Share Buyback Plan Approved by Motorcar Parts of America (NASDAQ:MPAA) Board of Directors

Motorcar Parts of America (NASDAQ:MPAA) announced that its board has initiated a stock repurchase plan on Monday, December 8th, RTT News reports. The company plans to repurchase $57.00 million in shares. This repurchase authorization allows the auto parts company to reacquire up to 22.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Motorcar Parts of America Price Performance

Shares of NASDAQ:MPAA opened at $12.98 on Wednesday. The company has a current ratio of 1.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.17. The stock has a market cap of $253.89 million, a PE ratio of 118.00 and a beta of 1.26. The stock’s fifty day simple moving average is $14.87 and its two-hundred day simple moving average is $13.52. Motorcar Parts of America has a 1-year low of $5.38 and a 1-year high of $18.12.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wall Street Zen upgraded shares of Motorcar Parts of America from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Zacks Research downgraded shares of Motorcar Parts of America from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 12th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Motorcar Parts of America in a report on Monday, December 1st. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $14.00.

About Motorcar Parts of America

Motorcar Parts of America, Inc manufactures, remanufactures, and distributes heavy-duty truck, industrial, marine, and agricultural application replacement parts in the United States. The company offers rotating electrical products, including alternators and starters; wheel hub assemblies and bearings; and brake-related products comprising brake calipers, brake boosters, brake rotors, brake pads, and brake master cylinders.