Manatuck Hill Partners LLC Purchases New Position in Standard Motor Products, Inc. $SMP

Manatuck Hill Partners LLC acquired a new position in Standard Motor Products, Inc. (NYSE:SMP) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 115,000 shares of the auto parts company’s stock, valued at approximately $4,482,000. Standard Motor Products comprises approximately 1.5% of Manatuck Hill Partners LLC’s holdings, making the stock its 20th largest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SMP. BlackRock Inc. acquired a new stake in shares of Standard Motor Products in the second quarter worth about $158,258,000. Bank of New York Mellon Corp bought a new position in shares of Standard Motor Products in the 2nd quarter valued at approximately $10,882,000. Congruence Capital LLC acquired a new stake in Standard Motor Products in the 4th quarter worth approximately $6,571,000. SG Americas Securities LLC lifted its holdings in Standard Motor Products by 207.8% in the 1st quarter. SG Americas Securities LLC now owns 259,180 shares of the auto parts company’s stock worth $9,004,000 after purchasing an additional 174,986 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Standard Motor Products by 368.2% during the second quarter. BNP Paribas Financial Markets now owns 221,147 shares of the auto parts company’s stock worth $6,794,000 after purchasing an additional 173,912 shares during the period. Institutional investors own 81.26% of the company’s stock.

Standard Motor Products Stock Down 0.2%

Shares of SMP stock opened at $37.46 on Wednesday. Standard Motor Products, Inc. has a 12 month low of $34.27 and a 12 month high of $46.00. The company has a quick ratio of 0.80, a current ratio of 2.00 and a debt-to-equity ratio of 0.73. The firm has a market cap of $836.88 million, a PE ratio of 16.72 and a beta of 0.82. The stock has a 50 day moving average of $38.76 and a 200-day moving average of $38.72.

Standard Motor Products (NYSE:SMP) last announced its quarterly earnings data on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.01. Standard Motor Products had a net margin of 2.78% and a return on equity of 13.28%. The business had revenue of $526.72 million for the quarter, compared to the consensus estimate of $511.68 million. During the same quarter last year, the company posted $1.13 earnings per share. On average, equities analysts predict that Standard Motor Products, Inc. will post 4.23 EPS for the current year.

Standard Motor Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, August 14th. Standard Motor Products’s dividend payout ratio (DPR) is currently 58.93%.

Insider Buying and Selling at Standard Motor Products

In other news, EVP Dale Burks sold 5,798 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $39.00, for a total transaction of $226,122.00. Following the completion of the transaction, the executive vice president owned 47,657 shares of the company’s stock, valued at approximately $1,858,623. This represents a 10.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Ray Nicholas sold 5,822 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $39.75, for a total transaction of $231,424.50. Following the completion of the sale, the vice president owned 35,327 shares of the company’s stock, valued at approximately $1,404,248.25. The trade was a 14.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,121 shares of company stock worth $1,018,217 over the last 90 days. Company insiders own 5.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on SMP. Zacks Research downgraded Standard Motor Products from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Standard Motor Products from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen upgraded shares of Standard Motor Products from a “hold” rating to a “buy” rating in a report on Sunday, August 16th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Standard Motor Products presently has a consensus rating of “Moderate Buy” and an average price target of $49.00.

Standard Motor Products Company Profile

Standard Motor Products, Inc, headquartered in Long Island City, New York, is a leading manufacturer and distributor of aftermarket and original equipment automotive parts. Since its founding in 1919, the company has focused on engineering, testing, and supplying ignition and temperature management products for passenger cars and light trucks. Its product lineup includes ignition coils, spark plug wires, sensors, switches, heating and air conditioning controls, and related electronic components.

The company operates through two primary segments: Engine Management and Temperature Control.