22NW LP Grows Stock Holdings in Stoneridge, Inc. $SRI

Key Points

• 22NW LP increased its stake in Stoneridge, Inc. by 374.8%, acquiring an additional 1,284,866 shares, making it the fund's 6th biggest position.
• Several hedge funds, including Millennium Management and Federated Hermes, also significantly boosted their holdings in Stoneridge during the last quarters, with institutional investors owning 98.07% of the company's stock.
• Analysts have given Stoneridge a consensus rating of "Buy" with a price target of $16.00, following a recent upgrade from Wall Street Zen.

22NW LP lifted its position in Stoneridge, Inc. (NYSE:SRI - Free Report) by 374.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,627,653 shares of the auto parts company's stock after buying an additional 1,284,866 shares during the period. Stoneridge comprises 5.7% of 22NW LP's portfolio, making the stock its 6th largest holding. 22NW LP owned about 5.85% of Stoneridge worth $7,471,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SRI. Geode Capital Management LLC lifted its position in Stoneridge by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 619,028 shares of the auto parts company's stock valued at $3,882,000 after purchasing an additional 2,543 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Stoneridge by 27.9% during the 4th quarter. Wells Fargo & Company MN now owns 16,021 shares of the auto parts company's stock valued at $100,000 after buying an additional 3,490 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Stoneridge by 230.8% during the 4th quarter. Renaissance Technologies LLC now owns 246,100 shares of the auto parts company's stock valued at $1,543,000 after buying an additional 171,700 shares during the period. Raymond James Financial Inc. bought a new position in shares of Stoneridge during the 4th quarter valued at $2,180,000. Finally, Barclays PLC lifted its holdings in shares of Stoneridge by 6.7% during the 4th quarter. Barclays PLC now owns 69,387 shares of the auto parts company's stock valued at $435,000 after buying an additional 4,343 shares during the period. Institutional investors own 98.07% of the company's stock.

Stoneridge Stock Performance

SRI traded down $0.13 during trading on Friday, hitting $8.28. The company's stock had a trading volume of 82,365 shares, compared to its average volume of 347,667. The company has a quick ratio of 1.35, a current ratio of 2.14 and a debt-to-equity ratio of 0.63. Stoneridge, Inc. has a one year low of $3.54 and a one year high of $14.62. The firm has a market cap of $231.78 million, a PE ratio of -7.66 and a beta of 1.44. The business's 50 day simple moving average is $7.61 and its 200-day simple moving average is $5.75.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SRI shares. Wall Street Zen raised Stoneridge from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Barrington Research reissued an "outperform" rating and set a $16.00 price target on shares of Stoneridge in a report on Wednesday, August 20th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $16.00.

Stoneridge Profile

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.