Hsbc Holdings PLC Makes New $1.16 Million Investment in Standard Motor Products, Inc. $SMP

Key Points

• HSBC Holdings acquired 29,498 shares of Standard Motor Products in the second quarter, valued at approximately $1.16 million, while institutional investors collectively own 81.26% of the company.
• Standard Motor Products reported quarterly earnings of $1.40 per share, narrowly exceeding estimates, and revenue of $526.72 million, above expectations. The company also declared a quarterly dividend of $0.33 per share, representing a 3.5% yield.
• Shares opened at $37.80, and analysts maintain a “Moderate Buy” consensus with an average price target of $49.00; however, insiders sold 24,171 shares worth roughly $943,571 over the past 90 days.

Hsbc Holdings PLC acquired a new position in shares of Standard Motor Products, Inc. (NYSE:SMP - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 29,498 shares of the auto parts company's stock, valued at approximately $1,156,000. Hsbc Holdings PLC owned about 0.13% of Standard Motor Products as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in SMP. Parallel Advisors LLC grew its stake in shares of Standard Motor Products by 76.7% in the first quarter. Parallel Advisors LLC now owns 949 shares of the auto parts company's stock worth $33,000 after acquiring an additional 412 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Standard Motor Products by 7,560.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,149 shares of the auto parts company's stock worth $42,000 after purchasing an additional 1,134 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Standard Motor Products by 235.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,298 shares of the auto parts company's stock worth $71,000 after purchasing an additional 1,613 shares during the last quarter. iSAM Funds UK Ltd bought a new position in shares of Standard Motor Products during the 3rd quarter worth about $99,000. Finally, Quantbot Technologies LP acquired a new position in shares of Standard Motor Products during the third quarter valued at about $108,000. 81.26% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Dale Burks sold 5,798 shares of Standard Motor Products 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 directly owned 47,657 shares of the company's stock, valued at $1,858,623. This trade represents a 10.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Ray Nicholas sold 5,822 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $39.75, for a total transaction of $231,424.50. Following the sale, the vice president directly owned 35,327 shares in the company, valued at $1,404,248.25. This represents a 14.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 24,171 shares of company stock worth $943,571. 5.50% of the stock is owned by insiders.

Standard Motor Products Trading Up 2.1%

SMP stock opened at $37.80 on Tuesday. The company has a current ratio of 2.00, a quick ratio of 0.80 and a debt-to-equity ratio of 0.73. The firm has a market cap of $844.45 million, a P/E ratio of 16.88 and a beta of 0.82. Standard Motor Products, Inc. has a 1-year low of $34.27 and a 1-year high of $46.00. The business's 50 day moving average is $38.61 and its 200-day moving average is $38.53.

Standard Motor Products (NYSE:SMP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share for the quarter, beating 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 firm had revenue of $526.72 million for the quarter, compared to analysts' expectations of $511.68 million. During the same period in the prior year, the business posted $1.13 earnings per share. Equities analysts anticipate that Standard Motor Products, Inc. will post 4.23 earnings per share for the current fiscal year.

Standard Motor Products Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded Standard Motor Products from a "hold" rating to a "buy" rating in a research note on Sunday, August 16th. Weiss Ratings raised Standard Motor Products from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. Finally, Zacks Research lowered Standard Motor Products from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average 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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