Walthausen & Co. LLC cut its stake in shares of Stoneridge, Inc. (NYSE:SRI) by 86.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 49,020 shares of the auto parts company’s stock after selling 319,440 shares during the period. Walthausen & Co. LLC owned about 0.18% of Stoneridge worth $1,437,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of SRI. Russell Investments Group Ltd. acquired a new position in Stoneridge during the third quarter worth $326,000. Barclays PLC lifted its position in shares of Stoneridge by 98.3% during the third quarter. Barclays PLC now owns 36,526 shares of the auto parts company’s stock worth $1,131,000 after purchasing an additional 18,108 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of Stoneridge during the third quarter worth about $461,000. Millennium Management LLC acquired a new stake in Stoneridge in the third quarter valued at approximately $377,000. Finally, Sciencast Management LP acquired a new stake in Stoneridge in the fourth quarter valued at approximately $322,000. Institutional investors own 97.84% of the company’s stock.
SRI has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of Stoneridge from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 4th. ValuEngine upgraded shares of Stoneridge from a “hold” rating to a “buy” rating in a research note on Saturday, February 29th. Stephens dropped their price target on shares of Stoneridge from $36.00 to $28.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, Barrington Research reiterated a “hold” rating on shares of Stoneridge in a research note on Wednesday, March 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $32.75.
Shares of NYSE:SRI traded up $1.58 during midday trading on Thursday, hitting $17.95. 275,163 shares of the stock were exchanged, compared to its average volume of 283,203. The stock has a market cap of $495.03 million, a P/E ratio of 8.43, a PEG ratio of 1.83 and a beta of 1.55. The company has a current ratio of 2.39, a quick ratio of 1.72 and a debt-to-equity ratio of 0.50. Stoneridge, Inc. has a twelve month low of $13.94 and a twelve month high of $34.46. The company has a 50 day moving average price of $23.44 and a 200-day moving average price of $28.75.
Stoneridge (NYSE:SRI) last issued its earnings results on Wednesday, February 26th. The auto parts company reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.07). Stoneridge had a return on equity of 14.41% and a net margin of 7.23%. The firm had revenue of $190.37 million for the quarter, compared to analysts’ expectations of $175.67 million. On average, equities research analysts expect that Stoneridge, Inc. will post 0.99 earnings per share for the current year.
Stoneridge declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 26th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the auto parts company to repurchase up to 8.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Stoneridge Company Profile
Stoneridge, Inc designs and manufactures engineered electrical and electronic components, modules, and systems for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets. The company operates in three segments: Control Devices, Electronics, and PST. The Control Devices segment offers sensors, switches, valves, and actuators that monitor, measure, or activate specific functions within a vehicle.
Further Reading: What is a stock buyback?
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