Stoneridge (SRI) Stock Rating Upgraded by Zacks Investment Research
Stoneridge (NYSE:SRI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday. The brokerage currently has a $27.00 target price on the auto parts company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.94% from the stock’s previous close.
According to Zacks, “Stoneridge Inc. is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems for the automotive, medium and heavy-duty truck, and agricultural vehicle markets. Their products interface with a vehicle’s mechanical and electrical systems to activate equipment and accessories, display and monitor vehicle performance, and control and distribute electrical power and signals. “
SRI has been the topic of several other research reports. KeyCorp reaffirmed a “hold” rating on shares of Stoneridge in a research note on Friday, November 17th. ValuEngine raised shares of Stoneridge from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Finally, B. Riley reaffirmed a “neutral” rating on shares of Stoneridge in a research note on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Stoneridge currently has an average rating of “Hold” and a consensus target price of $24.50.
Stoneridge (NYSE:SRI) last posted its quarterly earnings results on Wednesday, November 1st. The auto parts company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.04. The company had revenue of $203.60 million for the quarter, compared to the consensus estimate of $192.80 million. Stoneridge had a net margin of 9.45% and a return on equity of 20.37%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 EPS. analysts forecast that Stoneridge will post 1.5 earnings per share for the current fiscal year.
In other Stoneridge news, VP Thomas A. Beaver sold 49,779 shares of the stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $21.51, for a total transaction of $1,070,746.29. Following the transaction, the vice president now directly owns 76,529 shares in the company, valued at approximately $1,646,138.79. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.30% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the business. Highbridge Capital Management LLC bought a new position in Stoneridge during the 3rd quarter worth about $206,000. Nine Chapters Capital Management LLC bought a new position in Stoneridge during the 3rd quarter worth about $216,000. SG Americas Securities LLC bought a new position in Stoneridge during the 2nd quarter worth about $217,000. Shufro Rose & Co. LLC bought a new position in Stoneridge during the 3rd quarter worth about $248,000. Finally, Voya Investment Management LLC grew its holdings in Stoneridge by 12.7% during the 2nd quarter. Voya Investment Management LLC now owns 16,416 shares of the auto parts company’s stock worth $253,000 after acquiring an additional 1,851 shares in the last quarter. Institutional investors own 86.98% of the company’s stock.
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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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