Stoneridge (NYSE:SRI) Issues Earnings Results, Misses Expectations By $0.26 EPS

Stoneridge (NYSE:SRI) announced its quarterly earnings results on Wednesday. The auto parts company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.26), FiscalAI reports. Stoneridge had a negative net margin of 15.24% and a negative return on equity of 22.50%. The company had revenue of $181.38 million during the quarter, compared to analyst estimates of $161.85 million.

Stoneridge Stock Down 0.9%

SRI stock traded down $0.07 during midday trading on Wednesday, hitting $7.47. 103,994 shares of the company’s stock were exchanged, compared to its average volume of 171,179. The company has a current ratio of 2.02, a quick ratio of 1.37 and a debt-to-equity ratio of 1.00. Stoneridge has a 12-month low of $4.60 and a 12-month high of $9.71. The firm has a 50 day moving average price of $7.28 and a 200-day moving average price of $6.99. The stock has a market capitalization of $210.98 million, a price-to-earnings ratio of -1.69 and a beta of 1.85.

Insider Activity at Stoneridge

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. 22NW LP increased its position in shares of Stoneridge by 4.1% in the 4th quarter. 22NW LP now owns 2,192,764 shares of the auto parts company’s stock worth $12,696,000 after purchasing an additional 87,164 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Stoneridge by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,514,480 shares of the auto parts company’s stock valued at $11,540,000 after purchasing an additional 51,263 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Stoneridge by 4.4% during the fourth quarter. Federated Hermes Inc. now owns 1,110,619 shares of the auto parts company’s stock worth $6,430,000 after purchasing an additional 47,135 shares during the last quarter. Millennium Management LLC lifted its position in shares of Stoneridge by 3.0% during the first quarter. Millennium Management LLC now owns 954,577 shares of the auto parts company’s stock worth $4,382,000 after purchasing an additional 28,037 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in Stoneridge by 29.7% in the second quarter. AQR Capital Management LLC now owns 691,962 shares of the auto parts company’s stock worth $4,871,000 after purchasing an additional 158,492 shares in the last quarter. 98.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Zacks Research upgraded Stoneridge from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Stoneridge in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $16.00.

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.