Empowered Funds LLC Acquires New Holdings in Standard Motor Products, Inc. $SMP

Key Points

• Empowered Funds LLC acquired 140,938 shares of Standard Motor Products worth approximately $5.49 million, giving it a 0.63% stake. Institutional investors collectively own 81.26% of the company.
• Standard Motor Products exceeded quarterly expectations, reporting $1.40 EPS versus the $1.39 consensus and revenue of $526.72 million versus $511.68 million expected. The company also declared a quarterly dividend of $0.33, representing a 3.5% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $49, while company insiders sold 24,171 shares worth approximately $943,571 over the past 90 days.

Empowered Funds LLC bought a new position in Standard Motor Products, Inc. (NYSE:SMP - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 140,938 shares of the auto parts company's stock, valued at approximately $5,492,000. Empowered Funds LLC owned about 0.63% of Standard Motor Products as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in SMP. Public Employees Retirement System of Ohio acquired a new position in Standard Motor Products during the second quarter valued at approximately $35,000. Bank of America Corp DE acquired a new stake in shares of Standard Motor Products in the second quarter worth $4,140,000. Jupiter Topco LLC bought a new stake in shares of Standard Motor Products during the 2nd quarter worth $337,000. Hsbc Holdings PLC bought a new stake in shares of Standard Motor Products during the 2nd quarter worth $1,156,000. Finally, PDT Partners LLC acquired a new position in Standard Motor Products in the 2nd quarter valued at $959,000. Institutional investors own 81.26% of the company's stock.

Insider Buying and Selling at Standard Motor Products

In other news, EVP Dale Burks sold 5,798 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $39.00, for a total transaction of $226,122.00. Following the completion of the transaction, the executive vice president owned 47,657 shares of the company's stock, valued at approximately $1,858,623. This represents a 10.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Ray Nicholas sold 5,822 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $39.75, for a total transaction of $231,424.50. Following the transaction, the vice president directly owned 35,327 shares of the company's stock, valued at $1,404,248.25. This represents a 14.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 24,171 shares of company stock worth $943,571 over the last 90 days. Company insiders own 5.50% of the company's stock.

Standard Motor Products Stock Up 2.1%

Shares of SMP stock opened at $37.80 on Tuesday. Standard Motor Products, Inc. has a 12 month low of $34.27 and a 12 month high of $46.00. 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 $844.45 million, a PE ratio of 16.88 and a beta of 0.82. The stock has a 50 day moving average of $38.61 and a 200-day moving average of $38.53.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.01. Standard Motor Products had a net margin of 2.78% and a return on equity of 13.28%. The business had revenue of $526.72 million for the quarter, compared to the consensus estimate of $511.68 million. During the same quarter last year, the company posted $1.13 earnings per share. On average, equities analysts predict that Standard Motor Products, Inc. will post 4.23 EPS for the current year.

Standard Motor Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders 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 yield of 3.5%. Standard Motor Products's dividend payout ratio is 58.93%.

Analysts Set New Price Targets

Several research analysts recently commented on SMP shares. Zacks Research downgraded shares of Standard Motor Products from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Standard Motor Products from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. 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 equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $49.00.

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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