Chuck Royce’s Royce & Associates reports its 10.63% passive stake in Motorcar Parts of America, Inc. (MPAA) today, corresponding to 1.32 million shares in the stock. In the second quarter, Royce & Associates owns 909 thousand shares, so this is an approximately 46% expansion. MPAA performed really well in the first half of 2011. But the stock plunged after June and drop to its 52-week low on October 4th. Since MPAA’s trading volume is usually less than 100 thousand, Chuck Royce might begin to enter in early October. The entry price he got is probably from $8.50 to $9.50. Now MPAA has lost 29% year to date, and is closed at $9.49.
In the second quarter, three hedge funds were bullish about MPAA. Beside Chuck Royce’s Royce & Associates, Andy Redleaf’s Whitebox Advisors reported 208 thousand shares, and Thomas Bailard’s Bailard Inc. reported 23 thousand shares in the stock.
Royce & Associates is an asset management arm of Legg Mason Inc. Based on its LinkedIn profile, the firm provides services and pooled investment vehicles, pension and profit sharing plans. The firm mainly invests in value stocks in Services, Financial, Technology, Consumer Goods, Basic Materials, and some other sectors. The firm had a portfolio value of more than $35 billion, mainly investing in Services, Financial, Technology, and Industrial Goods sector.
Motorcar Parts of America, Inc. is an auto parts company. The company remanufactures and distributes alternators and starters for various cars, trucks, and applications in the United States and Canada. The company distributes its products through retail outlets, automotive warehouse distributors, and OES customers under specific brand names. The company was founded in 1968 and is based in Torrance, California.