Royce & Associates LP Sells 36,656 Shares of Stoneridge, Inc. (NYSE:SRI)

Key Points

• Royce & Associates LP reduced its stake in Stoneridge, Inc. by 2.9%, selling 36,656 shares to own 1,244,967 shares valued at approximately $5.71 million.
• Institutional investors now own 98.07% of Stoneridge shares, with other hedge funds, such as Federated Hermes and GAMMA Investing, also adjusting their positions in the company.
• Stoneridge reported a loss of ($0.19) EPS for its last quarter, missing analysts' estimates while generating revenues of $217.89 million, surpassing the expected $212.42 million.

Royce & Associates LP cut its position in shares of Stoneridge, Inc. (NYSE:SRI - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,244,967 shares of the auto parts company's stock after selling 36,656 shares during the quarter. Royce & Associates LP owned approximately 4.47% of Stoneridge worth $5,714,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in Stoneridge in the fourth quarter valued at about $2,180,000. Quantbot Technologies LP purchased a new position in Stoneridge in the fourth quarter valued at about $98,000. American Century Companies Inc. boosted its stake in Stoneridge by 5.8% in the fourth quarter. American Century Companies Inc. now owns 320,487 shares of the auto parts company's stock valued at $2,009,000 after acquiring an additional 17,446 shares during the last quarter. Sei Investments Co. purchased a new position in Stoneridge in the fourth quarter valued at about $186,000. Finally, JPMorgan Chase & Co. boosted its stake in Stoneridge by 380.6% in the fourth quarter. JPMorgan Chase & Co. now owns 272,460 shares of the auto parts company's stock valued at $1,708,000 after acquiring an additional 215,764 shares during the last quarter. 98.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SRI. Wall Street Zen upgraded shares of Stoneridge from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Barrington Research restated an "outperform" rating and set a $16.00 price target on shares of Stoneridge in a research note on Thursday, July 10th.

Stoneridge Price Performance

NYSE SRI traded down $0.32 on Wednesday, hitting $8.13. The stock had a trading volume of 152,163 shares, compared to its average volume of 358,146. Stoneridge, Inc. has a 52-week low of $3.54 and a 52-week high of $18.40. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.52 and a current ratio of 2.39. The company has a market capitalization of $226.39 million, a price-to-earnings ratio of -12.63 and a beta of 1.42. The firm has a 50-day moving average of $6.52 and a 200-day moving average of $5.33.

Stoneridge (NYSE:SRI - Get Free Report) last posted its earnings results on Wednesday, April 30th. The auto parts company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.02). The firm had revenue of $217.89 million during the quarter, compared to analysts' expectations of $212.42 million. Stoneridge had a negative return on equity of 4.66% and a negative net margin of 1.98%. Equities analysts expect that Stoneridge, Inc. will post -0.42 EPS for the current year.

About Stoneridge

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.