Stoneridge (NYSE:SRI – Get Free Report) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.
Separately, Barrington Research restated an “outperform” rating and issued a $16.00 price objective on shares of Stoneridge in a report on Thursday, October 31st.
Check Out Our Latest Research Report on SRI
Stoneridge Price Performance
Stoneridge (NYSE:SRI – Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The auto parts company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.32). The firm had revenue of $213.80 million during the quarter, compared to analysts’ expectations of $229.60 million. Stoneridge had a negative net margin of 0.81% and a negative return on equity of 0.42%. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 EPS. On average, research analysts forecast that Stoneridge will post -0.38 earnings per share for the current year.
Institutional Trading of Stoneridge
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Royce & Associates LP boosted its position in Stoneridge by 12.3% during the third quarter. Royce & Associates LP now owns 1,357,043 shares of the auto parts company’s stock valued at $15,185,000 after purchasing an additional 148,461 shares in the last quarter. EVR Research LP boosted its holdings in shares of Stoneridge by 36.3% in the 2nd quarter. EVR Research LP now owns 545,000 shares of the auto parts company’s stock valued at $8,698,000 after buying an additional 145,000 shares in the last quarter. Cowen AND Company LLC purchased a new position in shares of Stoneridge in the 2nd quarter worth approximately $2,234,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Stoneridge during the 3rd quarter worth approximately $797,000. Finally, Vanguard Group Inc. lifted its position in Stoneridge by 3.0% during the first quarter. Vanguard Group Inc. now owns 1,523,025 shares of the auto parts company’s stock valued at $28,085,000 after acquiring an additional 44,600 shares during the last quarter. Institutional investors own 98.07% of the company’s stock.
About Stoneridge
Stoneridge, Inc, together with its subsidiaries, designs and manufactures engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets in North America, South America, Europe, and internationally. The company operates through three segments: Control Devices, Electronics, and Stoneridge Brazil.
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