Manatuck Hill Partners LLC Invests $4.48 Million in Standard Motor Products, Inc. $SMP

Key Points

• Manatuck Hill Partners acquired 115,000 shares of Standard Motor Products worth approximately $4.48 million, representing about 0.51% of the company and 1.5% of the fund’s portfolio.
• Analyst sentiment is generally positive: SMP has an average “Moderate Buy” rating and a consensus price target of $49, while its latest quarterly earnings and revenue slightly exceeded estimates.
• Standard Motor Products announced a quarterly dividend of $0.33 per share, equal to $1.32 annually and a 3.5% yield; meanwhile, company insiders sold 26,121 shares worth roughly $1.02 million over the past 90 days.

Manatuck Hill Partners LLC acquired a new stake in Standard Motor Products, Inc. (NYSE:SMP - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 115,000 shares of the auto parts company's stock, valued at approximately $4,482,000. Standard Motor Products makes up about 1.5% of Manatuck Hill Partners LLC's portfolio, making the stock its 20th largest position. Manatuck Hill Partners LLC owned approximately 0.51% of Standard Motor Products at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its position in Standard Motor Products by 6.2% in the fourth 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 in the last quarter. New York State Teachers Retirement System boosted its position in shares of 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 purchasing an additional 389 shares in the last quarter. LPL Financial LLC boosted its position in shares of Standard Motor Products by 6.1% during the 4th quarter. LPL Financial LLC now owns 6,946 shares of the auto parts company's stock valued at $256,000 after purchasing an additional 397 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of 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 purchasing an additional 412 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its stake in shares of Standard Motor Products by 4.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 11,679 shares of the auto parts company's stock worth $406,000 after purchasing an additional 466 shares during the last quarter. 81.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wall Street Zen raised shares of Standard Motor Products from a "hold" rating to a "buy" rating in a research note on Sunday, August 16th. Weiss Ratings upgraded shares of Standard Motor Products from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Finally, Zacks Research cut Standard Motor Products from a "strong-buy" rating to a "hold" rating in a report 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $49.00.

Insider Activity

In other news, 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 value of $231,424.50. Following the transaction, the vice president owned 35,327 shares in the company, valued at $1,404,248.25. This represents a 14.15% decrease in their position. The sale 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 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 completion of the sale, the executive vice president directly owned 56,955 shares of the company's stock, valued at $2,204,728.05. This trade represents a 13.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 26,121 shares of company stock worth $1,018,217. Company insiders own 5.50% of the company's stock.

Standard Motor Products Price Performance

SMP opened at $37.46 on Wednesday. The firm has a market capitalization of $836.88 million, a P/E ratio of 16.72 and a beta of 0.82. The stock has a fifty day moving average of $38.76 and a 200-day moving average of $38.72. The company has a quick ratio of 0.80, a current ratio of 2.00 and a debt-to-equity ratio of 0.73. Standard Motor Products, Inc. has a 12-month low of $34.27 and a 12-month high of $46.00.

Standard Motor Products (NYSE:SMP - Get Free Report) last issued 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. The business had revenue of $526.72 million for the quarter, compared to the consensus estimate of $511.68 million. Standard Motor Products had a return on equity of 13.28% and a net margin of 2.78%.During the same quarter in the previous year, the company posted $1.13 earnings per share. Equities 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 announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Friday, August 14th. Standard Motor Products's payout ratio is 58.93%.

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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