Bank of New York Mellon Corp Cuts Holdings in Stoneridge, Inc. (SRI)
Bank of New York Mellon Corp lowered its position in Stoneridge, Inc. (NYSE:SRI) by 3.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 274,905 shares of the auto parts company’s stock after selling 8,541 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.97% of Stoneridge worth $9,660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in Stoneridge in the first quarter worth approximately $113,000. Canandaigua National Bank & Trust Co. purchased a new stake in Stoneridge in the second quarter worth approximately $205,000. Cubist Systematic Strategies LLC purchased a new stake in Stoneridge in the first quarter worth approximately $214,000. Victory Capital Management Inc. purchased a new stake in Stoneridge in the first quarter worth approximately $250,000. Finally, V Wealth Management LLC purchased a new stake in Stoneridge in the second quarter worth approximately $251,000. 89.04% of the stock is owned by institutional investors and hedge funds.
Shares of SRI stock opened at $29.58 on Wednesday. The company has a quick ratio of 1.59, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. Stoneridge, Inc. has a fifty-two week low of $19.06 and a fifty-two week high of $37.69. The company has a market capitalization of $847.93 million, a price-to-earnings ratio of 18.84, a P/E/G ratio of 1.71 and a beta of 0.99.
Several analysts have issued reports on the company. ValuEngine raised Stoneridge from a “hold” rating to a “buy” rating in a research note on Tuesday, September 4th. Barrington Research reaffirmed a “buy” rating on shares of Stoneridge in a research note on Monday, August 6th. Finally, Buckingham Research assumed coverage on Stoneridge in a research note on Wednesday, June 20th. They issued a “buy” rating and a $37.00 target price for the company. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $34.40.
Stoneridge, Inc designs and manufactures engineered electrical and electronic components, modules, and systems for the automotive, commercial, motorcycle, off-highway, and agricultural vehicle markets. It operates through three segments: Control Devices, Electronics, and PST. The Control Devices segment provides sensors, switches, valves, and actuators that monitor, measure, or activate specific functions within a vehicle.
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