Stoneridge Inc. (SRI) Downgraded to Hold at Zacks Investment Research
Stoneridge Inc. (NYSE:SRI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Stoneridge Inc. is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems for the automotive, medium and heavy-duty truck, and agricultural vehicle markets. Their products interface with a vehicle’s mechanical and electrical systems to activate equipment and accessories, display and monitor vehicle performance, and control and distribute electrical power and signals. “
Several other research firms have also weighed in on SRI. B. Riley reiterated a “buy” rating and issued a $19.00 target price on shares of Stoneridge in a report on Tuesday, August 9th. FBR & Co reiterated a “hold” rating and issued a $13.00 target price on shares of Stoneridge in a report on Thursday, August 4th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $17.60.
Shares of Stoneridge (NYSE:SRI) traded up 1.10% during midday trading on Wednesday, reaching $18.44. 142,157 shares of the company were exchanged. The company has a market capitalization of $513.41 million, a P/E ratio of 16.08 and a beta of 1.95. Stoneridge has a 52-week low of $10.51 and a 52-week high of $19.20. The stock has a 50-day moving average price of $17.94 and a 200 day moving average price of $16.11.
Stoneridge (NYSE:SRI) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.09. Stoneridge had a net margin of 4.84% and a return on equity of 30.33%. The business had revenue of $186.90 million for the quarter, compared to analyst estimates of $184.91 million. During the same period in the prior year, the business posted $0.25 earnings per share. Stoneridge’s revenue was up 13.1% compared to the same quarter last year. Equities research analysts expect that Stoneridge will post $1.37 EPS for the current fiscal year.
In related news, VP Thomas A. Beaver sold 40,000 shares of the firm’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $18.25, for a total transaction of $730,000.00. Following the sale, the vice president now directly owns 85,667 shares in the company, valued at $1,563,422.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Richard P. Adante sold 6,771 shares of the firm’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $17.95, for a total transaction of $121,539.45. Following the sale, the vice president now owns 40,482 shares in the company, valued at $726,651.90. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.
Several large investors have recently modified their holdings of the company. Wedge Capital Management L L P NC raised its stake in shares of Stoneridge by 428.0% in the second quarter. Wedge Capital Management L L P NC now owns 419,724 shares of the company’s stock worth $11,849,000 after buying an additional 340,224 shares during the last quarter. ClariVest Asset Management LLC raised its stake in shares of Stoneridge by 2.2% in the second quarter. ClariVest Asset Management LLC now owns 41,973 shares of the company’s stock worth $628,000 after buying an additional 900 shares during the last quarter. Lucus Advisors LLC bought a new stake in shares of Stoneridge during the second quarter worth approximately $346,000. Smith Asset Management Group LP bought a new stake in shares of Stoneridge during the second quarter worth approximately $845,000. Finally, Acadian Asset Management LLC raised its stake in shares of Stoneridge by 444.2% in the second quarter. Acadian Asset Management LLC now owns 122,925 shares of the company’s stock worth $1,835,000 after buying an additional 100,335 shares during the last quarter. Institutional investors and hedge funds own 85.24% of the company’s stock.
Stoneridge Company Profile
Stoneridge, Inc is a designer and manufacturer of engineered electrical and electronic components, modules and systems for the automotive, commercial, motorcycle, off-highway and agricultural vehicle markets. The Company operates through three segments: Control Devices, Electronics and PST. The Company’s Control Devices segment designs and manufactures products that monitor, measure or activate specific functions within a vehicle and includes product lines, such as sensors, switches, valves, and actuators.
Receive News & Stock Ratings for Stoneridge Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Stoneridge Inc. and related stocks with our FREE daily email newsletter.