Stoneridge, Inc. (NYSE:SRI) Sees Significant Growth in Short Interest

Stoneridge, Inc. (NYSE:SRI) saw a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 694,100 shares, a growth of 26.7% from the May 15th total of 547,900 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average daily volume of 296,300 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Trading of Stoneridge

A number of institutional investors and hedge funds have recently made changes to their positions in SRI. Rhumbline Advisers lifted its stake in Stoneridge by 4.9% during the fourth quarter. Rhumbline Advisers now owns 48,478 shares of the auto parts company’s stock worth $304,000 after purchasing an additional 2,274 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Stoneridge by 65.2% in the fourth quarter. US Bancorp DE now owns 6,791 shares of the auto parts company’s stock worth $43,000 after acquiring an additional 2,679 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Stoneridge during the 4th quarter valued at approximately $2,180,000. Amundi acquired a new position in Stoneridge during the 4th quarter worth approximately $134,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Stoneridge by 246.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 49,909 shares of the auto parts company’s stock valued at $313,000 after purchasing an additional 35,500 shares during the last quarter. Institutional investors own 98.07% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on SRI shares. Barrington Research reissued an “outperform” rating and set a $16.00 price target on shares of Stoneridge in a report on Wednesday. Wall Street Zen raised shares of Stoneridge from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th.

Stoneridge Trading Up 2.9%

Shares of NYSE:SRI opened at $6.29 on Friday. The business’s 50 day simple moving average is $4.76 and its 200 day simple moving average is $5.12. Stoneridge has a 1 year low of $3.54 and a 1 year high of $18.40. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.39 and a quick ratio of 1.52. The company has a market capitalization of $175.04 million, a P/E ratio of -9.82 and a beta of 1.32.

Stoneridge (NYSE:SRI) last issued its quarterly earnings results on Wednesday, April 30th. The auto parts company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.02). Stoneridge had a negative return on equity of 4.66% and a negative net margin of 1.98%. The company had revenue of $217.89 million during the quarter, compared to the consensus estimate of $212.42 million. On average, research analysts anticipate that Stoneridge will post -0.42 EPS for the current fiscal year.

About Stoneridge

Stoneridge, Inc, together with its subsidiaries, designs and manufactures engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets in North America, South America, Europe, and internationally. The company operates through three segments: Control Devices, Electronics, and Stoneridge Brazil.