Standard Motor Products, Inc. (NYSE:SMP - Get Free Report)'s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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 trading hands.
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 business had revenue of $413.38 million during the quarter, compared to analysts' expectations of $394.38 million. During the same quarter last year, the firm posted $0.45 earnings per share. The firm's revenue was up 24.7% on a year-over-year basis.
Standard Motor Products Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend 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 yield of 4.45%. Standard Motor Products's dividend payout ratio is currently 88.57%.
Wall Street Analysts Forecast Growth
Separately, StockNews.com downgraded shares of Standard Motor Products from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 3rd.
View Our Latest Research Report on SMP
Insider Activity
In related news, EVP Dale Burks sold 11,005 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $27.20, for a total value of $299,336.00. Following the sale, the executive vice president now owns 56,860 shares in the company, valued at $1,546,592. This represents a 16.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 5.00% of the company's stock.
Institutional Trading of Standard Motor Products
Institutional investors and hedge funds have recently modified their holdings of the stock. Proficio Capital Partners LLC bought a new stake in Standard Motor Products during the fourth quarter worth $753,000. Foundry Partners LLC boosted its holdings in Standard Motor Products by 22.4% during the 4th quarter. Foundry Partners LLC now owns 202,152 shares of the auto parts company's stock worth $6,263,000 after acquiring an additional 36,947 shares during the last quarter. Franklin Resources Inc. bought a new stake in shares of Standard Motor Products in the 3rd quarter worth $3,876,000. Versor Investments LP purchased a new stake in shares of Standard Motor Products in the fourth quarter valued at about $480,000. Finally, Rhumbline Advisers raised its holdings in shares of Standard Motor Products by 15.9% in the fourth quarter. Rhumbline Advisers now owns 118,917 shares of the auto parts company's stock valued at $3,684,000 after purchasing an additional 16,330 shares during the last quarter. 81.26% of the stock is owned by hedge funds and other institutional investors.
Standard Motor Products Price Performance
The company has a market capitalization of $633.27 million, a P/E ratio of 17.19 and a beta of 0.57. The business's 50-day moving average is $25.34 and its two-hundred day moving average is $29.54. The company has a quick ratio of 0.82, a current ratio of 2.25 and a debt-to-equity ratio of 0.21.
About Standard Motor Products
(
Get Free Report)
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.
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