Stoneridge, Inc. (NYSE:SRI – Get Free Report) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totaling 921,578 shares, a growth of 100.9% from the June 15th total of 458,810 shares. Approximately 3.7% of the company’s stock are short sold. Based on an average daily volume of 576,372 shares, the days-to-cover ratio is currently 1.6 days.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the stock. Zacks Research downgraded shares of Stoneridge from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Stoneridge in a research note on Wednesday, June 24th. Finally, Wall Street Zen cut shares of Stoneridge from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Sell” and a consensus target price of $16.00.
View Our Latest Analysis on Stoneridge
Stoneridge Stock Performance
Stoneridge (NYSE:SRI – Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The auto parts company reported ($0.75) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.76). The business had revenue of $160.85 million for the quarter, compared to analyst estimates of $139.00 million. Stoneridge had a negative net margin of 15.24% and a negative return on equity of 22.50%. Sell-side analysts predict that Stoneridge will post -0.74 earnings per share for the current year.
Insiders Place Their Bets
In other Stoneridge news, Director Ira C. Kaplan bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were purchased at an average cost of $7.54 per share, for a total transaction of $37,700.00. Following the purchase, the director directly owned 100,046 shares in the company, valued at $754,346.84. This represents a 5.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William M. Lasky bought 5,000 shares of Stoneridge stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average cost of $7.46 per share, for a total transaction of $37,300.00. Following the completion of the transaction, the director directly owned 192,666 shares in the company, valued at $1,437,288.36. This represents a 2.66% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 11.00% of the stock is owned by company insiders.
Institutional Investors Weigh In On Stoneridge
Several hedge funds have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. grew its position in Stoneridge by 2.0% during the third quarter. Ameriprise Financial Inc. now owns 93,729 shares of the auto parts company’s stock valued at $714,000 after buying an additional 1,815 shares during the period. Jane Street Group LLC raised its position in shares of Stoneridge by 1.9% in the fourth quarter. Jane Street Group LLC now owns 115,259 shares of the auto parts company’s stock worth $667,000 after acquiring an additional 2,178 shares during the period. State Street Corp raised its position in shares of Stoneridge by 2.6% in the fourth quarter. State Street Corp now owns 134,334 shares of the auto parts company’s stock worth $778,000 after acquiring an additional 3,400 shares during the period. Algert Global LLC boosted its stake in shares of Stoneridge by 19.8% during the 3rd quarter. Algert Global LLC now owns 25,880 shares of the auto parts company’s stock worth $197,000 after acquiring an additional 4,270 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Stoneridge by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 317,846 shares of the auto parts company’s stock valued at $1,841,000 after acquiring an additional 4,545 shares during the period. 98.07% of the stock is owned by hedge funds and other institutional investors.
About Stoneridge
Stoneridge, Inc (NYSE: SRI) is a global developer and manufacturer of highly engineered electrical and electronic components for the automotive and commercial vehicle markets. The company’s product offerings span a range of safety, convenience and control systems, delivering tailored solutions that help original equipment manufacturers (OEMs) meet increasingly stringent regulatory and performance requirements.
Among Stoneridge’s core products are rearview and side-view mirror systems, camera-based advanced driver assistance systems (ADAS) and interior and exterior lighting solutions.
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