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Russell Investments Group Ltd. Purchases 128,593 Shares of Stoneridge, Inc. $SRI

Stoneridge logo with Computer and Technology background

Key Points

  • Russell Investments Group Ltd. increased its stake in Stoneridge, Inc. by 49.5%, owning approximately 1.40% of the company valued at $1.78 million after acquiring an additional 128,593 shares.
  • Stoneridge reported a loss of $0.25 earnings per share in its latest quarter, missing expectations, but generated revenue of $227.95 million, surpassing analysts' estimates.
  • Analysts have a favorable outlook on Stoneridge, with an average rating of "Buy" and a price target of $16.00, suggesting potential for significant growth.
  • MarketBeat previews top five stocks to own in October.

Russell Investments Group Ltd. increased its holdings in shares of Stoneridge, Inc. (NYSE:SRI - Free Report) by 49.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 388,479 shares of the auto parts company's stock after buying an additional 128,593 shares during the quarter. Russell Investments Group Ltd. owned 1.40% of Stoneridge worth $1,783,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Two Sigma Investments LP bought a new position in Stoneridge in the fourth quarter valued at about $698,000. Public Employees Retirement System of Ohio boosted its stake in shares of Stoneridge by 119.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 39,324 shares of the auto parts company's stock valued at $247,000 after purchasing an additional 21,388 shares in the last quarter. GSA Capital Partners LLP grew its holdings in shares of Stoneridge by 366.2% during the 1st quarter. GSA Capital Partners LLP now owns 273,563 shares of the auto parts company's stock valued at $1,256,000 after purchasing an additional 214,888 shares during the last quarter. Two Sigma Advisers LP acquired a new position in Stoneridge during the 4th quarter worth approximately $165,000. Finally, PharVision Advisers LLC acquired a new position in Stoneridge during the 4th quarter worth approximately $392,000. 98.07% of the stock is owned by institutional investors and hedge funds.

Stoneridge Trading Down 0.9%

Shares of NYSE:SRI traded down $0.08 during mid-day trading on Monday, reaching $8.33. 140,251 shares of the company's stock were exchanged, compared to its average volume of 265,976. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.35 and a current ratio of 2.14. Stoneridge, Inc. has a twelve month low of $3.54 and a twelve month high of $14.62. The firm has a market capitalization of $233.18 million, a price-to-earnings ratio of -7.71 and a beta of 1.50. The business's fifty day moving average price is $7.71 and its 200-day moving average price is $5.82.

Stoneridge (NYSE:SRI - Get Free Report) last announced its earnings results on Wednesday, August 6th. The auto parts company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.16). The company had revenue of $227.95 million for the quarter, compared to the consensus estimate of $219.90 million. Stoneridge had a negative return on equity of 9.24% and a negative net margin of 3.39%. On average, research analysts predict that Stoneridge, Inc. will post -0.42 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on SRI. Wall Street Zen upgraded shares of Stoneridge from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Barrington Research reiterated an "outperform" rating and issued a $16.00 price target on shares of Stoneridge in a research note on Wednesday, August 20th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Stoneridge has an average rating of "Buy" and an average target price of $16.00.

Check Out Our Latest Stock Analysis on SRI

Stoneridge Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Stoneridge (NYSE:SRI)

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