Standard Motor Products (NYSE:SMP) Sets New 12-Month High - Here's What Happened

Key Points

• Standard Motor Products reached a new 52-week high, trading as high as $46.49 and up 2.9% on the day.
• Analyst sentiment is Moderate Buy, with a consensus price target of $54; Wall Street Zen upgraded the stock to Buy, while Roth Capital reaffirmed its Buy rating.
• The company beat quarterly EPS expectations, reporting $1.54 versus $1.41 anticipated, though revenue came in slightly below forecasts. It also announced a quarterly dividend of $0.33 per share.

Standard Motor Products, Inc. (NYSE:SMP - Get Free Report) shares reached a new 52-week high on Wednesday. The stock traded as high as $46.49 and last traded at $46.1790, with a volume of 162,144 shares trading hands. The stock had previously closed at $44.86.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wall Street Zen upgraded shares of Standard Motor Products from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Roth Capital reaffirmed a "buy" rating and set a $54.00 price objective on shares of Standard Motor Products in a research report on Monday. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Standard Motor Products in a research note on Monday, October 26th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Standard Motor Products Trading Up 2.9%

The business's fifty day simple moving average is $38.01 and its 200 day simple moving average is $38.65. The company has a current ratio of 1.81, a quick ratio of 0.73 and a debt-to-equity ratio of 0.56. The stock has a market cap of $1.03 billion, a P/E ratio of 15.14 and a beta of 0.80.

Standard Motor Products (NYSE:SMP - Get Free Report) last announced its quarterly earnings data on Friday, October 30th. The auto parts company reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $512.90 million during the quarter, compared to analysts' expectations of $514.99 million. Standard Motor Products had a return on equity of 13.65% and a net margin of 3.77%. As a group, analysts expect that Standard Motor Products, Inc. will post 4.30 EPS for the current year.

Standard Motor Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, November 16th. Standard Motor Products's dividend payout ratio is presently 43.28%.

Insider Activity at Standard Motor Products

In other Standard Motor Products news, EVP Dale Burks sold 9,051 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $38.71, for a total value of $350,364.21. Following the sale, the executive vice president owned 56,955 shares in the company, valued at $2,204,728.05. This represents a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a filing 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.

Institutional Trading of Standard Motor Products

Several hedge funds and other institutional investors have recently modified their holdings of SMP. BlackRock Inc. acquired a new position in shares of Standard Motor Products during the 2nd quarter worth approximately $158,258,000. Gamco Investors INC. ET AL raised its position in shares of Standard Motor Products by 1.7% in 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 in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Standard Motor Products in the second quarter valued at approximately $10,882,000. Algert Global LLC raised its position in shares of Standard Motor Products by 11.7% in 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 in the last quarter. Finally, Allianz Asset Management GmbH bought a new stake in shares of Standard Motor Products in the second quarter valued at approximately $5,869,000. Institutional investors own 81.26% of the company's stock.

About Standard Motor Products

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 transportation equipment, serving automotive parts distributors, retailers, repair shops, and vehicle service professionals.

Its product offerings include engine management components such as sensors, ignition parts, fuel system components, and emissions-related products.

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