Stoneridge, Inc. (NYSE:SRI) Sees Large Increase in Short Interest

Stoneridge, Inc. (NYSE:SRI) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 450,500 shares, a growth of 27.0% from the February 13th total of 354,600 shares. Currently, 1.7% of the shares of the company are sold short. Based on an average daily trading volume, of 378,700 shares, the days-to-cover ratio is currently 1.2 days.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. StockNews.com cut Stoneridge from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. Barrington Research restated an “outperform” rating and issued a $16.00 price objective on shares of Stoneridge in a research note on Tuesday, March 4th.

Hedge Funds Weigh In On Stoneridge

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SRI. US Bancorp DE bought a new position in shares of Stoneridge in the third quarter worth approximately $46,000. Thrivent Financial for Lutherans grew its stake in Stoneridge by 0.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 3,035,643 shares of the auto parts company’s stock worth $33,969,000 after buying an additional 24,548 shares in the last quarter. Quest Partners LLC increased its holdings in shares of Stoneridge by 95,350.0% in the 3rd quarter. Quest Partners LLC now owns 15,272 shares of the auto parts company’s stock worth $171,000 after buying an additional 15,256 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Stoneridge during the 3rd quarter valued at $161,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Stoneridge during the 3rd quarter worth $797,000. 98.07% of the stock is currently owned by hedge funds and other institutional investors.

Stoneridge Stock Performance

SRI stock traded up $0.14 during midday trading on Monday, reaching $5.15. 398,548 shares of the company’s stock traded hands, compared to its average volume of 243,813. The firm has a market capitalization of $142.49 million, a PE ratio of -19.06 and a beta of 1.27. The company has a 50-day moving average price of $5.06 and a two-hundred day moving average price of $7.43. Stoneridge has a 52 week low of $4.11 and a 52 week high of $18.57. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.40 and a current ratio of 2.44.

Stoneridge (NYSE:SRI) last announced its quarterly earnings results on Wednesday, February 26th. The auto parts company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.36). The company had revenue of $218.20 million for the quarter, compared to the consensus estimate of $207.61 million. Stoneridge had a negative net margin of 0.81% and a negative return on equity of 0.42%. As a group, equities analysts anticipate that Stoneridge will post -0.42 EPS for the current year.

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.