Standard Motor Products (NYSE:SMP) Shares Gap Up After Better-Than-Expected Earnings

Shares of Standard Motor Products, Inc. (NYSE:SMP - Get Free Report) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $24.36, but opened at $27.25. Standard Motor Products shares last traded at $26.09, with a volume of 36,619 shares changing hands.

The auto parts company reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.37. Standard Motor Products had a net margin of 2.56% and a return on equity of 10.42%. The firm had revenue of $413.38 million during the quarter, compared to the consensus estimate of $394.38 million. During the same period in the previous year, the firm earned $0.45 earnings per share. Standard Motor Products's revenue was up 24.7% compared to the same quarter last year.

Standard Motor Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be issued a $0.31 dividend. The ex-dividend date is Thursday, May 15th. This is a positive change from Standard Motor Products's previous quarterly dividend of $0.29. This represents a $1.24 annualized dividend and a dividend yield of 4.41%. Standard Motor Products's payout ratio is 88.57%.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Standard Motor Products from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 3rd.

Insider Buying and Selling at Standard Motor Products

In other Standard Motor Products news, EVP Dale Burks sold 11,005 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $27.20, for a total value of $299,336.00. Following the completion of the sale, the executive vice president now owns 56,860 shares in the company, valued at $1,546,592. This trade represents a 16.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 5.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SMP. Bailard Inc. acquired a new position in shares of Standard Motor Products in the 1st quarter worth approximately $332,000. Principal Financial Group Inc. raised its position in shares of Standard Motor Products by 2.6% in the first quarter. Principal Financial Group Inc. now owns 111,541 shares of the auto parts company's stock valued at $2,781,000 after purchasing an additional 2,857 shares during the period. North Star Investment Management Corp. purchased a new position in Standard Motor Products during the first quarter valued at approximately $823,000. SummerHaven Investment Management LLC grew its holdings in shares of Standard Motor Products by 1.6% during the first quarter. SummerHaven Investment Management LLC now owns 29,228 shares of the auto parts company's stock worth $729,000 after purchasing an additional 463 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Standard Motor Products in the first quarter worth approximately $996,000. Institutional investors and hedge funds own 81.26% of the company's stock.

Standard Motor Products Stock Performance

The stock has a market cap of $639.51 million, a PE ratio of 17.36 and a beta of 0.57. The company has a quick ratio of 0.82, a current ratio of 2.25 and a debt-to-equity ratio of 0.21. The company has a fifty day moving average price of $25.34 and a 200 day moving average price of $29.51.

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.