Standard Motor Products, Inc. (NYSE:SMP) Sees Large Drop in Short Interest

Standard Motor Products, Inc. (NYSE:SMP - Get Free Report) saw a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 737,200 shares, a decline of 13.5% from the April 30th total of 852,200 shares. Currently, 3.5% of the shares of the stock are sold short. Based on an average daily volume of 212,600 shares, the days-to-cover ratio is currently 3.5 days.

Standard Motor Products Trading Up 1.4%

NYSE SMP traded up $0.42 during trading hours on Friday, hitting $29.68. 153,611 shares of the company's stock were exchanged, compared to its average volume of 169,889. The business's 50 day moving average is $26.59 and its 200-day moving average is $29.02. Standard Motor Products has a 12-month low of $21.38 and a 12-month high of $35.92. The firm has a market capitalization of $652.29 million, a P/E ratio of 18.32 and a beta of 0.65. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.82 and a current ratio of 2.25.

Standard Motor Products (NYSE:SMP - Get Free Report) last issued its earnings results on Wednesday, April 30th. The auto parts company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.44 by $0.37. Standard Motor Products had a return on equity of 10.42% and a net margin of 2.56%. The company had revenue of $413.38 million during the quarter, compared to analyst estimates of $394.38 million. During the same quarter last year, the firm earned $0.45 EPS. The business's revenue was up 24.7% on a year-over-year basis. As a group, analysts anticipate that Standard Motor Products will post 3.08 EPS for the current fiscal year.

Standard Motor Products Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th were issued a dividend of $0.31 per share. This is an increase from Standard Motor Products's previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.18%. Standard Motor Products's payout ratio is currently 88.57%.

Insiders Place Their Bets

In other news, EVP Dale Burks sold 11,005 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $27.20, for a total transaction of $299,336.00. Following the completion of the transaction, the executive vice president now directly owns 56,860 shares of the company's stock, valued at approximately $1,546,592. The trade was a 16.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Aquatic Capital Management LLC bought a new stake in shares of Standard Motor Products in the 4th quarter worth approximately $30,000. PNC Financial Services Group Inc. raised its holdings in shares of 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 buying an additional 1,499 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Standard Motor Products by 20.6% in the fourth quarter. Farther Finance Advisors LLC now owns 2,651 shares of the auto parts company's stock valued at $82,000 after buying an additional 453 shares during the last quarter. Central Pacific Bank Trust Division increased its position in Standard Motor Products by 68.0% in the first quarter. Central Pacific Bank Trust Division now owns 4,200 shares of the auto parts company's stock worth $105,000 after purchasing an additional 1,700 shares during the period. Finally, Harbor Capital Advisors Inc. acquired a new stake in Standard Motor Products in the first quarter worth about $110,000. Hedge funds and other institutional investors own 81.26% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Standard Motor Products from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 3rd.

Standard Motor Products Company 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.