TD Waterhouse Canada Inc. Makes New $2.59 Million Investment in Standard Motor Products, Inc. $SMP

Key Points

• TD Waterhouse Canada Inc. acquired 69,241 shares of Standard Motor Products worth approximately $2.59 million, representing about 0.31% of the company. Institutional investors collectively own 81.26% of SMP.
• Standard Motor Products exceeded quarterly expectations, reporting $1.40 EPS versus the $1.39 consensus and revenue of $526.72 million against $511.68 million expected.
• Analyst sentiment is moderately bullish, with a consensus “Moderate Buy” rating and a $54 price target, while the company pays a $0.33 quarterly dividend for a 3.6% annualized yield.

TD Waterhouse Canada Inc. purchased a new stake in Standard Motor Products, Inc. (NYSE:SMP - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 69,241 shares of the auto parts company's stock, valued at approximately $2,589,000. TD Waterhouse Canada Inc. owned approximately 0.31% of Standard Motor Products at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Ellsworth Advisors LLC acquired a new position in Standard Motor Products during the 3rd quarter worth $2,208,000. Avidian Wealth Enterprises LLC bought a new stake in shares of Standard Motor Products in the 3rd quarter worth about $448,000. Tompkins Financial Corp bought a new stake in shares of Standard Motor Products in the 3rd quarter worth about $37,000. Versant Capital Management Inc raised its stake in shares of Standard Motor Products by 89.1% in the 3rd quarter. Versant Capital Management Inc now owns 1,159 shares of the auto parts company's stock valued at $43,000 after purchasing an additional 546 shares in the last quarter. Finally, Tidal Investments LLC acquired a new stake in shares of Standard Motor Products in the 2nd quarter valued at about $686,000. 81.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Standard Motor Products

In other Standard Motor Products news, EVP Dale Burks sold 5,798 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $39.00, for a total transaction of $226,122.00. Following the sale, the executive vice president directly owned 47,657 shares of the company's stock, valued at approximately $1,858,623. This represents a 10.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 18,349 shares of company stock worth $712,146 over the last 90 days. 5.50% of the stock is currently owned by corporate insiders.

Standard Motor Products Stock Performance

SMP stock opened at $37.10 on Wednesday. The company has a current ratio of 2.00, a quick ratio of 0.80 and a debt-to-equity ratio of 0.73. The firm has a market cap of $828.79 million, a P/E ratio of 16.56 and a beta of 0.85. Standard Motor Products, Inc. has a 12-month low of $34.27 and a 12-month high of $46.00. The stock's 50 day simple moving average is $37.87 and its 200 day simple moving average is $38.22.

Standard Motor Products (NYSE:SMP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.01. The firm had revenue of $526.72 million for the quarter, compared to analysts' expectations 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 period last year, the business posted $1.13 earnings per share. As a group, equities research analysts predict that Standard Motor Products, Inc. will post 4.23 EPS for the current year.

Standard Motor Products Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were paid a dividend of $0.33 per share. The ex-dividend date was Friday, August 14th. This represents a $1.32 annualized dividend and a yield of 3.6%. Standard Motor Products's payout ratio is presently 58.93%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented 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 reiterated a "buy" rating and issued a $54.00 price target on shares of Standard Motor Products in a research note on Monday, October 12th. Finally, Wall Street Zen raised Standard Motor Products from a "hold" rating to a "buy" rating in a report on Sunday, August 16th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Standard Motor Products Company 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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