, for a total transaction of $34,055.44. Following the transaction, the vice president now owns 4,235 shares of the company’s stock, valued at approximately $120,993.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rudolph J. Borneo sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $27.49, for a total transaction of $82,470.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $82,470. The disclosure for this sale can be found here. Insiders have sold a total of 9,531 shares of company stock worth $267,616 in the last three months. Insiders own 4.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MPAA. State Street Corp increased its position in Motorcar Parts of America by 6.3% in the fourth quarter. State Street Corp now owns 374,226 shares of the auto parts company’s stock worth $10,074,000 after buying an additional 22,181 shares during the period. Dimensional Fund Advisors LP increased its position in Motorcar Parts of America by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 843,857 shares of the auto parts company’s stock worth $22,716,000 after buying an additional 18,233 shares during the period. FMR LLC increased its position in Motorcar Parts of America by 10.7% in the fourth quarter. FMR LLC now owns 975,949 shares of the auto parts company’s stock worth $26,273,000 after buying an additional 94,150 shares during the period. Renaissance Technologies LLC increased its position in Motorcar Parts of America by 78.7% in the fourth quarter. Renaissance Technologies LLC now owns 146,700 shares of the auto parts company’s stock worth $3,949,000 after buying an additional 64,600 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in Motorcar Parts of America by 5.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,040 shares of the auto parts company’s stock worth $270,000 after buying an additional 500 shares during the period.

About Motorcar Parts of America

Motorcar Parts of America, Inc is a manufacturer, remanufacturer and distributor of automotive aftermarket parts, including alternators, starters, wheel hub assembly, brake master cylinders, brake power boosters and turbochargers utilized in imported and domestic passenger vehicles, light trucks and heavy-duty applications.

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