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.
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.
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