Stoneridge Stock Price Down 5.5% After Earnings Miss (SRI)
Stoneridge (NYSE:SRI) shares dropped 5.5% during trading on Friday following a weaker than expected earnings announcement, ARN reports. The stock traded as low as $10.05 and last traded at $10.09, with a volume of 147,443 shares changing hands. The stock had previously closed at $10.68.
The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by $0.06. The company had revenue of $236.40 million for the quarter, compared to the consensus estimate of $245.94 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. The company’s revenue for the quarter was up .3% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Stoneridge from an “underperform” rating to a “neutral” rating in a research note on Wednesday. They now have a $10.90 price target on the stock. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Stoneridge currently has an average rating of “Buy” and an average price target of $12.73.
The stock has a 50-day moving average of $10.97 and a 200-day moving average of $11.63. The company has a market cap of $286.7 million and a price-to-earnings ratio of 19.07.
Stoneridge, Inc is a designer and manufacturer of engineered electrical and electronic components, modules and systems for the commercial vehicle, automotive, agricultural and off-highway vehicle markets.
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