Stoneridge, Inc. (SRI) Short Interest Down 49.8% in October
Stoneridge, Inc. (NYSE:SRI) saw a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 375,364 shares, a decrease of 49.8% from the October 15th total of 747,590 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average daily volume of 351,170 shares, the short-interest ratio is presently 1.1 days.
Hedge funds have recently made changes to their positions in the company. Peregrine Capital Management LLC bought a new stake in shares of Stoneridge during the 3rd quarter valued at $5,797,000. Pembroke Management LTD raised its position in shares of Stoneridge by 8.9% during the 2nd quarter. Pembroke Management LTD now owns 716,961 shares of the auto parts company’s stock valued at $25,194,000 after purchasing an additional 58,538 shares during the period. Engineers Gate Manager LP raised its position in shares of Stoneridge by 71.4% during the 2nd quarter. Engineers Gate Manager LP now owns 45,382 shares of the auto parts company’s stock valued at $1,595,000 after purchasing an additional 18,910 shares during the period. Cornerstone Wealth Management LLC bought a new stake in shares of Stoneridge during the 2nd quarter valued at $2,842,000. Finally, Russell Investments Group Ltd. raised its position in shares of Stoneridge by 47.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 111,312 shares of the auto parts company’s stock valued at $3,980,000 after purchasing an additional 35,688 shares during the period. Hedge funds and other institutional investors own 90.95% of the company’s stock.
SRI has been the topic of a number of research analyst reports. ValuEngine downgraded shares of Stoneridge from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. Barrington Research set a $50.00 price target on shares of Stoneridge and gave the stock a “buy” rating in a research report on Monday, October 29th. Stephens set a $35.00 price target on shares of Stoneridge and gave the stock a “buy” rating in a research report on Tuesday, October 30th. Zacks Investment Research downgraded shares of Stoneridge from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. Finally, Buckingham Research decreased their price target on shares of Stoneridge from $37.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, October 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $34.17.
Stoneridge (NYSE:SRI) last announced its quarterly earnings data on Friday, October 26th. The auto parts company reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.04. The firm had revenue of $208.90 million for the quarter, compared to the consensus estimate of $204.36 million. Stoneridge had a net margin of 7.09% and a return on equity of 21.77%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.36 EPS. On average, equities analysts forecast that Stoneridge will post 2.04 EPS for the current fiscal year.
Stoneridge, Inc designs and manufactures engineered electrical and electronic components, modules, and systems for the automotive, commercial, motorcycle, off-highway, and agricultural vehicle markets. It operates through three segments: Control Devices, Electronics, and PST. The Control Devices segment provides sensors, switches, valves, and actuators that monitor, measure, or activate specific functions within a vehicle.
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