Stoneridge, Inc. (SRI) Expected to Post Quarterly Sales of $189.04 Million
Brokerages predict that Stoneridge, Inc. (NYSE:SRI) will report $189.04 million in sales for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Stoneridge’s earnings, with estimates ranging from $187.70 million to $191.70 million. Stoneridge reported sales of $173.85 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 8.7%. The company is scheduled to issue its next earnings results on Thursday, October 26th.
On average, analysts expect that Stoneridge will report full-year sales of $189.04 million for the current fiscal year, with estimates ranging from $782.61 million to $800.90 million. For the next fiscal year, analysts forecast that the company will post sales of $820.18 million per share, with estimates ranging from $812.65 million to $826.40 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Stoneridge.
Stoneridge (NYSE:SRI) last released its quarterly earnings results on Wednesday, August 2nd. The auto parts company reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.10. The business had revenue of $209.10 million during the quarter, compared to analyst estimates of $202.45 million. Stoneridge had a net margin of 10.12% and a return on equity of 22.52%. The business’s revenue was up 11.9% on a year-over-year basis. During the same period last year, the business earned $0.41 EPS.
A number of analysts have recently weighed in on SRI shares. Zacks Investment Research upgraded shares of Stoneridge from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 11th. ValuEngine cut shares of Stoneridge from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. BidaskClub cut shares of Stoneridge from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. Finally, B. Riley restated a “buy” rating and issued a $22.00 price objective on shares of Stoneridge in a research note on Saturday, May 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $18.67.
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Shares of Stoneridge (NYSE SRI) opened at 16.61 on Friday. The firm has a market capitalization of $467.89 million, a price-to-earnings ratio of 6.15 and a beta of 1.33. Stoneridge has a 12-month low of $13.42 and a 12-month high of $20.82. The company’s 50-day moving average is $16.19 and its 200-day moving average is $16.80.
In related news, insider Robert J. Jr. Hartman sold 7,358 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $16.51, for a total transaction of $121,480.58. Following the completion of the transaction, the insider now directly owns 37,281 shares in the company, valued at approximately $615,509.31. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael D. Sloan sold 30,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $16.30, for a total transaction of $489,000.00. Following the transaction, the vice president now owns 34,223 shares of the company’s stock, valued at $557,834.90. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its stake in Stoneridge by 12.2% during the 1st quarter. Legal & General Group Plc now owns 7,077 shares of the auto parts company’s stock valued at $128,000 after purchasing an additional 772 shares during the last quarter. CAPROCK Group Inc. acquired a new position in Stoneridge during the 2nd quarter valued at $157,000. Eqis Capital Management Inc. acquired a new position in Stoneridge during the 2nd quarter valued at $162,000. Hancock Holding Co. acquired a new position in Stoneridge during the 1st quarter valued at $201,000. Finally, Citadel Advisors LLC acquired a new position in Stoneridge during the 1st quarter valued at $208,000. Hedge funds and other institutional investors own 87.83% of the company’s stock.
Stoneridge, Inc is a designer and manufacturer of engineered electrical and electronic components, modules and systems for the automotive, commercial, motorcycle, off-highway and agricultural vehicle markets. The Company operates through three segments: Control Devices, Electronics and PST. The Company’s Control Devices segment designs and manufactures products that monitor, measure or activate specific functions within a vehicle and includes product lines, such as sensors, switches, valves, and actuators.
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