Stoneridge Inc. (SRI) Hits New 1-Year High at $18.77
Stoneridge Inc. (NYSE:SRI) shares reached a new 52-week high on Monday . The company traded as high as $18.77 and last traded at $18.52, with a volume of 120,132 shares changing hands. The stock had previously closed at $18.32.
SRI has been the subject of a number of recent analyst reports. Zacks Investment Research raised Stoneridge from a “hold” rating to a “strong-buy” rating and set a $21.00 target price for the company in a report on Wednesday, August 3rd. FBR & Co reiterated a “hold” rating and set a $13.00 price target on shares of Stoneridge in a research report on Thursday, August 4th. Sidoti downgraded Stoneridge from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research report on Tuesday, May 31st. Finally, B. Riley reiterated a “buy” rating and set a $19.00 price target on shares of Stoneridge in a research report on Tuesday, August 9th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $17.60.
The firm has a 50 day moving average price of $17.64 and a 200-day moving average price of $15.80. The stock has a market capitalization of $512.29 million, a P/E ratio of 16.04 and a beta of 2.22.
Stoneridge (NYSE:SRI) last posted its earnings results on Tuesday, August 2nd. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. Stoneridge had a return on equity of 30.33% and a net margin of 4.84%. The company had revenue of $186.90 million for the quarter, compared to the consensus estimate of $184.91 million. During the same quarter in the prior year, the company earned $0.25 earnings per share. Stoneridge’s revenue was up 13.1% on a year-over-year basis. Analysts expect that Stoneridge Inc. will post $1.37 earnings per share for the current fiscal year.
In other Stoneridge news, VP Thomas A. Beaver sold 40,000 shares of the stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $18.25, for a total value of $730,000.00. Following the transaction, the vice president now owns 85,667 shares of the company’s stock, valued at $1,563,422.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Richard P. Adante sold 6,771 shares of the stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $17.95, for a total value of $121,539.45. Following the completion of the transaction, the vice president now directly owns 40,482 shares in the company, valued at approximately $726,651.90. The disclosure for this sale can be found here. 4.70% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of SRI. BlackRock Group LTD bought a new position in Stoneridge during the second quarter valued at approximately $118,000. Envestnet Asset Management Inc. increased its position in Stoneridge by 0.4% in the first quarter. Envestnet Asset Management Inc. now owns 8,656 shares of the company’s stock valued at $126,000 after buying an additional 33 shares during the period. Acrospire Investment Management LLC increased its position in Stoneridge by 191.7% in the second quarter. Acrospire Investment Management LLC now owns 9,923 shares of the company’s stock valued at $148,000 after buying an additional 6,521 shares during the period. Royal Bank of Canada increased its position in Stoneridge by 20.0% in the first quarter. Royal Bank of Canada now owns 10,276 shares of the company’s stock valued at $150,000 after buying an additional 1,710 shares during the period. Finally, Paloma Partners Management Co bought a new position in Stoneridge during the second quarter valued at approximately $150,000. 85.24% of the stock is currently owned by institutional investors.
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.
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