Motorcar Parts of America (NASDAQ:MPAA) Board of Directors Authorizes Stock Buyback Program

Motorcar Parts of America (NASDAQ:MPAA) declared that its board has authorized a stock repurchase plan on Monday, December 8th, RTT News reports. The company plans to buyback $57.00 million in shares. This buyback authorization permits the auto parts company to buy up to 22.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Motorcar Parts of America Price Performance

MPAA opened at $13.22 on Tuesday. The business has a fifty day moving average of $14.94 and a 200 day moving average of $13.51. The stock has a market cap of $258.58 million, a P/E ratio of 120.18 and a beta of 1.26. The company has a quick ratio of 0.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.17. Motorcar Parts of America has a 52-week low of $5.38 and a 52-week high of $18.12.

Analyst Ratings Changes

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

Motorcar Parts of America Company Profile

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.