Stoneridge (NYSE:SRI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a $27.00 price target on the auto parts company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 22.67% from the company’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. “
Several other research analysts have also recently weighed in on the stock. KeyCorp reaffirmed a “hold” rating on shares of Stoneridge in a report on Friday, November 17th. ValuEngine raised shares of Stoneridge from a “buy” rating to a “strong-buy” rating in a report on Friday, February 2nd. Finally, B. Riley reaffirmed a “neutral” rating on shares of Stoneridge in a report on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a strong buy rating to the company. Stoneridge presently has an average rating of “Buy” and an average price target of $24.50.
Several institutional investors have recently added to or reduced their stakes in SRI. Wells Fargo & Company MN boosted its position in Stoneridge by 21.2% during the fourth quarter. Wells Fargo & Company MN now owns 61,492 shares of the auto parts company’s stock valued at $1,405,000 after buying an additional 10,755 shares during the period. First Trust Advisors LP boosted its position in Stoneridge by 13.3% during the fourth quarter. First Trust Advisors LP now owns 23,955 shares of the auto parts company’s stock valued at $548,000 after buying an additional 2,815 shares during the period. Teacher Retirement System of Texas purchased a new stake in Stoneridge during the fourth quarter valued at about $213,000. Aperio Group LLC purchased a new stake in Stoneridge during the fourth quarter valued at about $242,000. Finally, LSV Asset Management boosted its position in Stoneridge by 7.2% during the fourth quarter. LSV Asset Management now owns 792,900 shares of the auto parts company’s stock valued at $18,125,000 after buying an additional 53,200 shares during the period. 87.27% of the stock is currently owned by hedge funds and other institutional investors.
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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