Cooper-Standard Holdings Inc. $CPS Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Cooper-Standard stake by 10.9% in the first quarter, selling 39,705 shares and retaining 323,700 shares worth approximately $9.0 million. Institutional investors collectively own 69.11% of the company.
• Cooper-Standard reported a first-quarter loss of $0.29 per share, missing estimates by $0.13, although revenue of $686.36 million exceeded consensus expectations.
• Analyst sentiment is negative: the stock carries a consensus “Reduce” rating, with two Sell, one Hold and one Buy rating, despite an average price target of $48.33 versus its recent price of $29.35.

Renaissance Technologies LLC decreased its stake in shares of Cooper-Standard Holdings Inc. (NYSE:CPS - Free Report) by 10.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 323,700 shares of the auto parts company's stock after selling 39,705 shares during the period. Renaissance Technologies LLC owned 1.82% of Cooper-Standard worth $9,022,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Royal Bank of Canada boosted its holdings in shares of Cooper-Standard by 343.0% in the 1st quarter. Royal Bank of Canada now owns 25,628 shares of the auto parts company's stock valued at $393,000 after purchasing an additional 19,843 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Cooper-Standard by 1,345.8% in the 1st quarter. AQR Capital Management LLC now owns 151,530 shares of the auto parts company's stock worth $2,321,000 after buying an additional 141,049 shares during the period. Millennium Management LLC boosted its holdings in Cooper-Standard by 89.9% in the first quarter. Millennium Management LLC now owns 311,015 shares of the auto parts company's stock valued at $4,765,000 after acquiring an additional 147,209 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Cooper-Standard by 21.9% during the first quarter. Goldman Sachs Group Inc. now owns 214,523 shares of the auto parts company's stock valued at $3,286,000 after acquiring an additional 38,489 shares during the period. Finally, Prudential Financial Inc. acquired a new stake in Cooper-Standard during the second quarter worth about $202,000. Hedge funds and other institutional investors own 69.11% of the company's stock.

Cooper-Standard Trading Down 0.4%

CPS opened at $29.35 on Monday. The company has a fifty day simple moving average of $28.73 and a 200 day simple moving average of $30.86. The firm has a market cap of $521.06 million, a price-to-earnings ratio of -13.46 and a beta of 1.99. Cooper-Standard Holdings Inc. has a twelve month low of $23.61 and a twelve month high of $47.98.

Cooper-Standard (NYSE:CPS - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The auto parts company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.13). The business had revenue of $686.36 million for the quarter, compared to the consensus estimate of $660.00 million. On average, analysts forecast that Cooper-Standard Holdings Inc. will post 2.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CPS has been the topic of several research reports. Zacks Research lowered shares of Cooper-Standard from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 21st. Weiss Ratings reissued a "sell (d-)" rating on shares of Cooper-Standard in a research report on Friday, May 22nd. Finally, Stifel Nicolaus cut their target price on shares of Cooper-Standard from $55.00 to $53.00 and set a "buy" rating on the stock in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Cooper-Standard presently has a consensus rating of "Reduce" and an average target price of $48.33.

About Cooper-Standard

Cooper-Standard Holding Inc is a global supplier of sealing, fuel and brake delivery, and fluid transfer systems for the automotive industry. The company designs and manufactures engineered rubber, plastic and metal products, including sealing systems for doors, windows and powertrain assemblies, fuel and brake hoses and lines, and fluid transfer components such as coolant, refrigerant and washer fluid systems.

Founded in 1922 and headquartered in Novi, Michigan, Cooper-Standard operates manufacturing facilities and technical centers across North America, Europe, South America and Asia.

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