Standard Motor Products (NYSE:SMP) Sets New 1-Year High - Here's What Happened

Key Points

• Standard Motor Products reached a new 52-week high of $41.54, with a recent trading price of $41.17 and a volume of 46,288 shares.
• Wall Street Zen upgraded the stock's rating from "buy" to "strong-buy", indicating increased confidence in the company's performance.
• The company reported a 26.7% year-over-year increase in revenue for the last quarter, totaling $493.85 million, surpassing analysts' expectations.

Standard Motor Products, Inc. (NYSE:SMP - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $41.54 and last traded at $41.17, with a volume of 46288 shares. The stock had previously closed at $40.23.

Analysts Set New Price Targets

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.

Standard Motor Products Stock Down 2.7%

The company has a quick ratio of 0.87, a current ratio of 2.16 and a debt-to-equity ratio of 0.86. The business has a 50-day moving average price of $36.72 and a 200-day moving average price of $30.93. The firm has a market capitalization of $867.35 million, a PE ratio of 22.41 and a beta of 0.66.

Standard Motor Products (NYSE:SMP - Get Free Report) last posted its earnings results on Tuesday, August 5th. The auto parts company reported $1.29 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $493.85 million for the quarter, compared to analysts' expectations of $450.21 million. During the same quarter in the prior year, the company posted $0.98 earnings per share. Standard Motor Products's revenue for the quarter was up 26.7% compared to the same quarter last year. Equities research analysts forecast that Standard Motor Products, Inc. will post 3.08 earnings per share for the current fiscal year.

Standard Motor Products Announces Dividend

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. SummerHaven Investment Management LLC raised its stake in shares of Standard Motor Products by 1.6% during the 1st quarter. SummerHaven Investment Management LLC now owns 29,228 shares of the auto parts company's stock worth $729,000 after buying an additional 463 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Standard Motor Products by 4.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,900 shares of the auto parts company's stock worth $369,000 after acquiring an additional 469 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Standard Motor Products by 1.2% during the second quarter. Legal & General Group Plc now owns 54,801 shares of the auto parts company's stock valued at $1,683,000 after acquiring an additional 628 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Standard Motor Products by 4,842.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 939 shares of the auto parts company's stock valued at $29,000 after buying an additional 920 shares during the last quarter. Finally, Inspire Investing LLC raised its stake in shares of Standard Motor Products by 7.4% in the 1st quarter. Inspire Investing LLC now owns 13,854 shares of the auto parts company's stock valued at $345,000 after purchasing an additional 958 shares in the last quarter. Hedge funds and other 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.