Stoneridge’s (SRI) “Outperform” Rating Reaffirmed at Barrington Research

Stoneridge (NYSE:SRI)‘s stock had its “outperform” rating reissued by investment analysts at Barrington Research in a report released on Thursday, Benzinga reports. They currently have a $16.00 price objective on the auto parts company’s stock. Barrington Research’s target price would suggest a potential upside of 128.90% from the company’s current price.

SRI has been the subject of several other reports. StockNews.com raised shares of Stoneridge from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. Stephens initiated coverage on shares of Stoneridge in a research note on Monday, July 8th. They issued an “overweight” rating for the company.

Stoneridge Stock Down 24.7 %

Shares of NYSE SRI traded down $2.29 during midday trading on Thursday, reaching $6.99. The company’s stock had a trading volume of 1,428,555 shares, compared to its average volume of 153,219. Stoneridge has a fifty-two week low of $6.76 and a fifty-two week high of $19.91. The company has a current ratio of 2.27, a quick ratio of 1.31 and a debt-to-equity ratio of 0.69. The stock has a 50 day simple moving average of $11.42 and a 200-day simple moving average of $14.16. The stock has a market capitalization of $193.47 million, a price-to-earnings ratio of -25.89 and a beta of 1.31.

Stoneridge (NYSE:SRI) last released its earnings results on Wednesday, October 30th. The auto parts company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.32). Stoneridge had a net margin of 0.19% and a return on equity of 3.03%. The firm had revenue of $213.80 million during the quarter, compared to the consensus estimate of $229.60 million. During the same period in the prior year, the business posted $0.10 earnings per share. Stoneridge’s quarterly revenue was down 10.2% compared to the same quarter last year. Equities research analysts predict that Stoneridge will post 0.13 earnings per share for the current year.

Hedge Funds Weigh In On Stoneridge

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SRI. EVR Research LP boosted its position in Stoneridge by 36.3% during the second quarter. EVR Research LP now owns 545,000 shares of the auto parts company’s stock worth $8,698,000 after purchasing an additional 145,000 shares during the period. Cowen AND Company LLC bought a new position in Stoneridge during the second quarter worth $2,234,000. Vanguard Group Inc. boosted its position in Stoneridge by 3.0% during the first quarter. Vanguard Group Inc. now owns 1,523,025 shares of the auto parts company’s stock worth $28,085,000 after purchasing an additional 44,600 shares during the period. Comerica Bank boosted its position in shares of Stoneridge by 58,158.3% in the first quarter. Comerica Bank now owns 41,946 shares of the auto parts company’s stock valued at $773,000 after acquiring an additional 41,874 shares during the period. Finally, Kings Path Partners LLC bought a new stake in shares of Stoneridge in the second quarter valued at about $657,000. 98.07% of the stock is owned by institutional investors.

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.