Stoneridge (NYSE:SRI) Upgraded by StockNews.com to Buy

Stoneridge (NYSE:SRI – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Separately, Stephens reaffirmed an “overweight” rating and issued a $27.00 price target on shares of Stoneridge in a report on Thursday, March 2nd.

Stoneridge Stock Up 2.0 %

NYSE SRI opened at $16.51 on Friday. Stoneridge has a one year low of $14.18 and a one year high of $25.87. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.26 and a current ratio of 2.09. The business has a fifty day moving average price of $17.53 and a 200 day moving average price of $20.80. The company has a market cap of $454.19 million, a P/E ratio of -33.02 and a beta of 1.35.

Stoneridge (NYSE:SRI – Get Rating) last posted its quarterly earnings results on Wednesday, May 3rd. The auto parts company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.05. Stoneridge had a negative net margin of 1.49% and a negative return on equity of 3.91%. The firm had revenue of $241.30 million for the quarter, compared to the consensus estimate of $224.79 million. During the same period last year, the firm posted ($0.27) earnings per share. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. Research analysts anticipate that Stoneridge will post -0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Stoneridge

Institutional investors have recently bought and sold shares of the company. Raymond James & Associates acquired a new stake in shares of Stoneridge during the 1st quarter worth approximately $284,000. Bank of New York Mellon Corp lifted its stake in shares of Stoneridge by 68.3% in the 1st quarter. Bank of New York Mellon Corp now owns 170,440 shares of the auto parts company’s stock valued at $3,537,000 after purchasing an additional 69,146 shares during the last quarter. US Bancorp DE grew its holdings in shares of Stoneridge by 138.3% during the 1st quarter. US Bancorp DE now owns 2,342 shares of the auto parts company’s stock worth $48,000 after purchasing an additional 1,359 shares during the period. MetLife Investment Management LLC grew its holdings in shares of Stoneridge by 58.4% during the 1st quarter. MetLife Investment Management LLC now owns 14,655 shares of the auto parts company’s stock worth $304,000 after purchasing an additional 5,403 shares during the period. Finally, BlackRock Inc. increased its position in shares of Stoneridge by 1.1% during the 1st quarter. BlackRock Inc. now owns 1,929,975 shares of the auto parts company’s stock worth $40,066,000 after purchasing an additional 21,375 shares during the last quarter. 97.54% of the stock is owned by hedge funds and other institutional investors.

Stoneridge Company Profile

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Stoneridge, Inc engages in the production of engineered electrical and electronic components, modules, and systems for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets. It operates through the following segments: Control Devices, Electronics, and Stoneridge Brazil.