BlackRock Inc. Purchases Shares of 2,559,252 Stoneridge, Inc. $SRI

Key Points

• BlackRock acquired 2.56 million Stoneridge shares during the second quarter, worth approximately $18.7 million and representing a 9.06% stake. Institutional investors and hedge funds collectively own 98.07% of the company.
• Analysts maintain a cautious outlook, with a consensus rating of “Reduce” and an average price target of $16.00; ratings include two Holds and one Sell.
• Stoneridge reported a quarterly loss of $0.18 per share, missing estimates by $0.26 despite revenue of $181.38 million exceeding expectations. Company insiders purchased 16,000 shares worth $115,910 over the past 90 days.

BlackRock Inc. acquired a new stake in shares of Stoneridge, Inc. (NYSE:SRI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,559,252 shares of the auto parts company's stock, valued at approximately $18,734,000. BlackRock Inc. owned 9.06% of Stoneridge as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SRI. Strs Ohio acquired a new position in Stoneridge in the first quarter valued at $39,000. Quadrature Capital Ltd purchased a new position in shares of Stoneridge in the 4th quarter worth about $61,000. NewEdge Advisors LLC purchased a new position in shares of Stoneridge in the 4th quarter worth about $62,000. WINTON GROUP Ltd acquired a new position in shares of Stoneridge in the 4th quarter valued at about $69,000. Finally, Jain Global LLC acquired a new position in shares of Stoneridge in the 4th quarter valued at about $77,000. 98.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Stoneridge in a research report on Wednesday, June 24th. Zacks Research raised shares of Stoneridge from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $16.00.

Insider Activity at Stoneridge

In related news, CEO Natalia Noblet purchased 5,000 shares of Stoneridge stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average cost of $7.31 per share, with a total value of $36,550.00. Following the transaction, the chief executive officer owned 5,000 shares of the company's stock, valued at approximately $36,550. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Scott Humphrey purchased 6,000 shares of the firm's stock in a transaction on Tuesday, August 18th. The stock was bought at an average price of $7.01 per share, with a total value of $42,060.00. Following the acquisition, the chief financial officer owned 6,000 shares in the company, valued at $42,060. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 16,000 shares of company stock worth $115,910. 11.00% of the stock is currently owned by company insiders.

Stoneridge Stock Down 1.4%

Shares of NYSE SRI opened at $7.13 on Friday. Stoneridge, Inc. has a 12-month low of $4.60 and a 12-month high of $9.71. The company has a market cap of $203.35 million, a P/E ratio of -1.67 and a beta of 1.88. The company has a current ratio of 1.89, a quick ratio of 1.27 and a debt-to-equity ratio of 1.01. The stock has a fifty day moving average price of $7.18 and a 200 day moving average price of $6.96.

Stoneridge (NYSE:SRI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The auto parts company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of $0.08 by ($0.26). Stoneridge had a negative return on equity of 24.91% and a negative net margin of 15.64%.The company had revenue of $181.38 million for the quarter, compared to analyst estimates of $161.85 million. Research analysts anticipate that Stoneridge, Inc. will post -0.82 EPS for the current fiscal year.

Stoneridge Profile

Stoneridge, Inc NYSE: SRI is a global developer and manufacturer of highly engineered electrical and electronic components for the automotive and commercial vehicle markets. The company's product offerings span a range of safety, convenience and control systems, delivering tailored solutions that help original equipment manufacturers (OEMs) meet increasingly stringent regulatory and performance requirements.

Among Stoneridge's core products are rearview and side-view mirror systems, camera-based advanced driver assistance systems (ADAS) and interior and exterior lighting solutions.

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