Walleye Capital LLC Invests $305,000 in Standard Motor Products, Inc. $SMP

Key Points

• Walleye Capital LLC purchased a stake of 12,239 shares in Standard Motor Products, valued at around $305,000, owning approximately 0.06% of the company.
• Standard Motor Products recently reported $1.29 earnings per share (EPS), significantly exceeding estimates, and revenue of $493.85 million, up 26.7% from the previous year.
• The company announced a quarterly dividend of $0.31 per share, equating to a yield of 3.2%, with a dividend payout ratio of 70.45%.

Walleye Capital LLC acquired a new position in shares of Standard Motor Products, Inc. (NYSE:SMP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 12,239 shares of the auto parts company's stock, valued at approximately $305,000. Walleye Capital LLC owned about 0.06% of Standard Motor Products as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in SMP. SummerHaven Investment Management LLC lifted its position in Standard Motor Products by 1.6% in the 1st quarter. SummerHaven Investment Management LLC now owns 29,228 shares of the auto parts company's stock valued at $729,000 after purchasing an additional 463 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Standard Motor Products by 4.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,900 shares of the auto parts company's stock valued at $369,000 after purchasing an additional 469 shares during the period. Aquatic Capital Management LLC bought a new position in Standard Motor Products during the fourth quarter worth about $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Standard Motor Products by 3.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,660 shares of the auto parts company's stock valued at $1,415,000 after buying an additional 1,388 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Standard Motor Products by 188.3% in the first quarter. PNC Financial Services Group Inc. now owns 2,295 shares of the auto parts company's stock valued at $57,000 after acquiring an additional 1,499 shares during the last quarter. 81.26% of the stock is owned by hedge funds and other institutional investors.

Standard Motor Products Trading Up 1.5%

SMP traded up $0.60 during trading on Monday, reaching $40.59. The company had a trading volume of 63,805 shares, compared to its average volume of 174,568. The stock has a market cap of $892.49 million, a P/E ratio of 23.05 and a beta of 0.66. The company has a quick ratio of 0.87, a current ratio of 2.16 and a debt-to-equity ratio of 0.86. Standard Motor Products, Inc. has a 52 week low of $21.38 and a 52 week high of $40.76. The business has a 50 day simple moving average of $35.27 and a 200-day simple moving average of $30.17.

Standard Motor Products (NYSE:SMP - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The auto parts company reported $1.29 earnings per share for the quarter, topping 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 net margin of 2.39% and a return on equity of 12.98%. Standard Motor Products's quarterly revenue was up 26.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 EPS. On average, equities analysts anticipate that Standard Motor Products, Inc. will post 3.08 EPS for the current fiscal year.

Standard Motor Products Dividend Announcement

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

Analysts Set New Price Targets

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

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.