Stoneridge (NYSE:SRI) Cut to Hold at StockNews.com

StockNews.com cut shares of Stoneridge (NYSE:SRI) from a buy rating to a hold rating in a research note released on Wednesday morning.

Separately, Barrington Research restated an “outperform” rating and set a $16.00 price target on shares of Stoneridge in a research note on Thursday, October 31st.

Stoneridge Price Performance

Shares of NYSE SRI opened at $6.62 on Wednesday. The firm has a market capitalization of $183.31 million, a P/E ratio of -23.74 and a beta of 1.36. The firm’s 50-day moving average price is $9.34 and its 200-day moving average price is $13.22. The company has a current ratio of 2.44, a quick ratio of 1.40 and a debt-to-equity ratio of 0.72. Stoneridge has a 1-year low of $5.89 and a 1-year high of $19.91.

Stoneridge (NYSE:SRI) last posted its quarterly earnings results on Wednesday, October 30th. The auto parts company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.32). Stoneridge had a negative return on equity of 0.42% and a negative net margin of 0.81%. The firm had revenue of $213.80 million for the quarter, compared to analyst estimates of $229.60 million. During the same period last year, the company posted $0.10 earnings per share. The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. Equities research analysts anticipate that Stoneridge will post -0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its holdings in Stoneridge by 28.0% during the first quarter. BNP Paribas Financial Markets now owns 13,068 shares of the auto parts company’s stock worth $241,000 after buying an additional 2,861 shares in the last quarter. State Board of Administration of Florida Retirement System bought a new stake in shares of Stoneridge in the 1st quarter worth $238,000. Vanguard Group Inc. raised its holdings in shares of Stoneridge by 3.0% in the first quarter. Vanguard Group Inc. now owns 1,523,025 shares of the auto parts company’s stock valued at $28,085,000 after purchasing an additional 44,600 shares during the last quarter. Comerica Bank lifted its position in shares of Stoneridge by 58,158.3% during the first quarter. Comerica Bank now owns 41,946 shares of the auto parts company’s stock valued at $773,000 after purchasing an additional 41,874 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in Stoneridge during the second quarter worth about $344,000. Institutional investors own 98.07% of the company’s stock.

Stoneridge Company Profile

Stoneridge, Inc, together with its subsidiaries, designs and manufactures engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets in North America, South America, Europe, and internationally. The company operates through three segments: Control Devices, Electronics, and Stoneridge Brazil.