Stoneridge (NYSE:SRI) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Stoneridge from “strong sell” to “hold,” while Weiss Ratings still has a “sell (d-)” rating on the stock. Overall, analysts now show a mixed but cautious view, with MarketBeat citing an average rating of “Reduce” and a $16.00 target price.
• Stoneridge shares were trading at $7.43, near the midpoint of their 52-week range, with a market cap of about $209.8 million. The stock has also shown volatility, reflected in its beta of 1.85.
• The company recently reported a larger-than-expected quarterly loss, posting EPS of -$0.75 versus a consensus estimate of $0.01, even though revenue of $160.85 million topped expectations. Insiders have been buying shares, including two directors who each purchased 5,000 shares in June.

Stoneridge (NYSE:SRI - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Tuesday,Zacks.com reports.

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

Stoneridge Price Performance

Shares of Stoneridge stock opened at $7.43 on Tuesday. Stoneridge has a 52 week low of $4.60 and a 52 week high of $9.71. The company has a current ratio of 2.02, a quick ratio of 1.37 and a debt-to-equity ratio of 1.00. The stock has a market cap of $209.82 million, a PE ratio of -1.68 and a beta of 1.85. The company's 50-day moving average price is $7.25 and its two-hundred day moving average price is $6.89.

Stoneridge (NYSE:SRI - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The auto parts company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.76). The business had revenue of $160.85 million for the quarter, compared to the consensus estimate of $139.00 million. Stoneridge had a negative net margin of 15.24% and a negative return on equity of 22.50%. As a group, sell-side analysts anticipate that Stoneridge will post -0.74 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Stoneridge

A number of hedge funds have recently bought and sold shares of the company. Bank of America Corp DE boosted its holdings in shares of Stoneridge by 113.3% in the first quarter. Bank of America Corp DE now owns 68,896 shares of the auto parts company's stock worth $333,000 after buying an additional 36,590 shares during the period. Empowered Funds LLC raised its holdings in shares of Stoneridge by 174.2% during the first quarter. Empowered Funds LLC now owns 61,880 shares of the auto parts company's stock valued at $299,000 after acquiring an additional 39,315 shares during the period. Sei Investments Co. raised its holdings in shares of Stoneridge by 45.6% during the first quarter. Sei Investments Co. now owns 31,090 shares of the auto parts company's stock valued at $150,000 after acquiring an additional 9,732 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Stoneridge in the 1st quarter valued at approximately $90,000. Finally, Villere ST Denis J & Co. LLC lifted its position in shares of Stoneridge by 100.0% in the 1st quarter. Villere ST Denis J & Co. LLC now owns 30,000 shares of the auto parts company's stock valued at $145,000 after acquiring an additional 15,000 shares in the last quarter. 98.07% of the stock is owned by hedge funds and other institutional investors.

Stoneridge Company Profile

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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