Trading Report: The Stoneridge Inc. (SRI) Releases Earnings Results, Meets Estimates

The Stoneridge Inc. (SRI) Releases  Earnings Results, Meets Estimates

Stoneridge Inc. (NYSE:SRI) announced its quarterly earnings results on Thursday. The company reported $0.36 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.36. The company earned $173.80 million during the quarter, compared to the consensus estimate of $183.56 million. Stoneridge had a return on equity of 31.44% and a net margin of 5.19%. Stoneridge’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.27 EPS. Stoneridge updated its FY16 guidance to $1.25-1.40 EPS.

Shares of Stoneridge (NYSE:SRI) opened at 14.55 on Monday. The stock has a 50 day moving average price of $18.01 and a 200 day moving average price of $16.49. The stock has a market capitalization of $405.10 million, a P/E ratio of 12.69 and a beta of 1.95. Stoneridge has a 12-month low of $10.51 and a 12-month high of $19.20.

In related news, VP Richard P. Adante sold 18,979 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $17.64, for a total value of $334,789.56. Following the completion of the sale, the vice president now directly owns 61,532 shares in the company, valued at approximately $1,085,424.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Richard P. Adante sold 6,771 shares of the stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $17.95, for a total value of $121,539.45. Following the completion of the sale, the vice president now owns 40,482 shares of the company’s stock, valued at $726,651.90. The disclosure for this sale can be found here. 4.70% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System increased its stake in shares of Stoneridge by 11.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 25,389 shares of the company’s stock valued at $379,000 after buying an additional 2,634 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in shares of Stoneridge during the second quarter valued at about $721,000. Swiss National Bank bought a new stake in shares of Stoneridge during the second quarter valued at about $675,000. Bank of New York Mellon Corp increased its stake in shares of Stoneridge by 7.2% in the second quarter. Bank of New York Mellon Corp now owns 122,615 shares of the company’s stock valued at $1,831,000 after buying an additional 8,225 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its stake in shares of Stoneridge by 428.0% in the second quarter. Wedge Capital Management L L P NC now owns 419,724 shares of the company’s stock valued at $11,849,000 after buying an additional 340,224 shares in the last quarter. Hedge funds and other institutional investors own 85.24% of the company’s stock.

Several analysts have recently weighed in on the company. Zacks Investment Research downgraded Stoneridge from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. B. Riley reissued a “buy” rating and issued a $19.00 target price on shares of Stoneridge in a report on Tuesday, August 9th. Finally, FBR & Co set a $17.00 target price on Stoneridge and gave the company a “hold” rating in a report on Sunday. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $18.40.

Stoneridge Company Profile

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