Short Interest in Stoneridge, Inc. (NYSE:SRI) Decreases By 49.8%
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.
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.
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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