Dale Burks Sells 3,500 Shares of Standard Motor Products (NYSE:SMP) Stock

Key Points

• Executive insider selling: EVP Dale Burks sold 3,500 Standard Motor Products shares at an average price of $38.76, worth $135,660, reducing his position by 6.15%. He also sold 9,051 shares the previous week.
• Quarterly results exceeded expectations: The company reported earnings of $1.40 per share versus the $1.39 consensus estimate and revenue of $526.72 million, above forecasts of $511.68 million.
• Moderately bullish outlook: Analysts assign the stock a “Moderate Buy” consensus rating with a $49 price target, while the company’s $0.33 quarterly dividend represents a 3.4% annualized yield.

Standard Motor Products, Inc. (NYSE:SMP - Get Free Report) EVP Dale Burks sold 3,500 shares of the business's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $38.76, for a total value of $135,660.00. Following the sale, the executive vice president owned 53,455 shares in the company, valued at $2,071,915.80. The trade was a 6.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Dale Burks also recently made the following trade(s):

• On Friday, August 14th, Dale Burks sold 9,051 shares of Standard Motor Products stock. The shares were sold at an average price of $38.71, for a total transaction of $350,364.21.

Standard Motor Products Stock Performance

SMP stock traded up $0.06 during trading on Tuesday, reaching $38.82. The company had a trading volume of 104,324 shares, compared to its average volume of 131,846. The firm has a 50-day simple moving average of $38.88 and a 200-day simple moving average of $38.85. The company has a market cap of $867.17 million, a price-to-earnings ratio of 17.33 and a beta of 0.82. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.80 and a current ratio of 2.00. Standard Motor Products, Inc. has a twelve month low of $34.27 and a twelve month high of $46.00.

Standard Motor Products (NYSE:SMP - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analyst estimates of $511.68 million. During the same quarter in the prior year, the business posted $1.13 EPS. As a group, sell-side analysts expect that Standard Motor Products, Inc. will post 4.23 earnings per share for the current year.

Standard Motor Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, August 14th. Standard Motor Products's dividend payout ratio is presently 58.93%.

Analysts Set New Price Targets

Several analysts have weighed in on SMP shares. Wall Street Zen upgraded Standard Motor Products from a "hold" rating to a "buy" rating in a research note on Sunday. Weiss Ratings upgraded Standard Motor Products from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th. Finally, Zacks Research downgraded Standard Motor Products from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $49.00.

Institutional Trading of Standard Motor Products

Several hedge funds and other institutional investors have recently bought and sold shares of SMP. Parallel Advisors LLC boosted its position in Standard Motor Products by 76.7% in the 1st quarter. Parallel Advisors LLC now owns 949 shares of the auto parts company's stock worth $33,000 after purchasing an additional 412 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Standard Motor Products during the 2nd quarter valued at approximately $35,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Standard Motor Products by 7,560.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,149 shares of the auto parts company's stock valued at $42,000 after purchasing an additional 1,134 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Standard Motor Products by 235.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,298 shares of the auto parts company's stock valued at $71,000 after purchasing an additional 1,613 shares during the period. Finally, iSAM Funds UK Ltd purchased a new stake in Standard Motor Products during the third quarter worth $99,000. 81.26% of the stock is owned by institutional investors and hedge funds.

About Standard Motor Products

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.

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