Public Sector Pension Investment Board Has $1.63 Million Stock Position in Standard Motor Products, Inc. $SMP

Key Points

• The Public Sector Pension Investment Board increased its stake in Standard Motor Products, Inc. by 26.7%, owning approximately $1.63 million worth of shares after acquiring an additional 13,798 shares.
• Analysts have upgraded Standard Motor Products from a "buy" to a "strong-buy" rating, indicating positive expectations for the company's performance.
• The company reported earnings of $1.29 per share, exceeding estimates and showing a 26.7% year-over-year revenue increase, with a revenue total of $493.85 million for the last quarter.

Public Sector Pension Investment Board lifted its stake in Standard Motor Products, Inc. (NYSE:SMP - Free Report) by 26.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,424 shares of the auto parts company's stock after purchasing an additional 13,798 shares during the quarter. Public Sector Pension Investment Board owned 0.30% of Standard Motor Products worth $1,631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Royce & Associates LP raised its position in Standard Motor Products by 2.1% during 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 acquiring an additional 26,712 shares in the last quarter. Northern Trust Corp raised its position in Standard Motor Products by 3.8% during the fourth quarter. Northern Trust Corp now owns 334,037 shares of the auto parts company's stock valued at $10,348,000 after acquiring an additional 12,379 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Standard Motor Products by 3.6% during 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 acquiring an additional 8,987 shares in the last quarter. Bridgeway Capital Management LLC raised its position in Standard Motor Products by 2.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 192,284 shares of the auto parts company's stock valued at $5,957,000 after acquiring an additional 5,341 shares in the last quarter. Finally, Invesco Ltd. raised its position in Standard Motor Products by 32.5% during the fourth quarter. Invesco Ltd. now owns 189,589 shares of the auto parts company's stock valued at $5,873,000 after acquiring an additional 46,482 shares in the last quarter. 81.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Standard Motor Products Stock Performance

SMP stock traded up $0.79 during midday trading on Wednesday, hitting $39.45. 110,223 shares of the company traded hands, compared to its average volume of 240,126. Standard Motor Products, Inc. has a twelve month low of $21.38 and a twelve month high of $40.18. The company has a quick ratio of 0.87, a current ratio of 2.16 and a debt-to-equity ratio of 0.86. The business has a 50 day simple moving average of $34.04 and a 200-day simple moving average of $29.78. The stock has a market capitalization of $867.51 million, a price-to-earnings ratio of 22.41 and a beta of 0.63.

Standard Motor Products (NYSE:SMP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The auto parts company reported $1.29 EPS for the quarter, beating the consensus estimate of $0.97 by $0.32. The company had revenue of $493.85 million for the quarter, compared to the consensus estimate of $450.21 million. Standard Motor Products had a return on equity of 12.98% and a net margin of 2.39%.The company's revenue for the quarter was up 26.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 earnings per share. As a group, equities research analysts predict that Standard Motor Products, Inc. will post 3.08 earnings per share for the current year.

Standard Motor Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be paid a $0.31 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.24 annualized dividend and a dividend yield of 3.1%. Standard Motor Products's dividend payout ratio (DPR) is presently 70.45%.

Standard Motor Products 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.