Stoneridge (NYSE:SRI) Issues Earnings Results

Stoneridge (NYSE:SRI – Get Rating) announced its quarterly earnings data on Wednesday. The auto parts company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.07, MarketWatch Earnings reports. Stoneridge had a negative return on equity of 8.22% and a negative net margin of 0.56%. The company had revenue of $221.00 million for the quarter, compared to analyst estimates of $194.78 million. During the same quarter in the previous year, the company earned $0.06 EPS. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. Stoneridge updated its FY22 guidance to ($0.15)-0.10 EPS.

Shares of NYSE:SRI traded down $0.40 during trading on Friday, hitting $18.67. 104,445 shares of the stock were exchanged, compared to its average volume of 109,286. The company has a fifty day moving average price of $19.25 and a two-hundred day moving average price of $19.64. The company has a market cap of $510.06 million, a PE ratio of -109.82 and a beta of 1.25. The company has a current ratio of 2.37, a quick ratio of 1.58 and a debt-to-equity ratio of 0.55. Stoneridge has a 12-month low of $13.64 and a 12-month high of $34.22.

In other news, CEO Jonathan B. Degaynor purchased 12,560 shares of the firm’s stock in a transaction dated Thursday, March 3rd. The shares were acquired at an average price of $19.37 per share, with a total value of $243,287.20. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 4.40% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of SRI. Royal Bank of Canada raised its position in shares of Stoneridge by 25.4% during the 3rd quarter. Royal Bank of Canada now owns 4,936 shares of the auto parts company’s stock worth $101,000 after purchasing an additional 1,000 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Stoneridge by 145.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,840 shares of the auto parts company’s stock worth $139,000 after purchasing an additional 4,055 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Stoneridge by 41.4% during the 4th quarter. MetLife Investment Management LLC now owns 9,252 shares of the auto parts company’s stock worth $183,000 after purchasing an additional 2,709 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in Stoneridge in the 3rd quarter valued at $187,000. Finally, Citigroup Inc. raised its holdings in Stoneridge by 56.2% in the 4th quarter. Citigroup Inc. now owns 10,991 shares of the auto parts company’s stock valued at $217,000 after acquiring an additional 3,954 shares during the last quarter. Hedge funds and other institutional investors own 99.95% of the company’s stock.

A number of equities research analysts have weighed in on the company. Zacks Investment Research lowered Stoneridge from a “hold” rating to a “sell” rating in a report on Wednesday. StockNews.com initiated coverage on Stoneridge in a research note on Thursday, March 31st. They set a “hold” rating on the stock.

About Stoneridge (Get Rating)

Stoneridge, Inc, together with its subsidiaries, designs and manufactures engineered electrical and electronic components, modules, and systems for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets in North America, South America, Europe, and internationally. It operates in three segments: Control Devices, Electronics, and Stoneridge Brazil.

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