Stoneridge, Inc. (SRI) Receives $30.50 Average Target Price from Analysts
Shares of Stoneridge, Inc. (NYSE:SRI) have been given a consensus rating of “Buy” by the eight research firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $30.50.
Several research firms have recently issued reports on SRI. Barrington Research set a $35.00 price objective on shares of Stoneridge and gave the company a “buy” rating in a report on Friday, June 1st. ValuEngine raised shares of Stoneridge from a “hold” rating to a “buy” rating in a research note on Tuesday, September 4th. Finally, Buckingham Research initiated coverage on shares of Stoneridge in a research note on Wednesday, June 20th. They set a “buy” rating and a $37.00 target price for the company.
A number of hedge funds have recently added to or reduced their stakes in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in Stoneridge during the second quarter valued at approximately $453,000. Zacks Investment Management lifted its stake in Stoneridge by 7.3% during the second quarter. Zacks Investment Management now owns 51,886 shares of the auto parts company’s stock valued at $1,823,000 after purchasing an additional 3,526 shares during the last quarter. Macquarie Group Ltd. lifted its stake in Stoneridge by 384.1% during the second quarter. Macquarie Group Ltd. now owns 21,300 shares of the auto parts company’s stock valued at $748,000 after purchasing an additional 16,900 shares during the last quarter. Bank of America Corp DE lifted its stake in Stoneridge by 32.6% during the second quarter. Bank of America Corp DE now owns 72,782 shares of the auto parts company’s stock valued at $2,558,000 after purchasing an additional 17,885 shares during the last quarter. Finally, Raymond James & Associates acquired a new stake in Stoneridge during the second quarter valued at approximately $889,000. 91.01% of the stock is owned by institutional investors and hedge funds.
Stoneridge (NYSE:SRI) last posted its quarterly earnings data on Wednesday, August 1st. The auto parts company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.02. The business had revenue of $220.60 million during the quarter, compared to analysts’ expectations of $220.40 million. Stoneridge had a net margin of 6.52% and a return on equity of 21.43%. The business’s revenue was up 5.5% on a year-over-year basis. During the same period last year, the firm posted $0.42 earnings per share. analysts forecast that Stoneridge will post 2.05 earnings per share for the current fiscal year.
Stoneridge, Inc designs and manufactures engineered electrical and electronic components, modules, and systems for the automotive, commercial, motorcycle, off-highway, and agricultural vehicle markets. It operates through three segments: Control Devices, Electronics, and PST. The Control Devices segment provides sensors, switches, valves, and actuators that monitor, measure, or activate specific functions within a vehicle.
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