Motorcar Parts of America Inc. (MPAA) Downgraded to Hold at Zacks Investment Research
Motorcar Parts of America Inc. (NASDAQ:MPAA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Mototcar Parts & Accessories Inc. is a leading manufacturer of replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. The company’s full line of alternators and starters are remanufactured for vehicles imported from Japan, Germany, Sweden, France and Korea. The imported vehicles for which the company remanufactures alternators and starters also include vehicles produced by GM, Chrysler and Ford. The company also assembles and distributes ignition wire sets for imported and domestic cars and light trucks. “
Several other analysts also recently commented on MPAA. Roth Capital reissued a “buy” rating on shares of Motorcar Parts of America in a research report on Wednesday, June 15th. TheStreet downgraded shares of Motorcar Parts of America from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. Finally, B. Riley reissued a “buy” rating and set a $37.00 price objective on shares of Motorcar Parts of America in a research report on Saturday, June 18th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Motorcar Parts of America currently has a consensus rating of “Buy” and an average target price of $40.83.
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Motorcar Parts of America (NASDAQ:MPAA) opened at 27.53 on Wednesday. Motorcar Parts of America has a one year low of $25.50 and a one year high of $41.03. The firm has a market capitalization of $512.88 million, a PE ratio of 32.66 and a beta of 1.71. The stock’s 50 day moving average is $28.35 and its 200-day moving average is $29.91.
Motorcar Parts of America (NASDAQ:MPAA) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.12. Motorcar Parts of America had a net margin of 4.39% and a return on equity of 19.12%. The company had revenue of $85.40 million for the quarter, compared to the consensus estimate of $89.72 million. During the same period in the prior year, the firm posted $0.44 EPS. Motorcar Parts of America’s revenue for the quarter was down .5% on a year-over-year basis. On average, analysts anticipate that Motorcar Parts of America will post $2.36 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in shares of Motorcar Parts of America by 59.9% in the second quarter. Royal Bank of Canada now owns 71,373 shares of the company’s stock worth $1,940,000 after buying an additional 26,725 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Motorcar Parts of America by 1.1% in the second quarter. Arizona State Retirement System now owns 9,500 shares of the company’s stock valued at $258,000 after buying an additional 100 shares during the period. Highbridge Capital Management LLC acquired a new position in shares of Motorcar Parts of America during the second quarter valued at $749,000. Cubist Systematic Strategies LLC acquired a new position in shares of Motorcar Parts of America during the second quarter valued at $277,000. Finally, A.R.T. Advisors LLC acquired a new position in shares of Motorcar Parts of America during the second quarter valued at $351,000.
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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