ClariVest Asset Management LLC lifted its holdings in Standard Motor Products, Inc. (NYSE:SMP) by 95.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,600 shares of the auto parts company’s stock after purchasing an additional 4,700 shares during the period. ClariVest Asset Management LLC’s holdings in Standard Motor Products were worth $463,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Copeland Capital Management LLC increased its stake in shares of Standard Motor Products by 1.5% in the 3rd quarter. Copeland Capital Management LLC now owns 298,795 shares of the auto parts company’s stock valued at $14,417,000 after purchasing an additional 4,511 shares in the last quarter. BlackRock Inc. increased its stake in Standard Motor Products by 65,269.9% during the 1st quarter. BlackRock Inc. now owns 2,483,404 shares of the auto parts company’s stock worth $122,033,000 after buying an additional 2,479,605 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in Standard Motor Products by 27.5% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 151,605 shares of the auto parts company’s stock worth $7,917,000 after buying an additional 32,717 shares in the last quarter. Vanguard Group Inc. increased its stake in Standard Motor Products by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 1,061,767 shares of the auto parts company’s stock worth $55,445,000 after buying an additional 19,697 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in Standard Motor Products by 3.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 141,137 shares of the auto parts company’s stock worth $7,371,000 after buying an additional 4,058 shares in the last quarter. Hedge funds and other institutional investors own 79.21% of the company’s stock.
Several research firms have commented on SMP. BidaskClub upgraded Standard Motor Products from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded Standard Motor Products from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. Jefferies Group LLC restated a “buy” rating and issued a $60.00 price target on shares of Standard Motor Products in a research report on Wednesday, August 9th. FBR & Co restated a “hold” rating and issued a $48.00 price target on shares of Standard Motor Products in a research report on Friday, October 27th. Finally, ValuEngine lowered Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $54.00.
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Shares of Standard Motor Products, Inc. (SMP) opened at $43.71 on Wednesday. The stock has a market capitalization of $968.06, a P/E ratio of 15.79, a PEG ratio of 2.67 and a beta of 1.80. Standard Motor Products, Inc. has a 52-week low of $40.56 and a 52-week high of $55.37.
Standard Motor Products (NYSE:SMP) last posted its quarterly earnings results on Thursday, October 26th. The auto parts company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.12). The company had revenue of $281.06 million during the quarter. Standard Motor Products had a net margin of 4.97% and a return on equity of 13.68%. Standard Motor Products’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.92 EPS. analysts forecast that Standard Motor Products, Inc. will post 2.67 EPS for the current fiscal year.
Standard Motor Products declared that its board has approved a share repurchase plan on Monday, November 20th that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 15th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, November 14th. Standard Motor Products’s dividend payout ratio is presently 32.20%.
In related news, CEO Eric Sills sold 1,060 shares of the company’s stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $48.59, for a total value of $51,505.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Ray Nicholas sold 1,331 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $45.25, for a total value of $60,227.75. Following the completion of the transaction, the vice president now owns 30,250 shares in the company, valued at $1,368,812.50. The disclosure for this sale can be found here. Insiders sold 110,362 shares of company stock worth $4,939,667 over the last quarter. 6.60% of the stock is currently owned by insiders.
Standard Motor Products Company 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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