Zacks Investment Research cut shares of Stoneridge (NYSE:SRI) from a hold rating to a sell rating in a report released on Wednesday.
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. “
Several other research firms have also recently weighed in on SRI. Stephens restated a buy rating and issued a $31.00 price target on shares of Stoneridge in a research note on Sunday, January 6th. Buckingham Research set a $32.00 price target on Stoneridge and gave the stock a buy rating in a research note on Friday, December 28th. Finally, Barrington Research set a $35.00 price target on Stoneridge and gave the stock a buy rating in a research note on Tuesday, February 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. Stoneridge currently has a consensus rating of Hold and an average target price of $31.20.
NYSE:SRI traded up $0.52 during trading hours on Wednesday, reaching $30.09. 446,885 shares of the company traded hands, compared to its average volume of 204,413. Stoneridge has a 1 year low of $21.91 and a 1 year high of $37.69. The company has a current ratio of 2.20, a quick ratio of 1.60 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $798.12 million, a price-to-earnings ratio of 15.12 and a beta of 1.01.
Several hedge funds have recently bought and sold shares of the company. Legal & General Group Plc raised its stake in shares of Stoneridge by 10.0% in the fourth quarter. Legal & General Group Plc now owns 4,980 shares of the auto parts company’s stock worth $123,000 after purchasing an additional 452 shares during the last quarter. Citigroup Inc. raised its stake in shares of Stoneridge by 5.4% in the fourth quarter. Citigroup Inc. now owns 17,721 shares of the auto parts company’s stock worth $437,000 after purchasing an additional 914 shares during the last quarter. NumerixS Investment Technologies Inc bought a new stake in shares of Stoneridge in the fourth quarter worth $26,000. First Interstate Bank grew its holdings in shares of Stoneridge by 31.9% in the fourth quarter. First Interstate Bank now owns 4,868 shares of the auto parts company’s stock worth $120,000 after acquiring an additional 1,178 shares during the period. Finally, Lake Point Wealth Management bought a new stake in shares of Stoneridge in the fourth quarter worth $33,000. Hedge funds and other institutional investors own 92.24% of the company’s stock.
Stoneridge Company Profile
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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