Stoneridge, Inc. (SRI) Announces Earnings Results
Stoneridge, Inc. (NYSE:SRI) issued its quarterly earnings results on Wednesday. The auto parts company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.04, Bloomberg Earnings reports. The business had revenue of $203.60 million during the quarter, compared to analyst estimates of $192.80 million. Stoneridge had a return on equity of 20.91% and a net margin of 9.45%. Stoneridge’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 EPS. Stoneridge updated its FY17 guidance to $1.48-1.54 EPS.
Shares of Stoneridge (NYSE SRI) traded up $0.04 during trading hours on Friday, hitting $22.24. 195,313 shares of the company were exchanged, compared to its average volume of 174,632. The stock has a market capitalization of $607.65, a P/E ratio of 14.38 and a beta of 1.48.
SRI has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Stoneridge from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 11th. BidaskClub lowered Stoneridge from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Finally, KeyCorp restated a “hold” rating on shares of Stoneridge in a research report on Sunday, October 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $19.50.
In related news, VP Michael D. Sloan sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $16.30, for a total value of $489,000.00. Following the transaction, the vice president now directly owns 34,223 shares of the company’s stock, valued at approximately $557,834.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert J. Jr. Hartman sold 7,358 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $16.51, for a total value of $121,480.58. Following the completion of the transaction, the insider now directly owns 37,281 shares in the company, valued at $615,509.31. The disclosure for this sale can be found here. Corporate insiders own 5.30% of the company’s stock.
Stoneridge Company Profile
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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