2024-02-14 18:00:01 ET
Summary
- Strattec Security Corporation, a company that produces locks and keys, has seen a 24% return for investors but fell short of the broader market's 37.7% increase.
- The company's financial results for the 2024 fiscal year showed increased revenue and improved profitability metrics, but also faced challenges such as increased freight costs and foreign currency fluctuations.
- Shares of Strattec Security look cheap on a forward basis, but there are other opportunities in the market that may be more attractive. The company's long-term prospects are optimistic due to rising vehicle sales.
I have always found myself drawn to companies that have interesting business models. The more traditionally "boring" the companies in question are, the more excited I tend to get about them. One firm that caught my attention in October 2022 was Strattec Security Corporation ( STRT ), a business that focuses on the production and sale of locks and keys for its customers. These include mechanical locks and keys, as well as electronically enhanced ones. The firm also produces instrument panel ignition lock housings, latches, power sliding side door systems, power tailgate systems, and more....
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Strattec Security: Time To Look Elsewhere With Profits Locked In (Downgrade)