Stoneridge (SRI) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Stoneridge (NYSE:SRI) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

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. “

Several other equities analysts have also recently weighed in on SRI. ValuEngine cut Stoneridge from a buy rating to a hold rating in a research report on Tuesday, October 2nd. Buckingham Research reduced their price target on Stoneridge from $37.00 to $35.00 and set a buy rating for the company in a research report on Wednesday, October 3rd. Barrington Research set a $50.00 price target on Stoneridge and gave the company a buy rating in a research report on Monday, October 29th. Finally, Stephens set a $35.00 price target on Stoneridge and gave the company a buy rating in a research report on Tuesday, October 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $33.00.

NYSE:SRI opened at $27.42 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.20 and a quick ratio of 1.60. Stoneridge has a 1 year low of $21.68 and a 1 year high of $37.69. The firm has a market capitalization of $781.04 million, a price-to-earnings ratio of 17.46, a PEG ratio of 1.51 and a beta of 1.11.

Stoneridge (NYSE:SRI) last released its earnings results on Friday, October 26th. The auto parts company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.04. The business had revenue of $208.90 million during the quarter, compared to the consensus estimate of $204.36 million. Stoneridge had a return on equity of 21.77% and a net margin of 7.09%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the business posted $0.36 earnings per share. On average, equities research analysts predict that Stoneridge will post 2.03 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRI. Massachusetts Financial Services Co. MA increased its holdings in shares of Stoneridge by 145.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,168,404 shares of the auto parts company’s stock worth $34,725,000 after buying an additional 692,760 shares during the period. Walthausen & Co. LLC purchased a new position in shares of Stoneridge in the third quarter worth about $15,639,000. Thomson Horstmann & Bryant Inc. increased its holdings in shares of Stoneridge by 2,266.4% in the third quarter. Thomson Horstmann & Bryant Inc. now owns 277,579 shares of the auto parts company’s stock worth $8,249,000 after buying an additional 265,849 shares during the period. Vanguard Group Inc increased its holdings in shares of Stoneridge by 15.4% in the third quarter. Vanguard Group Inc now owns 1,512,485 shares of the auto parts company’s stock worth $44,952,000 after buying an additional 201,789 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Stoneridge by 15.4% in the third quarter. Vanguard Group Inc. now owns 1,512,485 shares of the auto parts company’s stock worth $44,952,000 after buying an additional 201,789 shares during the period. Hedge funds and other institutional investors own 93.82% of the company’s stock.

Stoneridge Company Profile

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.

Featured Article: What are different types of coverage ratios?

Get a free copy of the Zacks research report on Stoneridge (SRI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Stoneridge (NYSE:SRI)

Receive News & Ratings for Stoneridge Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Stoneridge and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply