Stoneridge, Inc. $SRI Shares Sold by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its stake in Stoneridge by 45.8%, selling 281,693 shares and retaining 332,845 shares (about 1.19% of the company) worth $2.54 million at the end of the quarter.
• Stoneridge posted a disappointing quarter, reporting ($0.53) EPS vs $0.02 expected and revenue of $205.15M vs $211.7M, with a negative net margin and ROE, prompting analyst downgrades and an average rating of "Reduce" (consensus price target $16.00).
• The stock is trading near the low end of its year range (opened at $4.80; one‑year low $3.54, high $9.71) with a market cap of $134.36M and heavy institutional ownership (98.07%).

JPMorgan Chase & Co. reduced its stake in shares of Stoneridge, Inc. (NYSE:SRI - Free Report) by 45.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 332,845 shares of the auto parts company's stock after selling 281,693 shares during the quarter. JPMorgan Chase & Co. owned 1.19% of Stoneridge worth $2,536,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Strs Ohio acquired a new stake in shares of Stoneridge during the 1st quarter worth approximately $39,000. Tower Research Capital LLC TRC lifted its stake in shares of Stoneridge by 211.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 13,485 shares of the auto parts company's stock valued at $95,000 after purchasing an additional 9,149 shares during the period. Cerity Partners LLC purchased a new stake in Stoneridge during the second quarter worth $101,000. Public Employees Retirement System of Ohio purchased a new stake in Stoneridge during the third quarter worth $110,000. Finally, State of Wyoming acquired a new stake in Stoneridge during the second quarter valued at $180,000. Hedge funds and other institutional investors own 98.07% of the company's stock.

Stoneridge Price Performance

Shares of NYSE SRI opened at $4.80 on Monday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.45 and a current ratio of 2.30. The firm has a fifty day moving average of $7.02 and a 200 day moving average of $6.61. The firm has a market cap of $134.36 million, a PE ratio of -1.30 and a beta of 1.60. Stoneridge, Inc. has a one year low of $3.54 and a one year high of $9.71.

Stoneridge (NYSE:SRI - Get Free Report) last posted its quarterly earnings data on Thursday, March 12th. The auto parts company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.55). The company had revenue of $205.15 million for the quarter, compared to analysts' expectations of $211.70 million. Stoneridge had a negative net margin of 11.94% and a negative return on equity of 13.49%. As a group, research analysts predict that Stoneridge, Inc. will post -0.42 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on SRI. Wall Street Zen cut shares of Stoneridge from a "buy" rating to a "hold" rating in a report on Sunday, March 22nd. Zacks Research upgraded Stoneridge to a "hold" rating in a research report on Wednesday, March 18th. Barrington Research lowered Stoneridge from an "outperform" rating to a "market perform" rating in a research note on Monday, March 16th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Stoneridge in a report on Friday, March 27th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Stoneridge has an average rating of "Reduce" and a consensus 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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