Stoneridge, Inc. (NYSE:SRI) was the recipient of a significant drop in short interest in October. As of October 31st, there was short interest totalling 375,364 shares, a drop of 49.8% from the October 15th total of 747,590 shares. Based on an average daily volume of 351,170 shares, the short-interest ratio is currently 1.1 days. Approximately 1.4% of the shares of the company are short sold.

Several equities analysts have recently weighed in on the stock. ValuEngine downgraded shares of Stoneridge from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. Buckingham Research cut their price objective on shares of Stoneridge from $37.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, October 3rd. Zacks Investment Research lowered shares of Stoneridge from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. Stephens set a $35.00 price objective on shares of Stoneridge and gave the company a “buy” rating in a research report on Tuesday, October 30th. Finally, Barrington Research set a $50.00 price objective on shares of Stoneridge and gave the company a “buy” rating in a research report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $34.17.

A number of institutional investors have recently made changes to their positions in SRI. USA Financial Portformulas Corp bought a new stake in Stoneridge during the third quarter valued at approximately $105,000. Canandaigua National Bank & Trust Co. bought a new stake in Stoneridge during the second quarter valued at approximately $205,000. Jefferies Group LLC bought a new stake in Stoneridge during the third quarter valued at approximately $209,000. V Wealth Management LLC bought a new stake in Stoneridge during the second quarter valued at approximately $251,000. Finally, United Services Automobile Association bought a new stake in Stoneridge during the second quarter valued at approximately $252,000. Institutional investors and hedge funds own 93.83% of the company’s stock.

Shares of SRI stock traded down $0.74 during trading hours on Friday, reaching $24.63. The stock had a trading volume of 273,656 shares, compared to its average volume of 301,622. The company has a current ratio of 2.20, a quick ratio of 1.60 and a debt-to-equity ratio of 0.38. Stoneridge has a 12 month low of $21.17 and a 12 month high of $37.69. The firm has a market capitalization of $722.65 million, a P/E ratio of 15.69, a price-to-earnings-growth ratio of 1.47 and a beta of 1.12.

Stoneridge (NYSE:SRI) last released its quarterly earnings data on Friday, October 26th. The auto parts company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.04. Stoneridge had a net margin of 7.09% and a return on equity of 21.77%. The company had revenue of $208.90 million during the quarter, compared to analyst estimates of $204.36 million. During the same period last year, the business earned $0.36 earnings per share. Stoneridge’s revenue was up 2.6% compared to the same quarter last year. Sell-side analysts predict that Stoneridge will post 2.03 EPS for the current year.

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About Stoneridge

Stoneridge, Inc designs and manufactures engineered electrical and electronic components, modules, and systems for the automotive, commercial, motorcycle, off-highway, and agricultural vehicle markets. It operates through three segments: Control Devices, Electronics, and PST. The Control Devices segment provides sensors, switches, valves, and actuators that monitor, measure, or activate specific functions within a vehicle.

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