Magnetar Financial LLC Has $400,000 Holdings in Standard Motor Products, Inc. $SMP

Key Points

• Magnetar Financial LLC increased its stake in Standard Motor Products, Inc. by 104.3%, owning approximately 16,061 shares valued at $400,000.
• Several institutional investors, including SG Americas Securities LLC and GAMMA Investing LLC, also significantly increased their positions in the company during the first quarter.
• Standard Motor Products announced a quarterly dividend of $0.31 per share, with a dividend yield of 3.2%, set to be paid on September 2nd.

Magnetar Financial LLC grew its holdings in shares of Standard Motor Products, Inc. (NYSE:SMP - Free Report) by 104.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,061 shares of the auto parts company's stock after purchasing an additional 8,199 shares during the period. Magnetar Financial LLC owned 0.07% of Standard Motor Products worth $400,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Aquatic Capital Management LLC acquired a new position in Standard Motor Products during the 4th quarter valued at about $30,000. PNC Financial Services Group Inc. increased its stake in Standard Motor Products by 188.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,295 shares of the auto parts company's stock valued at $57,000 after buying an additional 1,499 shares during the period. Central Pacific Bank Trust Division increased its stake in Standard Motor Products by 68.0% during the 1st quarter. Central Pacific Bank Trust Division now owns 4,200 shares of the auto parts company's stock valued at $105,000 after buying an additional 1,700 shares during the period. Harbor Capital Advisors Inc. acquired a new position in Standard Motor Products during the 1st quarter valued at about $110,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Standard Motor Products during the 1st quarter valued at about $225,000. 81.26% of the stock is owned by institutional investors and hedge funds.

Standard Motor Products Stock Performance

NYSE:SMP traded up $0.01 during trading hours on Friday, hitting $40.01. 119,326 shares of the company traded hands, compared to its average volume of 188,181. The firm has a 50-day moving average of $35.27 and a 200 day moving average of $30.18. The company has a current ratio of 2.16, a quick ratio of 0.87 and a debt-to-equity ratio of 0.86. Standard Motor Products, Inc. has a twelve month low of $21.38 and a twelve month high of $40.76. The stock has a market capitalization of $879.75 million, a price-to-earnings ratio of 22.73 and a beta of 0.66.

Standard Motor Products (NYSE:SMP - Get Free Report) last posted its earnings results on Tuesday, August 5th. The auto parts company reported $1.29 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $450.21 million. During the same quarter in the prior year, the firm earned $0.98 EPS. The firm's quarterly revenue was up 26.7% compared to the same quarter last year. On average, analysts forecast that Standard Motor Products, Inc. will post 3.08 EPS for the current year.

Standard Motor Products Dividend Announcement

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 (DPR) is presently 70.45%.

Wall Street Analysts Forecast Growth

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

About Standard Motor Products

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.