Stoneridge (SRI) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Stoneridge (NYSE:SRI) from a strong-buy rating to a hold rating in a research report released on Wednesday, January 10th. They currently have $26.00 target price on the auto parts company’s stock.

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. “

A number of other research firms have also recently weighed in on SRI. ValuEngine upgraded shares of Stoneridge from a buy rating to a strong-buy rating in a research note on Sunday, December 31st. B. Riley reiterated a neutral rating on shares of Stoneridge in a research note on Friday, November 3rd. Finally, KeyCorp reiterated a hold rating on shares of Stoneridge in a research note on Sunday, October 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $24.50.

Stoneridge (NYSE SRI) traded up $0.15 on Wednesday, hitting $24.49. 264,563 shares of the company were exchanged, compared to its average volume of 199,430. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.65 and a current ratio of 2.24. Stoneridge has a 52 week low of $14.16 and a 52 week high of $26.47. The stock has a market cap of $689.63, a PE ratio of 9.35 and a beta of 1.45.

In other Stoneridge news, VP Thomas A. Beaver sold 49,779 shares of the company’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $21.51, for a total value 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.30% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. lifted its position in shares of Stoneridge by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 112,389 shares of the auto parts company’s stock worth $1,732,000 after purchasing an additional 627 shares during the period. Prudential Financial Inc. lifted its position in shares of Stoneridge by 5.1% in the 3rd quarter. Prudential Financial Inc. now owns 175,472 shares of the auto parts company’s stock worth $3,476,000 after purchasing an additional 8,480 shares during the period. Nordea Investment Management AB lifted its position in shares of Stoneridge by 12.4% in the 3rd quarter. Nordea Investment Management AB now owns 135,822 shares of the auto parts company’s stock worth $2,691,000 after purchasing an additional 15,008 shares during the period. Segall Bryant & Hamill LLC lifted its position in shares of Stoneridge by 5.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 115,773 shares of the auto parts company’s stock worth $2,293,000 after purchasing an additional 6,237 shares during the period. Finally, NWQ Investment Management Company LLC lifted its position in shares of Stoneridge by 1.7% in the 3rd quarter. NWQ Investment Management Company LLC now owns 2,037,198 shares of the auto parts company’s stock worth $40,357,000 after purchasing an additional 33,240 shares during the period. 87.52% of the stock is owned by hedge funds and other institutional investors.

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About Stoneridge

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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