Pinnacle Associates Ltd. Reduces Holdings in Stoneridge, Inc. (NYSE:SRI)

Pinnacle Associates Ltd. decreased its position in shares of Stoneridge, Inc. (NYSE:SRI) by 7.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,000 shares of the auto parts company’s stock after selling 2,300 shares during the period. Pinnacle Associates Ltd. owned approximately 0.10% of Stoneridge worth $416,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of SRI. Teachers Advisors LLC increased its position in Stoneridge by 9.2% during the fourth quarter. Teachers Advisors LLC now owns 46,212 shares of the auto parts company’s stock valued at $817,000 after acquiring an additional 3,876 shares during the last quarter. Nationwide Fund Advisors increased its position in Stoneridge by 22.9% during the first quarter. Nationwide Fund Advisors now owns 171,175 shares of the auto parts company’s stock valued at $3,105,000 after acquiring an additional 31,896 shares during the last quarter. Russell Investments Group Ltd. increased its position in Stoneridge by 55.0% during the first quarter. Russell Investments Group Ltd. now owns 109,572 shares of the auto parts company’s stock valued at $1,988,000 after acquiring an additional 38,872 shares during the last quarter. Wells Fargo & Company MN increased its position in Stoneridge by 9.3% during the first quarter. Wells Fargo & Company MN now owns 47,412 shares of the auto parts company’s stock valued at $860,000 after acquiring an additional 4,015 shares during the last quarter. Finally, LSV Asset Management increased its position in Stoneridge by 6.0% during the first quarter. LSV Asset Management now owns 699,700 shares of the auto parts company’s stock valued at $12,692,000 after acquiring an additional 39,800 shares during the last quarter. Institutional investors and hedge funds own 87.83% of the company’s stock.

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In related news, VP Michael D. Sloan sold 30,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $16.30, for a total transaction of $489,000.00. Following the completion of the sale, the vice president now directly owns 34,223 shares of the company’s stock, valued at approximately $557,834.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert J. Jr. Hartman sold 7,358 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $16.51, for a total value of $121,480.58. Following the sale, the insider now directly owns 37,281 shares of the company’s stock, valued at $615,509.31. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by company insiders.

Stoneridge, Inc. (NYSE SRI) opened at 18.62 on Friday. Stoneridge, Inc. has a 12-month low of $13.42 and a 12-month high of $20.82. The stock has a 50 day moving average of $16.59 and a 200-day moving average of $16.79. The company has a market capitalization of $524.51 million, a PE ratio of 6.89 and a beta of 1.33.

Stoneridge (NYSE:SRI) last issued its quarterly earnings data on Wednesday, August 2nd. The auto parts company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.10. The firm had revenue of $209.10 million during the quarter, compared to the consensus estimate of $202.45 million. Stoneridge had a return on equity of 22.52% and a net margin of 10.12%. The company’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the company earned $0.41 EPS. Equities analysts expect that Stoneridge, Inc. will post $1.46 earnings per share for the current year.

A number of research firms have weighed in on SRI. Zacks Investment Research upgraded shares of Stoneridge from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 11th. BidaskClub cut shares of Stoneridge from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Finally, ValuEngine upgraded shares of Stoneridge from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $18.67.

Stoneridge Company Profile

Stoneridge, Inc is a designer and manufacturer of engineered electrical and electronic components, modules and systems for the automotive, commercial, motorcycle, off-highway and agricultural vehicle markets. The Company operates through three segments: Control Devices, Electronics and PST. The Company’s Control Devices segment designs and manufactures products that monitor, measure or activate specific functions within a vehicle and includes product lines, such as sensors, switches, valves, and actuators.

Institutional Ownership by Quarter for Stoneridge (NYSE:SRI)

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