Stoneridge Inc. (SRI) Stock Rating Lowered by Zacks Investment Research
Stoneridge Inc. (NYSE:SRI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Stoneridge Inc. is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems for the automotive, medium and heavy-duty truck, and agricultural vehicle markets. Their products interface with a vehicle’s mechanical and electrical systems to activate equipment and accessories, display and monitor vehicle performance, and control and distribute electrical power and signals. “
A number of other research firms also recently issued reports on SRI. B. Riley reissued a “buy” rating and issued a $19.00 price target on shares of Stoneridge in a research note on Tuesday, August 9th. FBR & Co restated a “hold” rating and issued a $13.00 price objective on shares of Stoneridge in a report on Thursday, August 4th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $17.60.
Shares of Stoneridge (NYSE:SRI) opened at 18.15 on Wednesday. The company has a market cap of $505.33 million, a PE ratio of 15.82 and a beta of 1.95. Stoneridge has a 12-month low of $10.51 and a 12-month high of $19.20. The company has a 50 day moving average of $18.00 and a 200-day moving average of $16.14.
Stoneridge (NYSE:SRI) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.09. Stoneridge had a net margin of 4.84% and a return on equity of 30.33%. The company earned $186.90 million during the quarter, compared to the consensus estimate of $184.91 million. During the same period in the prior year, the firm earned $0.25 earnings per share. Stoneridge’s revenue was up 13.1% on a year-over-year basis. Equities research analysts anticipate that Stoneridge will post $1.37 earnings per share for the current year.
In other news, VP Richard P. Adante sold 6,771 shares of the stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $17.95, for a total transaction of $121,539.45. Following the sale, the vice president now owns 40,482 shares in the company, valued at $726,651.90. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Thomas A. Beaver sold 40,000 shares of the stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $18.25, for a total transaction of $730,000.00. Following the sale, the vice president now owns 85,667 shares in the company, valued at approximately $1,563,422.75. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its stake in Stoneridge by 103.9% in the second quarter. Royal Bank of Canada now owns 20,952 shares of the company’s stock worth $313,000 after buying an additional 10,676 shares during the last quarter. Sterling Capital Management LLC purchased a new stake in Stoneridge during the second quarter worth approximately $492,000. Metropolitan Life Insurance Co. NY boosted its stake in Stoneridge by 4.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 20,520 shares of the company’s stock worth $307,000 after buying an additional 954 shares during the last quarter. Numeric Investors LLC purchased a new stake in Stoneridge during the second quarter worth approximately $385,000. Finally, AQR Capital Management LLC boosted its stake in Stoneridge by 157.2% in the second quarter. AQR Capital Management LLC now owns 75,926 shares of the company’s stock worth $1,135,000 after buying an additional 46,402 shares during the last quarter. Hedge funds and other institutional investors own 85.24% of the company’s stock.
Stoneridge Company Profile
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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