Stoneridge (NYSE:SRI) Releases Quarterly Earnings Results

Key Points

• Stoneridge missed on earnings: The auto-parts maker reported a quarterly loss of $0.18 per share, well below the $0.08 consensus estimate, while revenue of $181.38 million exceeded expectations of $161.85 million. The company posted a negative 15.24% net margin and negative 22.50% return on equity.
• Shares declined 0.9% to $7.47 following the results. Analysts maintain a “Reduce” consensus rating, with two Holds and one Sell and an average price target of $16.00.
• Insiders and institutional investors increased exposure: Two directors each bought 5,000 shares, while hedge funds and other institutions own 98.07% of the company’s stock.

Stoneridge (NYSE:SRI - Get Free Report) posted its quarterly earnings data on Wednesday. The auto parts company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.26), FiscalAI reports. The firm had revenue of $181.38 million during the quarter, compared to analyst estimates of $161.85 million. Stoneridge had a negative net margin of 15.24% and a negative return on equity of 22.50%.

Stoneridge Trading Down 0.9%

SRI stock traded down $0.07 on Wednesday, hitting $7.47. 103,994 shares of the company were exchanged, compared to its average volume of 171,179. Stoneridge has a twelve month low of $4.60 and a twelve month high of $9.71. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.02 and a quick ratio of 1.37. The business's fifty day moving average is $7.28 and its two-hundred day moving average is $6.99. The stock has a market capitalization of $210.98 million, a price-to-earnings ratio of -1.69 and a beta of 1.85.

Analyst Ratings Changes

Several analysts have commented on the stock. 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 reissued a "sell (d-)" rating on shares of Stoneridge in a research note on Wednesday, June 24th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $16.00.

Insiders Place Their Bets

In other news, Director Ira C. Kaplan bought 5,000 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The shares were acquired at an average cost of $7.54 per share, with a total value of $37,700.00. Following the transaction, the director owned 100,046 shares of the company's stock, valued at $754,346.84. This represents a 5.26% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director William M. Lasky bought 5,000 shares of Stoneridge stock in a transaction that occurred on Friday, June 12th. The stock was purchased at an average price of $7.46 per share, for a total transaction of $37,300.00. Following the acquisition, the director directly owned 192,666 shares of the company's stock, valued at $1,437,288.36. The trade was a 2.66% increase in their position. The SEC filing for this purchase provides additional information. 11.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Stoneridge

Large investors have recently modified their holdings of the company. Ameriprise Financial Inc. grew its holdings in shares of Stoneridge by 2.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 93,729 shares of the auto parts company's stock worth $714,000 after purchasing an additional 1,815 shares during the period. Jane Street Group LLC raised its holdings in Stoneridge by 1.9% in the fourth quarter. Jane Street Group LLC now owns 115,259 shares of the auto parts company's stock valued at $667,000 after buying an additional 2,178 shares during the period. State Street Corp raised its holdings in Stoneridge by 2.6% in the fourth quarter. State Street Corp now owns 134,334 shares of the auto parts company's stock valued at $778,000 after buying an additional 3,400 shares during the period. Algert Global LLC lifted its position in Stoneridge by 19.8% during the third quarter. Algert Global LLC now owns 25,880 shares of the auto parts company's stock valued at $197,000 after buying an additional 4,270 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Stoneridge by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 317,846 shares of the auto parts company's stock valued at $1,841,000 after buying an additional 4,545 shares in the last quarter. 98.07% of the stock is currently owned by hedge funds and other institutional investors.

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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