SummerHaven Investment Management LLC Purchases 28,765 Shares of Standard Motor Products, Inc. $SMP

Key Points

• SummerHaven Investment Management initiated a position of 28,765 Standard Motor Products shares valued at approximately $1.07 million. Institutional investors collectively own 81.26% of the company.
• Standard Motor Products exceeded quarterly expectations, reporting $1.40 in EPS versus a $1.39 estimate and revenue of $526.72 million versus a $511.68 million consensus.
• The stock traded at $36.97, while analysts maintained a “Moderate Buy” consensus rating with a $54 price target; the company also offers a $0.33 quarterly dividend, yielding about 3.6%.

SummerHaven Investment Management LLC acquired a new position in shares of Standard Motor Products, Inc. (NYSE:SMP - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 28,765 shares of the auto parts company's stock, valued at approximately $1,067,000. SummerHaven Investment Management LLC owned about 0.13% of Standard Motor Products at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in SMP. BlackRock Inc. purchased a new position in Standard Motor Products in the second quarter valued at about $158,258,000. Gamco Investors INC. ET AL lifted its position in shares of Standard Motor Products by 1.7% during the first quarter. Gamco Investors INC. ET AL now owns 996,928 shares of the auto parts company's stock valued at $34,633,000 after buying an additional 16,664 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Standard Motor Products during the second quarter valued at about $10,882,000. Algert Global LLC lifted its position in shares of Standard Motor Products by 11.7% during the second quarter. Algert Global LLC now owns 276,773 shares of the auto parts company's stock valued at $10,786,000 after buying an additional 29,063 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Standard Motor Products by 207.8% in the 1st quarter. SG Americas Securities LLC now owns 259,180 shares of the auto parts company's stock valued at $9,004,000 after buying an additional 174,986 shares in the last quarter. Institutional investors own 81.26% of the company's stock.

Standard Motor Products Trading Down 0.5%

Shares of NYSE:SMP opened at $36.97 on Friday. The business's 50-day moving average is $37.98 and its 200 day moving average is $38.18. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.00 and a quick ratio of 0.80. Standard Motor Products, Inc. has a 1 year low of $34.27 and a 1 year high of $46.00. The firm has a market capitalization of $825.80 million, a P/E ratio of 16.50 and a beta of 0.85.

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, topping the consensus estimate of $1.39 by $0.01. Standard Motor Products had a return on equity of 13.28% and a net margin of 2.78%. The business had revenue of $526.72 million during the quarter, compared to the consensus estimate of $511.68 million. During the same quarter last year, the company earned $1.13 earnings per share. On average, research analysts predict that Standard Motor Products, Inc. will post 4.23 earnings per share for the current fiscal year.

Standard Motor Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Friday, August 14th. Standard Motor Products's dividend payout ratio (DPR) is presently 58.93%.

Insider Activity at Standard Motor Products

In related news, EVP Dale Burks sold 9,051 shares of Standard Motor Products stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $38.71, for a total value of $350,364.21. Following the completion of the sale, the executive vice president directly owned 56,955 shares in the company, valued at $2,204,728.05. This trade represents a 13.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 18,349 shares of company stock valued at $712,146. Company insiders own 5.50% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SMP. Weiss Ratings raised shares of Standard Motor Products from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Roth Capital reissued a "buy" rating and set a $54.00 target price on shares of Standard Motor Products in a research report on Monday, October 12th. Finally, Wall Street Zen raised shares of Standard Motor Products from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.00.

Standard Motor Products Profile

Standard Motor Products, Inc NYSE: SMP manufactures and distributes replacement parts for the automotive aftermarket. The company supplies components used to maintain and repair passenger vehicles, light trucks, and other vehicles, serving professional repair shops, parts distributors, and do-it-yourself customers.

Its product portfolio includes engine-management components such as ignition, fuel, emissions, and sensor products, as well as temperature-control parts, including air-conditioning and cooling-system components.

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