SORL Auto Parts, Inc. (SORL) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of SORL Auto Parts, Inc. (NASDAQ:SORL) from a sell rating to a hold rating in a research report sent to investors on Friday.
According to Zacks, “Sorl Auto Parts specializes in the development, production and distribution of air brake valves and hydraulic brake valves. It is headquartered in the Ruian District of Wenzhou City, China’s automotive manufacturing center. SORL sells its products to forty-two vehicle manufacturers, including all of the truck manufacturers in China. SORL’s customer base consists of original equipment manufacturers, aftermarket distributors, and international customers. “
Separately, ValuEngine cut SORL Auto Parts from a strong-buy rating to a buy rating in a research note on Thursday, September 7th.
SORL Auto Parts (SORL) traded down 2.77% on Friday, reaching $3.86. 257,533 shares of the company’s stock were exchanged. SORL Auto Parts has a 1-year low of $2.68 and a 1-year high of $9.74. The firm’s 50 day moving average is $5.12 and its 200 day moving average is $5.57. The stock has a market capitalization of $74.51 million, a P/E ratio of 3.05 and a beta of 1.67.
SORL Auto Parts (NASDAQ:SORL) last issued its quarterly earnings results on Monday, August 14th. The company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.02). The company had revenue of $90.22 million during the quarter, compared to analysts’ expectations of $90.61 million. SORL Auto Parts had a return on equity of 14.49% and a net margin of 7.90%. Analysts expect that SORL Auto Parts will post $1.26 EPS for the current year.
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Institutional investors and hedge funds have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new position in SORL Auto Parts in the 2nd quarter worth about $115,000. MML Investors Services LLC purchased a new position in SORL Auto Parts in the 2nd quarter worth about $214,000. JPMorgan Chase & Co. purchased a new position in SORL Auto Parts in the 2nd quarter worth about $225,000. USA Financial Portformulas Corp purchased a new position in SORL Auto Parts in the 2nd quarter worth about $296,000. Finally, California Public Employees Retirement System increased its stake in SORL Auto Parts by 226.5% in the 1st quarter. California Public Employees Retirement System now owns 54,200 shares of the company’s stock worth $209,000 after purchasing an additional 37,600 shares in the last quarter. 9.68% of the stock is currently owned by hedge funds and other institutional investors.
About SORL Auto Parts
SORL Auto Parts, Inc, through its interests in the Ruili Group Ruian Auto Parts Co, Ltd., a Sino-foreign joint venture (Joint Venture), develops, manufactures and distributes automotive brake systems and other safety related auto parts to automotive original equipment manufacturers (OEMs), and the related aftermarket both in China and abroad.
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