Short Interest in Standard Motor Products, Inc. (NYSE:SMP) Drops By 19.5%

Key Points

• Standard Motor Products, Inc. reported a significant decrease in short interest, with a drop of 19.5% from 714,200 shares to 574,800 shares as of August 31st, representing approximately 2.8% of the company's total stock.
• Institutional investors now own 81.26% of Standard Motor Products, with notable increases in stakes from firms like Nisa Investment Advisors LLC and Legal & General Group Plc.
• The company recently declared a quarterly dividend of $0.31 per share, yielding an annualized dividend of $1.24, corresponding to a yield of 3.1%.

Standard Motor Products, Inc. (NYSE:SMP - Get Free Report) saw a large drop in short interest in August. As of August 31st, there was short interest totaling 574,800 shares, a drop of 19.5% from the August 15th total of 714,200 shares. Currently, 2.8% of the company's stock are short sold. Based on an average daily volume of 180,300 shares, the short-interest ratio is presently 3.2 days. Based on an average daily volume of 180,300 shares, the short-interest ratio is presently 3.2 days. Currently, 2.8% of the company's stock are short sold.

Standard Motor Products Stock Down 0.2%

Standard Motor Products stock traded down $0.07 during mid-day trading on Monday, hitting $39.45. The company had a trading volume of 117,893 shares, compared to its average volume of 149,237. The stock has a market cap of $867.40 million, a price-to-earnings ratio of 22.41 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 has a 1 year low of $21.38 and a 1 year high of $41.54. The business has a fifty day moving average of $36.85 and a 200 day moving average of $31.01.

Standard Motor Products (NYSE:SMP - Get Free Report) last issued its earnings results on Tuesday, August 5th. The auto parts company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.32. Standard Motor Products had a net margin of 2.39% and a return on equity of 12.98%. The business had revenue of $493.85 million during the quarter, compared to analysts' expectations of $450.21 million. During the same quarter in the prior year, the business posted $0.98 EPS. The company's revenue for the quarter was up 26.7% on a year-over-year basis. On average, sell-side analysts expect that Standard Motor Products will post 3.08 earnings per share for the current fiscal year.

Standard Motor Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were given a $0.31 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.1%. Standard Motor Products's dividend payout ratio is 70.45%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SMP. Nisa Investment Advisors LLC grew its position in shares of Standard Motor Products by 4,842.1% during the second quarter. Nisa Investment Advisors LLC now owns 939 shares of the auto parts company's stock worth $29,000 after acquiring an additional 920 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Standard Motor Products by 188.3% during the first quarter. PNC Financial Services Group Inc. now owns 2,295 shares of the auto parts company's stock worth $57,000 after purchasing an additional 1,499 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Standard Motor Products by 235.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,298 shares of the auto parts company's stock worth $71,000 after purchasing an additional 1,613 shares during the period. Central Pacific Bank Trust Division grew its position in Standard Motor Products by 68.0% in the 1st quarter. Central Pacific Bank Trust Division now owns 4,200 shares of the auto parts company's stock valued at $105,000 after buying an additional 1,700 shares during the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new position in Standard Motor Products in the 1st quarter valued at $110,000. Institutional investors and hedge funds own 81.26% of the company's stock.

Wall Street Analyst Weigh In

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

About Standard Motor Products

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.