Stoneridge (NYSE:SRI) Raised to Hold at Zacks Research

Stoneridge (NYSE:SRI) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Stoneridge in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $16.00.

Stoneridge Stock Performance

Shares of SRI stock opened at $7.43 on Tuesday. The company has a market capitalization of $209.82 million, a price-to-earnings ratio of -1.68 and a beta of 1.85. Stoneridge has a 1-year low of $4.60 and a 1-year high of $9.71. The company has a current ratio of 2.02, a quick ratio of 1.37 and a debt-to-equity ratio of 1.00. The stock’s fifty day simple moving average is $7.25 and its 200-day simple moving average is $6.89.

Stoneridge (NYSE:SRI) last announced its quarterly earnings data on Thursday, May 7th. The auto parts company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.76). Stoneridge had a negative return on equity of 22.50% and a negative net margin of 15.24%.The business had revenue of $160.85 million during the quarter, compared to analysts’ expectations of $139.00 million. On average, sell-side analysts predict that Stoneridge will post -0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William M. Lasky acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was acquired at an average cost of $7.46 per share, for a total transaction of $37,300.00. Following the completion of the acquisition, the director owned 192,666 shares in the company, valued at approximately $1,437,288.36. The trade was a 2.66% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ira C. Kaplan acquired 5,000 shares of Stoneridge stock in a transaction that occurred on Wednesday, June 3rd. The shares were purchased at an average cost of $7.54 per share, with a total value of $37,700.00. Following the transaction, the director owned 100,046 shares of the company’s stock, valued at approximately $754,346.84. The trade was a 5.26% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Stoneridge

A number of hedge funds and other institutional investors have recently made changes to their positions in SRI. Ameriprise Financial Inc. boosted its stake in Stoneridge by 2.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 93,729 shares of the auto parts company’s stock valued at $714,000 after purchasing an additional 1,815 shares during the period. Jane Street Group LLC increased its position in Stoneridge by 1.9% in the 4th quarter. Jane Street Group LLC now owns 115,259 shares of the auto parts company’s stock worth $667,000 after buying an additional 2,178 shares during the period. State Street Corp increased its position in Stoneridge by 2.6% in the 4th quarter. State Street Corp now owns 134,334 shares of the auto parts company’s stock worth $778,000 after buying an additional 3,400 shares during the period. Algert Global LLC lifted its holdings in shares of Stoneridge by 19.8% during the third quarter. Algert Global LLC now owns 25,880 shares of the auto parts company’s stock worth $197,000 after buying an additional 4,270 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Stoneridge by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 317,846 shares of the auto parts company’s stock worth $1,841,000 after buying an additional 4,545 shares during the last quarter. 98.07% of the stock is owned by hedge funds and other institutional investors.

About Stoneridge

Stoneridge, Inc (NYSE: SRI) is a global developer and manufacturer of highly engineered electrical and electronic components for the automotive and commercial vehicle markets. The company’s product offerings span a range of safety, convenience and control systems, delivering tailored solutions that help original equipment manufacturers (OEMs) meet increasingly stringent regulatory and performance requirements.

Among Stoneridge’s core products are rearview and side-view mirror systems, camera-based advanced driver assistance systems (ADAS) and interior and exterior lighting solutions.