Stoneridge, Inc. (NYSE:SRI) Short Interest Down 19.1% in December

Stoneridge, Inc. (NYSE:SRI) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 185,100 shares, a drop of 19.1% from the December 15th total of 228,900 shares. Based on an average daily volume of 347,700 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.7% of the shares of the stock are sold short.

Hedge Funds Weigh In On Stoneridge

A number of large investors have recently modified their holdings of SRI. Royce & Associates LP raised its holdings in Stoneridge by 12.3% during the third quarter. Royce & Associates LP now owns 1,357,043 shares of the auto parts company’s stock worth $15,185,000 after acquiring an additional 148,461 shares in the last quarter. EVR Research LP raised its stake in shares of Stoneridge by 36.3% during the 2nd quarter. EVR Research LP now owns 545,000 shares of the auto parts company’s stock worth $8,698,000 after purchasing an additional 145,000 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Stoneridge during the 3rd quarter worth approximately $797,000. Jane Street Group LLC boosted its holdings in shares of Stoneridge by 218.3% in the 3rd quarter. Jane Street Group LLC now owns 69,734 shares of the auto parts company’s stock valued at $780,000 after buying an additional 47,829 shares during the last quarter. Finally, Walleye Capital LLC bought a new position in shares of Stoneridge in the third quarter valued at $483,000. 98.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. StockNews.com downgraded Stoneridge from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Barrington Research reissued an “outperform” rating and issued a $16.00 price objective on shares of Stoneridge in a research note on Thursday, October 31st.

Stoneridge Stock Performance

SRI opened at $5.79 on Thursday. The company has a fifty day moving average price of $6.36 and a two-hundred day moving average price of $10.56. 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 has a 52 week low of $5.23 and a 52 week high of $19.34.

Stoneridge (NYSE:SRI) last announced its earnings results on Wednesday, October 30th. The auto parts company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $229.60 million. During the same period in the previous year, the company posted $0.10 earnings per share. Stoneridge’s revenue for the quarter was down 10.2% on a year-over-year basis. On average, sell-side analysts forecast 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.