Stoneridge, Inc. (NYSE:SRI) Sees Significant Drop in Short Interest

Stoneridge, Inc. (NYSE:SRI) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 316,000 shares, a drop of 28.4% from the August 15th total of 441,200 shares. Based on an average trading volume of 153,300 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.2% of the company’s shares are short sold.

Stoneridge Trading Down 3.1 %

NYSE:SRI traded down $0.39 during mid-day trading on Monday, reaching $12.16. The company’s stock had a trading volume of 57,491 shares, compared to its average volume of 126,026. The stock has a market cap of $336.48 million, a P/E ratio of -89.43 and a beta of 1.32. Stoneridge has a twelve month low of $11.67 and a twelve month high of $20.52. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.27 and a quick ratio of 1.31. The company’s fifty day simple moving average is $14.74 and its two-hundred day simple moving average is $15.71.

Stoneridge (NYSE:SRI) last issued its earnings results on Wednesday, July 31st. The auto parts company reported $0.17 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.19. The company had revenue of $237.10 million during the quarter, compared to analyst estimates of $242.90 million. Stoneridge had a return on equity of 3.03% and a net margin of 0.19%. The business’s revenue was down 11.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. On average, equities analysts predict that Stoneridge will post 0.13 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Stephens began coverage on Stoneridge in a research note on Monday, July 8th. They issued an “overweight” rating for the company. StockNews.com upgraded Stoneridge from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its position in Stoneridge by 12.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,336 shares of the auto parts company’s stock valued at $181,000 after purchasing an additional 1,226 shares during the period. BNP Paribas Financial Markets boosted its position in Stoneridge by 28.0% during the 1st quarter. BNP Paribas Financial Markets now owns 13,068 shares of the auto parts company’s stock valued at $241,000 after purchasing an additional 2,861 shares during the period. Rhumbline Advisers boosted its position in Stoneridge by 7.6% during the 2nd quarter. Rhumbline Advisers now owns 47,251 shares of the auto parts company’s stock valued at $754,000 after purchasing an additional 3,353 shares during the period. Hsbc Holdings PLC boosted its position in Stoneridge by 51.4% during the 2nd quarter. Hsbc Holdings PLC now owns 23,575 shares of the auto parts company’s stock worth $372,000 after acquiring an additional 8,007 shares during the period. Finally, XTX Topco Ltd acquired a new position in Stoneridge during the 2nd quarter worth $176,000. Institutional investors and hedge funds own 98.07% of the company’s stock.

Stoneridge Company Profile

Stoneridge, Inc, together with its subsidiaries, designs and manufactures engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets in North America, South America, Europe, and internationally. The company operates through three segments: Control Devices, Electronics, and Stoneridge Brazil.