With the recent market volatility, investors are looking for a safe bet. While we all know that volatility can put pressure on stocks everywhere, we also know that those stocks with solid underlying earnings have a great chance of weathering the storm. In fact, periods of market volatility provide fantastic buying opportunities for stocks like this. By leaning on the Zacks Rank, you can uncover stocks with earnings estimates moving in a positive direction. This can lead to big winners when the market comes to its senses. One of these stocks is today’s Bull of the Day, Stoneridge ( SRI - Free Report) .
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. It offers its products and systems to various OEM and tier one customers, as well as aftermarket distributors and mass merchandisers for use in various vehicle platforms. Stoneridge, Inc. operates in North America, South America, Europe, and internationally. The company was founded in 1965 and is headquartered in Novi, Michigan. The stock is a Zacks Rank #1 (Strong Buy), mostly due to a flurry of bullish estimate revisions for the current year. Two analysts have increased their EPS estimates for the company’s current year. The bullish revisions have pushed up our Zacks Consensus Estimate from $1.54 to $1.97. Next year’s numbers have also jumped, increasing from $1.65 to $2.13 over the last ninety days. A gander at the chart reviews a double top right around the 52-week high of $30. The stock tried to break that level intraday last week but failed and pulled back. There have been a series of higher lows put in by SRI since it began its run from $22 at the start of March. The 50-day moving average provides downside support at $24.89.
Zacks Editor-in-Chief Goes "All In" on This Stock Full disclosure, Kevin Matras now has more of his own money in one particular stock than in any other. He believes in its short-term profit potential and also in its prospects to more than double by 2019. Today he reveals and explains his surprising move in a new Special Report. Download it free >>