Geode Capital Management LLC Trims Position in Stoneridge, Inc. (NYSE:SRI)

Geode Capital Management LLC cut its stake in shares of Stoneridge, Inc. (NYSE:SRI) by 0.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 616,485 shares of the auto parts company’s stock after selling 3,603 shares during the period. Geode Capital Management LLC owned 2.23% of Stoneridge worth $6,899,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Quarry LP bought a new position in shares of Stoneridge in the third quarter worth approximately $44,000. US Bancorp DE bought a new stake in shares of Stoneridge during the 3rd quarter worth $46,000. nVerses Capital LLC bought a new stake in shares of Stoneridge during the 3rd quarter worth $59,000. Olympiad Research LP bought a new stake in shares of Stoneridge during the 3rd quarter worth $121,000. Finally, Paloma Partners Management Co purchased a new position in Stoneridge in the third quarter worth $139,000. 98.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on SRI. StockNews.com cut shares of Stoneridge from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Barrington Research reaffirmed an “outperform” rating and set a $16.00 target price on shares of Stoneridge in a report on Thursday, October 31st.

Stoneridge Stock Up 1.9 %

Shares of NYSE SRI opened at $5.97 on Friday. The firm has a fifty day simple moving average of $6.74 and a two-hundred day simple moving average of $11.16. The firm has a market capitalization of $165.30 million, a PE ratio of -22.11 and a beta of 1.35. The company has a current ratio of 2.44, a quick ratio of 1.40 and a debt-to-equity ratio of 0.72. Stoneridge, Inc. has a 12 month low of $5.52 and a 12 month high of $19.34.

Stoneridge (NYSE:SRI) last posted its quarterly earnings results on Wednesday, October 30th. The auto parts company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.32). Stoneridge had a negative return on equity of 0.42% and a negative net margin of 0.81%. The company had revenue of $213.80 million during the quarter, compared to analysts’ expectations of $229.60 million. During the same quarter in the previous year, the company earned $0.10 EPS. The business’s quarterly revenue was down 10.2% on a year-over-year basis. Equities analysts expect that Stoneridge, Inc. will post -0.42 earnings per share for the current year.

Stoneridge Company 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.