Standard Motor Products (NYSE:SMP) Announces Earnings Results

Key Points

• Standard Motor Products reported a quarterly earnings of $1.29 EPS, exceeding the consensus estimate by $0.32, with a 26.7% increase in revenue compared to the same quarter last year.
• The company declared a quarterly dividend of $0.31 per share, translating to a 3.7% dividend yield, with a payout ratio of 88.57%.
• Shares of Standard Motor Products rose to $33.43 following the earnings announcement, reflecting a market capitalization of approximately $734.82 million.

Standard Motor Products (NYSE:SMP - Get Free Report) posted its earnings results on Tuesday. The auto parts company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.32, Briefing.com reports. 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 return on equity of 12.98% and a net margin of 2.39%. The firm's revenue for the quarter was up 26.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.98 earnings per share.

Standard Motor Products Trading Down 2.6%

SMP stock traded down $0.95 during midday trading on Thursday, reaching $35.66. 10,870 shares of the company traded hands, compared to its average volume of 170,915. Standard Motor Products has a 52-week low of $21.38 and a 52-week high of $36.86. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.86 and a current ratio of 2.16. The business has a 50 day moving average of $31.60 and a 200-day moving average of $29.05. The firm has a market capitalization of $783.70 million, a price-to-earnings ratio of 20.25 and a beta of 0.63.

Standard Motor Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be given a dividend of $0.31 per share. The ex-dividend date is Friday, August 15th. This represents a $1.24 dividend on an annualized basis and a yield of 3.5%. Standard Motor Products's dividend payout ratio is 88.57%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Empowered Funds LLC grew its stake in Standard Motor Products by 3.0% in the first quarter. Empowered Funds LLC now owns 114,036 shares of the auto parts company's stock worth $2,843,000 after purchasing an additional 3,352 shares in the last quarter. Jane Street Group LLC grew its stake in Standard Motor Products by 320.0% in the first quarter. Jane Street Group LLC now owns 64,037 shares of the auto parts company's stock worth $1,596,000 after purchasing an additional 48,790 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Standard Motor Products by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,446 shares of the auto parts company's stock worth $310,000 after purchasing an additional 546 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Standard Motor Products in the first quarter worth approximately $214,000. Institutional investors own 81.26% of the company's stock.

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.