Short Interest in Stoneridge, Inc. (NYSE:SRI) Declines By 18.9%

Stoneridge, Inc. (NYSE:SRI) was the target of a large drop in short interest in March. As of March 15th, there was short interest totalling 365,300 shares, a drop of 18.9% from the February 28th total of 450,500 shares. Currently, 1.4% of the shares of the stock are short sold. Based on an average daily volume of 381,600 shares, the days-to-cover ratio is presently 1.0 days.

Stoneridge Trading Down 0.3 %

NYSE:SRI opened at $4.62 on Tuesday. The company has a market capitalization of $127.81 million, a PE ratio of -17.09 and a beta of 1.27. Stoneridge has a 52-week low of $4.11 and a 52-week high of $18.57. The stock has a fifty day simple moving average of $4.93 and a 200-day simple moving average of $6.86. The company has a quick ratio of 1.40, a current ratio of 2.44 and a debt-to-equity ratio of 0.72.

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

Hedge Funds Weigh In On Stoneridge

Several hedge funds have recently bought and sold shares of SRI. Cooper Creek Partners Management LLC lifted its position in shares of Stoneridge by 0.7% in the fourth quarter. Cooper Creek Partners Management LLC now owns 1,442,314 shares of the auto parts company’s stock valued at $9,043,000 after acquiring an additional 9,829 shares in the last quarter. Ewing Morris & Co. Investment Partners Ltd. raised its stake in Stoneridge by 1.4% in the 4th quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 1,224,273 shares of the auto parts company’s stock valued at $7,676,000 after purchasing an additional 16,833 shares during the last quarter. Millennium Management LLC lifted its holdings in Stoneridge by 440.8% in the 4th quarter. Millennium Management LLC now owns 926,540 shares of the auto parts company’s stock valued at $5,809,000 after purchasing an additional 755,223 shares in the last quarter. AYAL Capital Advisors Ltd boosted its stake in shares of Stoneridge by 264.2% during the 4th quarter. AYAL Capital Advisors Ltd now owns 923,494 shares of the auto parts company’s stock worth $5,790,000 after purchasing an additional 669,935 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in Stoneridge by 405.8% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 699,838 shares of the auto parts company’s stock worth $4,388,000 after acquiring an additional 561,488 shares during the last quarter. Hedge funds and other institutional investors own 98.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. StockNews.com raised shares of Stoneridge from a “hold” rating to a “buy” rating in a report on Saturday. Barrington Research reissued an “outperform” rating and set a $16.00 price target on shares of Stoneridge in a research note on Tuesday, March 4th.

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.