Bank of New York Mellon Corp Acquires 13,236 Shares of Stoneridge, Inc. (NYSE:SRI)

Bank of New York Mellon Corp boosted its holdings in shares of Stoneridge, Inc. (NYSE:SRI) by 15.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,238 shares of the auto parts company’s stock after acquiring an additional 13,236 shares during the period. Bank of New York Mellon Corp owned approximately 0.37% of Stoneridge worth $1,616,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC bought a new position in Stoneridge during the second quarter worth about $344,000. Comerica Bank lifted its holdings in Stoneridge by 58,158.3% during the first quarter. Comerica Bank now owns 41,946 shares of the auto parts company’s stock worth $773,000 after acquiring an additional 41,874 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Stoneridge by 3.0% during the first quarter. Vanguard Group Inc. now owns 1,523,025 shares of the auto parts company’s stock worth $28,085,000 after acquiring an additional 44,600 shares in the last quarter. State Board of Administration of Florida Retirement System bought a new position in Stoneridge during the first quarter worth about $238,000. Finally, BNP Paribas Financial Markets lifted its holdings 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 acquiring an additional 2,861 shares in the last quarter. 98.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SRI has been the topic of several recent research reports. StockNews.com raised 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 note on Monday, July 8th. They issued an “overweight” rating on the stock.

Stoneridge Stock Performance

SRI opened at $12.44 on Thursday. 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 business’s 50-day moving average price is $14.61 and its two-hundred day moving average price is $15.61. The company has a market capitalization of $344.23 million, a price-to-earnings ratio of -88.86 and a beta of 1.32. Stoneridge, Inc. has a 1 year low of $11.67 and a 1 year high of $20.52.

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

Stoneridge 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.