Bank of America Corp DE Makes New $4.14 Million Investment in Standard Motor Products, Inc. $SMP

Key Points

• Bank of America initiated a $4.14 million position in Standard Motor Products, purchasing 106,223 shares, while institutional investors collectively own 81.26% of the company.
• Analyst sentiment improved, with two firms upgrading the stock to “Buy.” Standard Motor Products has a “Moderate Buy” consensus rating and an average price target of $49, versus a recent price of $37.83.
• The company exceeded quarterly expectations, reporting $1.40 in earnings per share and $526.72 million in revenue. It also maintains a quarterly dividend of $0.33, equating to a 3.5% annualized yield.

Bank of America Corp DE purchased a new position in shares of Standard Motor Products, Inc. (NYSE:SMP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 106,223 shares of the auto parts company's stock, valued at approximately $4,140,000. Bank of America Corp DE owned approximately 0.48% of Standard Motor Products as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of SMP. Jupiter Topco LLC bought a new stake in Standard Motor Products during the 2nd quarter worth approximately $337,000. Hsbc Holdings PLC bought a new position in shares of Standard Motor Products during the second quarter valued at $1,156,000. PDT Partners LLC acquired a new position in shares of Standard Motor Products during the second quarter worth $959,000. Manatuck Hill Partners LLC acquired a new position in shares of Standard Motor Products during the second quarter worth $4,482,000. Finally, Legal & General Group Plc bought a new stake in shares of Standard Motor Products in the second quarter worth $2,129,000. 81.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on SMP. Wall Street Zen raised Standard Motor Products from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Weiss Ratings raised Standard Motor Products from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $49.00.

Insider Buying and Selling

In other Standard Motor Products news, EVP Dale Burks sold 5,798 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $39.00, for a total value of $226,122.00. Following the completion of the sale, the executive vice president owned 47,657 shares of the company's stock, valued at approximately $1,858,623. This trade represents a 10.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders sold 18,349 shares of company stock valued at $712,146. Insiders own 5.50% of the company's stock.

Standard Motor Products Price Performance

Shares of SMP opened at $37.83 on Tuesday. The firm has a market cap of $845.21 million, a PE ratio of 16.89 and a beta of 0.82. Standard Motor Products, Inc. has a 52-week low of $34.27 and a 52-week high of $46.00. The business's 50 day moving average price is $38.61 and its two-hundred day moving average price is $38.07. 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 (NYSE:SMP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The auto parts company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.39 by $0.01. The company had revenue of $526.72 million during 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 quarter last year, the firm posted $1.13 EPS. On average, equities analysts anticipate that Standard Motor Products, Inc. will post 4.23 EPS for the current year.

Standard Motor Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a $0.33 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.32 annualized dividend and a dividend yield of 3.5%. Standard Motor Products's dividend payout ratio (DPR) is currently 58.93%.

Standard Motor Products Company Profile

Standard Motor Products, Inc NYSE: SMP is an automotive parts manufacturer and distributor serving the aftermarket for replacement vehicle components. The company develops and supplies parts used in engine management, ignition, fuel systems, emissions control, sensors, and vehicle temperature-control systems.

Its product portfolio includes electronic and electromechanical components, heating and air-conditioning parts, and other replacement products sold under brands such as Standard, Intermotor, Blue Streak and Four Seasons.

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