Stoneridge (NYSE:SRI) Updates FY 2022 Earnings Guidance

Stoneridge (NYSE:SRIGet Rating) updated its FY 2022 earnings guidance on Monday. The company provided earnings per share guidance of -$0.15-$0.10 for the period, compared to the consensus earnings per share estimate of -$0.11. The company issued revenue guidance of $860.00 million-$900.00 million, compared to the consensus revenue estimate of $860.19 million.

A number of research firms have recently issued reports on SRI. StockNews.com began coverage on shares of Stoneridge in a report on Thursday, March 31st. They set a hold rating on the stock. Zacks Investment Research lowered shares of Stoneridge from a hold rating to a sell rating in a report on Wednesday, May 4th.

Stoneridge stock traded down $2.09 during trading hours on Monday, hitting $16.58. The company had a trading volume of 19,608 shares, compared to its average volume of 158,617. The company has a quick ratio of 1.58, a current ratio of 2.21 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $452.88 million, a price-to-earnings ratio of -100.88 and a beta of 1.25. Stoneridge has a fifty-two week low of $13.64 and a fifty-two week high of $34.22. The company’s fifty day moving average is $19.25.

Stoneridge (NYSE:SRIGet Rating) last posted its earnings results on Wednesday, May 4th. The auto parts company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.07. The company had revenue of $221.00 million during the quarter, compared to the consensus estimate of $194.78 million. Stoneridge had a negative net margin of 0.56% and a negative return on equity of 8.28%. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.06 earnings per share. As a group, analysts expect that Stoneridge will post -0.11 EPS for the current year.

In other news, CEO Jonathan B. Degaynor acquired 12,560 shares of the firm’s stock in a transaction that occurred on Thursday, March 3rd. The stock was acquired at an average cost of $19.37 per share, with a total value of $243,287.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.40% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of SRI. Wells Fargo & Company MN boosted its holdings in Stoneridge by 16.1% in the 2nd quarter. Wells Fargo & Company MN now owns 66,009 shares of the auto parts company’s stock valued at $1,947,000 after purchasing an additional 9,132 shares during the period. Invesco Ltd. boosted its holdings in Stoneridge by 6.9% in the 3rd quarter. Invesco Ltd. now owns 54,842 shares of the auto parts company’s stock valued at $1,118,000 after purchasing an additional 3,553 shares during the period. Morgan Stanley boosted its holdings in Stoneridge by 30.3% in the 3rd quarter. Morgan Stanley now owns 96,317 shares of the auto parts company’s stock valued at $1,963,000 after purchasing an additional 22,381 shares during the period. Royal Bank of Canada boosted its holdings in Stoneridge by 25.4% in the 3rd quarter. Royal Bank of Canada now owns 4,936 shares of the auto parts company’s stock valued at $101,000 after purchasing an additional 1,000 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in Stoneridge in the 3rd quarter valued at $187,000. 99.95% of the stock is owned by hedge funds and other institutional investors.

Stoneridge Company Profile (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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Earnings History and Estimates for Stoneridge (NYSE:SRI)

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