Stoneridge (NYSE:SRI) Lowered to Hold Rating by StockNews.com

StockNews.com cut shares of Stoneridge (NYSE:SRI) from a buy rating to a hold rating in a research note published on Wednesday morning.

Separately, Barrington Research restated an “outperform” rating and set a $16.00 price objective on shares of Stoneridge in a research note on Thursday, October 31st.

Stoneridge Price Performance

Shares of NYSE SRI opened at $6.09 on Wednesday. The company has a current ratio of 2.44, a quick ratio of 1.40 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average price of $9.57 and a 200-day moving average price of $13.32. Stoneridge has a 1 year low of $5.89 and a 1 year high of $19.91.

Stoneridge (NYSE:SRI) last released its quarterly earnings results on Wednesday, October 30th. The auto parts company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.32). The company had revenue of $213.80 million for the quarter, compared to analyst estimates of $229.60 million. Stoneridge had a negative net margin of 0.81% and a negative return on equity of 0.42%. Stoneridge’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 EPS. On average, sell-side analysts anticipate that Stoneridge will post -0.38 EPS for the current year.

Hedge Funds Weigh In On Stoneridge

A number of hedge funds and other institutional investors have recently modified their holdings of SRI. BNP Paribas Financial Markets boosted its position in Stoneridge by 28.0% in the first quarter. BNP Paribas Financial Markets now owns 13,068 shares of the auto parts company’s stock worth $241,000 after purchasing an additional 2,861 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new position in Stoneridge during the first quarter valued at about $238,000. Vanguard Group Inc. increased its holdings in Stoneridge by 3.0% during the first quarter. Vanguard Group Inc. now owns 1,523,025 shares of the auto parts company’s stock worth $28,085,000 after buying an additional 44,600 shares during the last quarter. Comerica Bank boosted its stake in Stoneridge by 58,158.3% in the first quarter. Comerica Bank now owns 41,946 shares of the auto parts company’s stock valued at $773,000 after acquiring an additional 41,874 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Stoneridge during the 2nd quarter valued at approximately $344,000. Hedge funds and other institutional investors own 98.07% of the company’s stock.

About Stoneridge

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.