Invenomic Capital Management LP Boosts Stake in Standard Motor Products, Inc. $SMP

Key Points

• Invenomic Capital Management LP increased its holdings in Standard Motor Products by 34.4%, acquiring an additional 31,244 shares during the first quarter, bringing its total ownership to approximately $3,044,000.
• Standard Motor Products reported a strong quarterly earnings performance with $1.29 earnings per share, surpassing analysts' expectations of $0.97, and a 26.7% increase in revenue compared to the previous year.
• The company's recent quarterly dividend was declared at $0.31 per share, resulting in an annualized yield of 3.1%, with a dividend payout ratio of 70.45%.

Invenomic Capital Management LP raised its position in Standard Motor Products, Inc. (NYSE:SMP - Free Report) by 34.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 122,088 shares of the auto parts company's stock after buying an additional 31,244 shares during the period. Invenomic Capital Management LP owned about 0.56% of Standard Motor Products worth $3,044,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Royce & Associates LP increased its holdings in Standard Motor Products by 2.1% in the first quarter. Royce & Associates LP now owns 1,309,714 shares of the auto parts company's stock valued at $32,651,000 after buying an additional 26,712 shares in the last quarter. Gamco Investors INC. ET AL increased its holdings in Standard Motor Products by 10.1% in the first quarter. Gamco Investors INC. ET AL now owns 790,210 shares of the auto parts company's stock valued at $19,700,000 after buying an additional 72,753 shares in the last quarter. American Century Companies Inc. increased its holdings in Standard Motor Products by 8.2% in the first quarter. American Century Companies Inc. now owns 538,266 shares of the auto parts company's stock valued at $13,419,000 after buying an additional 41,008 shares in the last quarter. Northern Trust Corp increased its holdings in Standard Motor Products by 3.8% in the fourth quarter. Northern Trust Corp now owns 334,037 shares of the auto parts company's stock valued at $10,348,000 after buying an additional 12,379 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Standard Motor Products by 3.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 255,278 shares of the auto parts company's stock valued at $6,364,000 after buying an additional 8,987 shares in the last quarter. Hedge funds and other institutional investors own 81.26% of the company's stock.

Standard Motor Products Price Performance

Shares of SMP stock traded up $0.56 on Monday, reaching $40.55. 167,687 shares of the company were exchanged, compared to its average volume of 168,359. The company has a market cap of $891.68 million, a price-to-earnings ratio of 23.04 and a beta of 0.66. The business has a 50-day moving average price of $35.46 and a 200 day moving average price of $30.23. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.87 and a current ratio of 2.16. Standard Motor Products, Inc. has a 1 year low of $21.38 and a 1 year high of $40.76.

Standard Motor Products (NYSE:SMP - Get Free Report) last released its earnings results on Tuesday, August 5th. The auto parts company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.32. Standard Motor Products had a net margin of 2.39% and a return on equity of 12.98%. The business had revenue of $493.85 million during the quarter, compared to analysts' expectations of $450.21 million. During the same quarter in the previous year, the company earned $0.98 earnings per share. The company's quarterly revenue was up 26.7% on a year-over-year basis. Equities research analysts forecast that Standard Motor Products, Inc. will post 3.08 earnings per share for the current fiscal year.

Standard Motor Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, August 15th. Standard Motor Products's dividend payout ratio is currently 70.45%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Standard Motor Products from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th.

Standard Motor Products Company 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.