Stoneridge, Inc. (NYSE:SRI) Short Interest Down 28.4% in August

Stoneridge, Inc. (NYSE:SRI) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 316,000 shares, a decrease of 28.4% from the August 15th total of 441,200 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average daily volume of 153,300 shares, the short-interest ratio is currently 2.1 days.

Hedge Funds Weigh In On Stoneridge

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

Stoneridge Price Performance

Shares of NYSE SRI opened at $12.55 on Friday. The firm has a 50-day simple moving average of $14.74 and a 200-day simple moving average of $15.75. The company has a quick ratio of 1.31, a current ratio of 2.27 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $347.38 million, a price-to-earnings ratio of -89.64 and a beta of 1.32. Stoneridge has a 52 week low of $11.67 and a 52 week high of $20.52.

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

Analysts Set New Price Targets

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

About Stoneridge

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.