Legal & General Group Plc Purchases 1,243 Shares of Standard Motor Products, Inc. (SMP)

Legal & General Group Plc raised its position in Standard Motor Products, Inc. (NYSE:SMP) by 3.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,869 shares of the auto parts company’s stock after acquiring an additional 1,243 shares during the quarter. Legal & General Group Plc owned 0.17% of Standard Motor Products worth $1,827,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Piedmont Investment Advisors LLC acquired a new stake in Standard Motor Products in the second quarter valued at approximately $227,000. Victory Capital Management Inc. grew its position in Standard Motor Products by 17.7% in the second quarter. Victory Capital Management Inc. now owns 4,854 shares of the auto parts company’s stock valued at $253,000 after acquiring an additional 729 shares in the last quarter. Nordea Investment Management AB acquired a new stake in Standard Motor Products in the second quarter valued at approximately $256,000. AXA acquired a new stake in Standard Motor Products in the second quarter valued at approximately $287,000. Finally, SG Americas Securities LLC acquired a new stake in Standard Motor Products in the third quarter valued at approximately $309,000. 79.16% of the stock is owned by institutional investors.

In other news, insider Peter J. Sills sold 2,775 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $42.46, for a total transaction of $117,826.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas Tesoro sold 775 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $44.18, for a total transaction of $34,239.50. Following the sale, the vice president now directly owns 31,456 shares of the company’s stock, valued at approximately $1,389,726.08. The disclosure for this sale can be found here. Insiders have sold 22,595 shares of company stock valued at $1,041,475 in the last three months. Corporate insiders own 6.60% of the company’s stock.

Shares of Standard Motor Products, Inc. (SMP) opened at $44.91 on Friday. Standard Motor Products, Inc. has a 1 year low of $40.56 and a 1 year high of $54.73. The firm has a market cap of $1,022.12, a P/E ratio of 19.03, a PEG ratio of 2.82 and a beta of 1.80.

Standard Motor Products (NYSE:SMP) last released its quarterly earnings results on Thursday, October 26th. The auto parts company reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.12). Standard Motor Products had a return on equity of 13.68% and a net margin of 4.97%. The company had revenue of $281.06 million for the quarter. During the same period in the prior year, the firm earned $0.92 earnings per share. The company’s quarterly revenue was down 6.5% on a year-over-year basis. research analysts anticipate that Standard Motor Products, Inc. will post 2.67 earnings per share for the current fiscal year.

Standard Motor Products announced that its board has authorized a share repurchase program on Monday, November 20th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Tuesday, November 14th. Standard Motor Products’s payout ratio is currently 32.20%.

SMP has been the subject of several recent research reports. Jefferies Group reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Standard Motor Products in a research report on Tuesday, September 12th. Zacks Investment Research raised shares of Standard Motor Products from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. FBR & Co reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Standard Motor Products in a research report on Friday, October 27th. Finally, B. Riley reaffirmed a “neutral” rating on shares of Standard Motor Products in a research report on Wednesday, November 1st. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Standard Motor Products has an average rating of “Hold” and an average target price of $54.00.

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Standard Motor Products Profile

Standard Motor Products, Inc is an independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry with a complementary focus on heavy duty, industrial equipment and the original equipment service market. The Company’s segments include Engine Management Segment and Temperature Control Segment.

Institutional Ownership by Quarter for Standard Motor Products (NYSE:SMP)

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