Stoneridge, Inc. $SRI Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Stoneridge stake by 79.8% in the second quarter, selling 230,757 shares and retaining 58,368 shares valued at approximately $427,000. Institutional investors collectively own 98.07% of the company.
• Stoneridge reported a quarterly loss of $0.18 per share, missing the $0.08 consensus estimate, although revenue of $181.38 million exceeded expectations. Analysts project a full-year loss of $0.74 per share.
• Shares recently traded around $7.20, while insiders bought 15,000 shares worth $111,550 over the past 90 days. Analyst sentiment remains cautious, with a consensus rating of “Reduce” despite a $16 average price target.

Assenagon Asset Management S.A. trimmed its position in Stoneridge, Inc. (NYSE:SRI - Free Report) by 79.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 58,368 shares of the auto parts company's stock after selling 230,757 shares during the period. Assenagon Asset Management S.A. owned about 0.21% of Stoneridge worth $427,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SRI. Strs Ohio purchased a new stake in shares of Stoneridge during the first quarter worth $39,000. Quadrature Capital Ltd acquired a new stake in shares of Stoneridge in the fourth quarter valued at about $61,000. NewEdge Advisors LLC acquired a new stake in shares of Stoneridge in the fourth quarter valued at about $62,000. WINTON GROUP Ltd purchased a new position in shares of Stoneridge in the fourth quarter worth about $69,000. Finally, Jain Global LLC purchased a new position in shares of Stoneridge in the fourth quarter worth about $77,000. 98.07% of the stock is currently owned by hedge funds and other institutional investors.

Stoneridge Trading Up 2.0%

Shares of Stoneridge stock opened at $7.20 on Friday. The stock has a 50 day moving average of $7.23 and a 200 day moving average of $7.03. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.27 and a current ratio of 1.89. The firm has a market capitalization of $205.37 million, a price-to-earnings ratio of -1.69 and a beta of 1.85. Stoneridge, Inc. has a fifty-two week low of $4.60 and a fifty-two week high of $9.71.

Stoneridge (NYSE:SRI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The auto parts company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.26). Stoneridge had a negative net margin of 15.64% and a negative return on equity of 24.91%. The company had revenue of $181.38 million during the quarter, compared to analysts' expectations of $161.85 million. As a group, research analysts predict that Stoneridge, Inc. will post -0.74 earnings per share for the current year.

Insider Transactions at Stoneridge

In other news, Director Ira C. Kaplan bought 5,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was bought at an average cost of $7.54 per share, for a total transaction of $37,700.00. Following the acquisition, the director directly owned 100,046 shares of the company's stock, valued at $754,346.84. The trade was a 5.26% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Natalia Noblet bought 5,000 shares of the company's stock in a transaction on Monday, August 10th. The stock was purchased at an average cost of $7.31 per share, with a total value of $36,550.00. Following the completion of the transaction, the chief executive officer owned 5,000 shares in the company, valued at $36,550. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 15,000 shares of company stock worth $111,550 over the last ninety days. Company insiders own 11.00% of the company's stock.

Analyst Ratings Changes

SRI has been the subject of several research reports. Zacks Research raised shares of Stoneridge from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 21st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Stoneridge in a report on Wednesday, June 24th. Two research 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, Stoneridge has a consensus rating of "Reduce" and an average price target of $16.00.

About Stoneridge

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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