Bank of New York Mellon Corp Makes New $10.88 Million Investment in Standard Motor Products, Inc. $SMP

Bank of New York Mellon Corp bought a new stake in shares of Standard Motor Products, Inc. (NYSE:SMP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 279,243 shares of the auto parts company's stock, valued at approximately $10,882,000. Bank of New York Mellon Corp owned about 1.25% of Standard Motor Products as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity at Standard Motor Products

In related news, VP Ray Nicholas sold 5,822 shares of Standard Motor Products stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $39.75, for a total value of $231,424.50. Following the completion of the sale, the vice president directly owned 35,327 shares in the company, valued at $1,404,248.25. This trade represents a 14.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Dale Burks sold 9,051 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $38.71, for a total transaction of $350,364.21. Following the sale, the executive vice president directly owned 56,955 shares in the company, valued at approximately $2,204,728.05. This represents a 13.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 24,171 shares of company stock valued at $943,571 over the last ninety days. 5.50% of the stock is currently owned by insiders.

Standard Motor Products Trading Up 2.0%

NYSE SMP opened at $38.48 on Thursday. Standard Motor Products, Inc. has a 52 week low of $34.27 and a 52 week high of $46.00. The company has a 50 day moving average price of $38.57 and a 200 day moving average price of $38.44. The company has a quick ratio of 0.80, a current ratio of 2.00 and a debt-to-equity ratio of 0.73. The firm has a market cap of $859.53 million, a PE ratio of 17.18 and a beta of 0.82.

Standard Motor Products (NYSE:SMP - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.01. The business had revenue of $526.72 million for the quarter, compared to analyst estimates 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 in the previous year, the company earned $1.13 earnings per share. As a group, sell-side analysts forecast that Standard Motor Products, Inc. will post 4.23 EPS for the current fiscal year.

Standard Motor Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders 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 dividend on an annualized basis and a yield of 3.4%. Standard Motor Products's dividend payout ratio (DPR) is 58.93%.

Wall Street Analysts Forecast Growth

SMP has been the subject of several research analyst reports. Weiss Ratings raised shares of Standard Motor Products from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th. Zacks Research downgraded Standard Motor Products from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 12th. Finally, Wall Street Zen raised Standard Motor Products from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Standard Motor Products presently has a consensus rating of "Moderate Buy" and an average price target 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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