Assenagon Asset Management S.A. Has $803,000 Stock Position in Standard Motor Products, Inc. $SMP

Key Points

• Assenagon Asset Management cut its Standard Motor Products stake by 79.1% in the second quarter, selling 78,136 shares and retaining 20,615 shares valued at approximately $803,000. Institutional investors collectively own 81.26% of the company.
• Standard Motor Products reported quarterly earnings of $1.40 per share, slightly exceeding estimates, while revenue of $526.72 million surpassed the $511.68 million consensus forecast.
• The company declared a quarterly dividend of $0.33, equivalent to a 3.4% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with a $49 price target, versus a recent share price of $38.81.

Assenagon Asset Management S.A. lessened its position in shares of Standard Motor Products, Inc. (NYSE:SMP - Free Report) by 79.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,615 shares of the auto parts company's stock after selling 78,136 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.09% of Standard Motor Products worth $803,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SMP. Osaic Holdings Inc. boosted its position in shares of Standard Motor Products by 6.2% during the 4th quarter. Osaic Holdings Inc. now owns 6,142 shares of the auto parts company's stock valued at $226,000 after acquiring an additional 358 shares in the last quarter. New York State Teachers Retirement System lifted its stake in Standard Motor Products by 1.2% during the fourth quarter. New York State Teachers Retirement System now owns 32,443 shares of the auto parts company's stock worth $1,196,000 after purchasing an additional 389 shares during the period. LPL Financial LLC lifted its stake in Standard Motor Products by 6.1% during the fourth quarter. LPL Financial LLC now owns 6,946 shares of the auto parts company's stock worth $256,000 after purchasing an additional 397 shares during the period. Parallel Advisors LLC lifted its stake in Standard Motor Products by 76.7% during the first quarter. Parallel Advisors LLC now owns 949 shares of the auto parts company's stock worth $33,000 after purchasing an additional 412 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its holdings in Standard Motor Products by 4.2% during the first quarter. Illinois Municipal Retirement Fund now owns 11,679 shares of the auto parts company's stock valued at $406,000 after purchasing an additional 466 shares in the last quarter. 81.26% of the stock is currently owned by institutional investors.

Standard Motor Products Stock Down 0.4%

NYSE:SMP opened at $38.81 on Friday. The company has a market cap of $866.93 million, a price-to-earnings ratio of 17.32 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. The stock's fifty day moving average price is $38.89 and its two-hundred day moving average price is $38.87. Standard Motor Products, Inc. has a 52-week low of $34.27 and a 52-week high of $46.00.

Standard Motor Products (NYSE:SMP - Get Free Report) last released its earnings results on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.01. Standard Motor Products had a return on equity of 13.28% and a net margin of 2.78%.The company had revenue of $526.72 million during the quarter, compared to the consensus estimate of $511.68 million. During the same quarter in the previous year, the company posted $1.13 earnings per share. On average, analysts anticipate that Standard Motor Products, Inc. will post 4.23 EPS for the current year.

Standard Motor Products Dividend Announcement

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

Insiders Place Their Bets

In other Standard Motor Products news, VP Ray Nicholas sold 5,822 shares of Standard Motor Products stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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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