Bank of New York Mellon Corp Trims Position in Standard Motor Products, Inc. (NYSE:SMP)

Bank of New York Mellon Corp lessened its holdings in Standard Motor Products, Inc. (NYSE:SMP - Free Report) by 5.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 311,612 shares of the auto parts company's stock after selling 19,466 shares during the quarter. Bank of New York Mellon Corp owned 1.37% of Standard Motor Products worth $7,768,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. purchased a new stake in shares of Standard Motor Products during the 1st quarter worth approximately $996,000. Foundry Partners LLC boosted its stake in shares of Standard Motor Products by 22.4% during the 4th quarter. Foundry Partners LLC now owns 202,152 shares of the auto parts company's stock worth $6,263,000 after acquiring an additional 36,947 shares in the last quarter. North Star Investment Management Corp. purchased a new stake in shares of Standard Motor Products during the 1st quarter worth approximately $823,000. Rhumbline Advisers boosted its stake in shares of Standard Motor Products by 8.4% during the 1st quarter. Rhumbline Advisers now owns 128,896 shares of the auto parts company's stock worth $3,213,000 after acquiring an additional 9,979 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Standard Motor Products by 144.8% during the 1st quarter. SG Americas Securities LLC now owns 25,604 shares of the auto parts company's stock worth $638,000 after acquiring an additional 15,146 shares in the last quarter. Hedge funds and other institutional investors own 81.26% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Standard Motor Products from a "buy" rating to a "strong-buy" rating in a research note on Saturday.

Standard Motor Products Price Performance

SMP stock traded down $0.34 on Friday, reaching $32.63. The company had a trading volume of 125,369 shares, compared to its average volume of 143,863. Standard Motor Products, Inc. has a 1 year low of $21.38 and a 1 year high of $35.92. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.86 and a current ratio of 2.32. The company's fifty day moving average is $31.06 and its 200 day moving average is $28.93. The company has a market cap of $717.27 million, a P/E ratio of 23.31 and a beta of 0.65.

Standard Motor Products (NYSE:SMP - Get Free Report) last posted its earnings results on Wednesday, April 30th. The auto parts company reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.37. Standard Motor Products had a return on equity of 12.12% and a net margin of 2.02%. The firm had revenue of $413.38 million for the quarter, compared to analyst estimates of $394.38 million. During the same quarter in the prior year, the company earned $0.45 EPS. Standard Motor Products's revenue was up 24.7% on a year-over-year basis. On average, research analysts forecast that Standard Motor Products, Inc. will post 3.08 earnings per share for the current year.

Standard Motor Products Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Thursday, May 15th were paid a $0.31 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.24 dividend on an annualized basis and a yield of 3.80%. This is a positive change from Standard Motor Products's previous quarterly dividend of $0.29. Standard Motor Products's dividend payout ratio is presently 88.57%.

Standard Motor Products Profile

Standard Motor Products, Inc manufactures and distributes replacement automotive parts in the United States and internationally. The company operates through three segments: Vehicle Control, Temperature Control, and Engineered Solutions segments. The company provides components for the ignition, emissions, and fuel delivery systems, such as air injection and induction components, air management valves, regulators and solenoids, exhaust gas recirculation components, fuel injectors and related components, fuel valves, ignition coils, connectors and sockets, modules, pumps, relays and fuses, starting and charging system parts, and vapor and purge components.