Stoneridge (NYSE:SRI) Cut to “Hold” at StockNews.com

Stoneridge (NYSE:SRI) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

Separately, Barrington Research reiterated an “outperform” rating and set a $16.00 price target on shares of Stoneridge in a report on Thursday, October 31st.

Stoneridge Trading Down 4.6 %

Shares of SRI opened at $6.00 on Wednesday. Stoneridge has a 12-month low of $5.97 and a 12-month high of $19.91. The firm has a market capitalization of $166.14 million, a P/E ratio of -22.22 and a beta of 1.36. The firm has a 50-day moving average price of $9.69 and a 200 day moving average price of $13.39. The company has a current ratio of 2.44, a quick ratio of 1.40 and a debt-to-equity ratio of 0.72.

Stoneridge (NYSE:SRI) last released its quarterly earnings results on Wednesday, October 30th. The auto parts company reported ($0.24) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.32). Stoneridge had a negative net margin of 0.81% and a negative return on equity of 0.42%. The firm had revenue of $213.80 million for the quarter, compared to analysts’ expectations of $229.60 million. During the same period in the previous year, the firm posted $0.10 EPS. The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. Sell-side analysts forecast that Stoneridge will post -0.38 EPS for the current year.

Hedge Funds Weigh In On Stoneridge

A number of hedge funds have recently made changes to their positions in SRI. The Manufacturers Life Insurance Company lifted its stake in Stoneridge by 12.1% during the second quarter. The Manufacturers Life Insurance Company now owns 11,336 shares of the auto parts company’s stock worth $181,000 after purchasing an additional 1,226 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Stoneridge by 25.7% in the 3rd quarter. XTX Topco Ltd now owns 13,873 shares of the auto parts company’s stock valued at $155,000 after buying an additional 2,833 shares during the period. BNP Paribas Financial Markets lifted its stake in Stoneridge by 28.0% during the 1st quarter. BNP Paribas Financial Markets now owns 13,068 shares of the auto parts company’s stock worth $241,000 after acquiring an additional 2,861 shares in the last quarter. Rhumbline Advisers boosted its holdings in Stoneridge by 7.6% during the 2nd quarter. Rhumbline Advisers now owns 47,251 shares of the auto parts company’s stock valued at $754,000 after acquiring an additional 3,353 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in Stoneridge by 2.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 178,248 shares of the auto parts company’s stock valued at $1,995,000 after acquiring an additional 3,748 shares in the last quarter. Hedge funds and other 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.