Cooper-Standard (NYSE:CPS) Shares Gap Up – Here’s What Happened

Shares of Cooper-Standard Holdings Inc. (NYSE:CPS) gapped up before the market opened on Wednesday . The stock had previously closed at $27.85, but opened at $29.09. Cooper-Standard shares last traded at $28.9850, with a volume of 3,316 shares traded.

Analyst Ratings Changes

A number of brokerages recently issued reports on CPS. Wall Street Zen lowered shares of Cooper-Standard from a “buy” rating to a “hold” rating in a research note on Sunday, March 29th. Zacks Research downgraded shares of Cooper-Standard from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Stifel Nicolaus decreased their price objective on shares of Cooper-Standard from $55.00 to $53.00 and set a “buy” rating for the company in a report on Monday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cooper-Standard in a research report on Friday, May 22nd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $48.33.

Cooper-Standard Stock Performance

The company has a market cap of $520.50 million, a P/E ratio of -13.45 and a beta of 1.99. The business has a fifty day simple moving average of $28.51 and a 200 day simple moving average of $31.06.

Cooper-Standard (NYSE:CPS) last issued its quarterly earnings results on Thursday, May 7th. The auto parts company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.13). The firm had revenue of $686.36 million during the quarter, compared to analyst estimates of $660.00 million. Equities research analysts expect that Cooper-Standard Holdings Inc. will post 2.86 EPS for the current year.

Institutional Trading of Cooper-Standard

Several institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its position in shares of Cooper-Standard by 343.0% in the 1st quarter. Royal Bank of Canada now owns 25,628 shares of the auto parts company’s stock worth $393,000 after buying an additional 19,843 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Cooper-Standard by 1,345.8% in the 1st quarter. AQR Capital Management LLC now owns 151,530 shares of the auto parts company’s stock valued at $2,321,000 after buying an additional 141,049 shares during the period. Millennium Management LLC grew its position in shares of Cooper-Standard by 89.9% during the 1st quarter. Millennium Management LLC now owns 311,015 shares of the auto parts company’s stock valued at $4,765,000 after buying an additional 147,209 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Cooper-Standard by 21.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 214,523 shares of the auto parts company’s stock valued at $3,286,000 after buying an additional 38,489 shares during the last quarter. Finally, Prudential Financial Inc. acquired a new stake in Cooper-Standard during the second quarter worth about $202,000. Institutional investors own 69.11% of the company’s stock.

About Cooper-Standard

Cooper-Standard Holding Inc is a global supplier of sealing, fuel and brake delivery, and fluid transfer systems for the automotive industry. The company designs and manufactures engineered rubber, plastic and metal products, including sealing systems for doors, windows and powertrain assemblies, fuel and brake hoses and lines, and fluid transfer components such as coolant, refrigerant and washer fluid systems.

Founded in 1922 and headquartered in Novi, Michigan, Cooper-Standard operates manufacturing facilities and technical centers across North America, Europe, South America and Asia.