Stoneridge (NYSE:SRI) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Stoneridge (NYSE:SRI) from a strong-buy rating to a hold rating in a research report report published on Thursday, Zacks.com reports.

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 brokerages have also recently weighed in on SRI. ValuEngine raised shares of Stoneridge from a hold rating to a buy rating in a report on Tuesday, July 2nd. Citigroup reiterated an average rating on shares of Stoneridge in a research note on Tuesday, May 7th. Finally, Barrington Research reiterated a buy rating and issued a $35.00 price target on shares of Stoneridge in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Stoneridge currently has a consensus rating of Buy and a consensus price target of $34.00.

NYSE:SRI traded down $0.26 during mid-day trading on Thursday, hitting $30.82. The stock had a trading volume of 139,465 shares, compared to its average volume of 245,891. The firm’s 50-day simple moving average is $31.75. The company has a market capitalization of $854.84 million, a P/E ratio of 15.49 and a beta of 1.35. Stoneridge has a twelve month low of $21.91 and a twelve month high of $34.46. The company has a quick ratio of 1.44, a current ratio of 2.06 and a debt-to-equity ratio of 0.42.

Stoneridge (NYSE:SRI) last issued its earnings results on Wednesday, July 31st. The auto parts company reported $0.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.10. The firm had revenue of $222.24 million for the quarter, compared to analysts’ expectations of $203.81 million. Stoneridge had a net margin of 8.69% and a return on equity of 17.95%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.55 earnings per share. As a group, equities analysts anticipate that Stoneridge will post 1.62 EPS for the current fiscal year.

In other news, VP Thomas A. Beaver sold 21,093 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $558,753.57. Following the transaction, the vice president now directly owns 53,001 shares in the company, valued at $1,403,996.49. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Anthony L. Moore sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $26.50, for a total transaction of $185,500.00. Following the transaction, the vice president now owns 15,082 shares in the company, valued at $399,673. The disclosure for this sale can be found here. Insiders sold 33,694 shares of company stock worth $905,282 over the last quarter. 4.20% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in SRI. Quantinno Capital Management LP purchased a new position in Stoneridge in the 1st quarter valued at $650,000. James Investment Research Inc. grew its position in Stoneridge by 4.6% in the 2nd quarter. James Investment Research Inc. now owns 29,675 shares of the auto parts company’s stock valued at $936,000 after buying an additional 1,295 shares during the last quarter. WINTON GROUP Ltd grew its position in Stoneridge by 116.6% in the 2nd quarter. WINTON GROUP Ltd now owns 17,352 shares of the auto parts company’s stock valued at $547,000 after buying an additional 9,342 shares during the last quarter. New York State Common Retirement Fund grew its position in Stoneridge by 14.0% in the 1st quarter. New York State Common Retirement Fund now owns 36,450 shares of the auto parts company’s stock valued at $1,052,000 after buying an additional 4,487 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in Stoneridge in the 4th quarter valued at $585,000. Institutional investors and hedge funds own 94.86% 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, off-highway, motorcycle, and agricultural vehicle markets. The company operates in three segments: Control Devices, Electronics, and PST. The Control Devices segment offers sensors, switches, valves, and actuators that monitor, measure, or activate specific functions within a vehicle.

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