Stoneridge, Inc. (NYSE:SRI) Sees Large Decline in Short Interest

Stoneridge, Inc. (NYSE:SRI) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 316,000 shares, a decline of 28.4% from the August 15th total of 441,200 shares. Currently, 1.2% of the shares of the company are short sold. Based on an average daily volume of 153,300 shares, the short-interest ratio is presently 2.1 days.

Analyst Ratings Changes

Several research analysts have recently commented on SRI shares. Stephens assumed coverage on shares of Stoneridge in a report on Monday, July 8th. They set an “overweight” rating on the stock. StockNews.com upgraded Stoneridge from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th.

Stoneridge Price Performance

SRI stock traded up $0.52 during midday trading on Friday, reaching $12.55. The company had a trading volume of 150,677 shares, compared to its average volume of 99,272. Stoneridge has a 1-year low of $11.67 and a 1-year high of $20.52. The stock has a 50 day moving average price of $14.74 and a 200-day moving average price of $15.71. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.27 and a quick ratio of 1.31. The company has a market capitalization of $347.38 million, a price-to-earnings ratio of -89.64 and a beta of 1.32.

Stoneridge (NYSE:SRI) last issued its earnings results on Wednesday, July 31st. The auto parts company reported $0.17 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.19. The company had revenue of $237.10 million during the quarter, compared to analysts’ expectations of $242.90 million. Stoneridge had a net margin of 0.19% and a return on equity of 3.03%. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.05) EPS. Equities research analysts expect that Stoneridge will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Stoneridge

A number of large investors have recently modified their holdings of SRI. EVR Research LP boosted its stake in Stoneridge by 36.3% in the second quarter. EVR Research LP now owns 545,000 shares of the auto parts company’s stock valued at $8,698,000 after buying an additional 145,000 shares in the last quarter. Cowen AND Company LLC acquired a new stake in shares of Stoneridge in the 2nd quarter valued at approximately $2,234,000. Ranger Investment Management L.P. grew its holdings in shares of Stoneridge by 35.1% during the 4th quarter. Ranger Investment Management L.P. now owns 373,180 shares of the auto parts company’s stock valued at $7,303,000 after purchasing an additional 97,051 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Stoneridge by 4.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,531,421 shares of the auto parts company’s stock worth $29,970,000 after purchasing an additional 61,849 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake 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 during the last quarter. Institutional investors and hedge funds own 98.07% of the company’s stock.

Stoneridge Company Profile

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.