Algert Global LLC Raises Position in Standard Motor Products, Inc. $SMP

Key Points

• Algert Global increased its Standard Motor Products stake by 11.7% in the second quarter to 276,773 shares, while institutional investors collectively owned 81.26% of the company.
• Analyst sentiment is generally positive, with two Buy ratings and one Hold rating producing a “Moderate Buy” consensus and a $49 target price. The company also exceeded quarterly earnings and revenue estimates.
• Standard Motor Products declared a quarterly dividend of $0.33 per share, equivalent to a 3.5% annualized yield, while insiders have sold 26,121 shares worth roughly $1.02 million over the past 90 days.

Algert Global LLC boosted its position in Standard Motor Products, Inc. (NYSE:SMP - Free Report) by 11.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 276,773 shares of the auto parts company's stock after purchasing an additional 29,063 shares during the period. Algert Global LLC owned about 1.24% of Standard Motor Products worth $10,786,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SMP. BlackRock Inc. bought a new stake in Standard Motor Products during the 2nd quarter valued at $158,258,000. Bank of New York Mellon Corp bought a new position in shares of Standard Motor Products in the second quarter worth $10,882,000. Congruence Capital LLC purchased a new position in shares of Standard Motor Products in the fourth quarter valued at $6,571,000. SG Americas Securities LLC grew its position in shares of Standard Motor Products by 207.8% in the first quarter. SG Americas Securities LLC now owns 259,180 shares of the auto parts company's stock valued at $9,004,000 after purchasing an additional 174,986 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Standard Motor Products by 368.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 221,147 shares of the auto parts company's stock valued at $6,794,000 after purchasing an additional 173,912 shares during the period. 81.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SMP. Zacks Research cut Standard Motor Products from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 12th. Wall Street Zen upgraded Standard Motor Products from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Finally, Weiss Ratings raised shares of Standard Motor Products from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $49.00.

Insider Buying and Selling at Standard Motor Products

In other Standard Motor Products news, EVP Dale Burks sold 5,798 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $39.00, for a total transaction of $226,122.00. Following the sale, the executive vice president owned 47,657 shares in the company, valued at $1,858,623. This trade represents a 10.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Ray Nicholas sold 5,822 shares of Standard Motor Products stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $39.75, for a total value of $231,424.50. Following the sale, the vice president directly owned 35,327 shares of the company's stock, valued at approximately $1,404,248.25. This trade represents a 14.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 26,121 shares of company stock worth $1,018,217. Corporate insiders own 5.50% of the company's stock.

Standard Motor Products Stock Performance

Shares of SMP 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 current ratio of 2.00, a quick ratio of 0.80 and a debt-to-equity ratio of 0.73. The company 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 price of $38.76 and a 200-day moving average price of $38.72.

Standard Motor Products (NYSE:SMP - Get Free Report) last announced its earnings results on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.01. The business had revenue of $526.72 million for the quarter, compared to the consensus estimate of $511.68 million. Standard Motor Products had a net margin of 2.78% and a return on equity of 13.28%. During the same period last year, the firm posted $1.13 earnings per share. As a group, equities analysts forecast that Standard Motor Products, Inc. will post 4.23 earnings per share for the current fiscal year.

Standard Motor Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.5%. Standard Motor Products's dividend payout ratio is presently 58.93%.

Standard Motor Products 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.

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