Standard Motor Products, Inc. $SMP Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management sharply increased its stake in Standard Motor Products, boosting holdings by 727.9% in the first quarter to 98,751 shares worth about $3.43 million.
• Standard Motor Products reported a better-than-expected quarter, with EPS of $0.82 versus $0.73 expected and revenue of $451.17 million versus $429.07 million forecast.
• The company paid a quarterly dividend of $0.33 per share, implying an annualized yield of 3.4%, while analysts currently rate the stock a Hold with an average target price of $49.00.

Assenagon Asset Management S.A. raised its stake in Standard Motor Products, Inc. (NYSE:SMP - Free Report) by 727.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 98,751 shares of the auto parts company's stock after buying an additional 86,823 shares during the period. Assenagon Asset Management S.A. owned approximately 0.45% of Standard Motor Products worth $3,431,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Delphi Management Inc. MA increased its position in Standard Motor Products by 506.3% during the fourth quarter. Delphi Management Inc. MA now owns 34,661 shares of the auto parts company's stock worth $1,277,000 after buying an additional 28,944 shares in the last quarter. Teton Advisors LLC purchased a new stake in shares of Standard Motor Products in the third quarter valued at $1,327,000. JPMorgan Chase & Co. boosted its stake in shares of Standard Motor Products by 405.3% during the third quarter. JPMorgan Chase & Co. now owns 50,990 shares of the auto parts company's stock valued at $2,081,000 after acquiring an additional 40,898 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Standard Motor Products by 850.8% during the fourth quarter. SG Americas Securities LLC now owns 84,194 shares of the auto parts company's stock valued at $3,103,000 after acquiring an additional 75,339 shares during the last quarter. Finally, Royce & Associates LP increased its position in Standard Motor Products by 3.4% during the 4th quarter. Royce & Associates LP now owns 1,101,199 shares of the auto parts company's stock worth $40,579,000 after purchasing an additional 36,688 shares in the last quarter. 81.26% of the stock is currently owned by institutional investors and hedge funds.

Standard Motor Products Stock Performance

Shares of SMP stock opened at $39.00 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.78 and a current ratio of 2.23. The firm has a market capitalization of $868.16 million, a price-to-earnings ratio of 19.12 and a beta of 0.81. Standard Motor Products, Inc. has a one year low of $29.53 and a one year high of $46.00. The company has a 50 day moving average price of $38.63 and a 200 day moving average price of $38.77.

Standard Motor Products (NYSE:SMP - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The auto parts company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.09. The company had revenue of $451.17 million during the quarter, compared to analysts' expectations of $429.07 million. Standard Motor Products had a net margin of 2.51% and a return on equity of 12.98%. Sell-side analysts anticipate that Standard Motor Products, Inc. will post 4.4 EPS for the current year.

Standard Motor Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a dividend of $0.33 per share. The ex-dividend date was Friday, May 15th. This represents a $1.32 annualized dividend and a yield of 3.4%. Standard Motor Products's dividend payout ratio is currently 64.71%.

Wall Street Analyst Weigh In

SMP has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Standard Motor Products from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 7th. Weiss Ratings downgraded shares of Standard Motor Products from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, May 20th. Finally, Zacks Research lowered shares of Standard Motor Products from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $49.00.

Insider Activity at Standard Motor Products

In other news, VP Ray Nicholas sold 5,822 shares of the business'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 completion of the sale, the vice president owned 35,327 shares in the company, valued at approximately $1,404,248.25. The trade was a 14.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.00% of the stock is currently owned by company insiders.

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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