StockNews.com Upgrades Stoneridge (NYSE:SRI) to Buy

Stoneridge (NYSE:SRI) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

Separately, Barrington Research reissued an “outperform” rating and issued a $16.00 price objective on shares of Stoneridge in a report on Thursday, October 31st.

Stoneridge Stock Performance

Shares of NYSE SRI traded down $0.32 during midday trading on Tuesday, reaching $7.20. 383,456 shares of the stock were exchanged, compared to its average volume of 162,892. The company has a quick ratio of 1.40, a current ratio of 2.44 and a debt-to-equity ratio of 0.72. The firm has a market cap of $199.35 million, a price-to-earnings ratio of -26.67 and a beta of 1.36. The firm has a 50-day simple moving average of $10.32 and a two-hundred day simple moving average of $13.69. Stoneridge has a twelve month low of $6.76 and a twelve month high of $19.91.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Stoneridge by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 1,523,025 shares of the auto parts company’s stock valued at $28,085,000 after purchasing an additional 44,600 shares in the last quarter. Comerica Bank boosted its position in Stoneridge by 58,158.3% during the first quarter. Comerica Bank now owns 41,946 shares of the auto parts company’s stock worth $773,000 after acquiring an additional 41,874 shares during the last quarter. Cowen AND Company LLC purchased a new stake in Stoneridge during the 2nd quarter valued at about $2,234,000. EVR Research LP raised its holdings in Stoneridge by 36.3% in the 2nd quarter. EVR Research LP now owns 545,000 shares of the auto parts company’s stock valued at $8,698,000 after acquiring an additional 145,000 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Stoneridge by 7.6% in the 2nd quarter. Rhumbline Advisers now owns 47,251 shares of the auto parts company’s stock worth $754,000 after purchasing an additional 3,353 shares in the last quarter. Institutional investors and hedge funds 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.