Standard Motor Products (NYSE:SMP) Hits New 52-Week High After Dividend Announcement

Standard Motor Products, Inc. (NYSE:SMP)’s stock price hit a new 52-week high on Monday following a dividend announcement from the company. The stock traded as high as $42.23 and last traded at $42.5390, with a volume of 42399 shares changing hands. The stock had previously closed at $39.93.

The newly announced dividend which will be paid on Monday, March 2nd. Investors of record on Monday, February 16th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.0%. This is a boost from Standard Motor Products’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, February 13th. Standard Motor Products’s payout ratio is currently 88.57%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Zacks Research lowered shares of Standard Motor Products from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Roth Mkm reiterated a “buy” rating and issued a $49.00 price objective on shares of Standard Motor Products in a report on Monday, November 3rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Standard Motor Products in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $49.00.

Standard Motor Products Stock Up 2.7%

The firm has a 50-day moving average of $38.52 and a two-hundred day moving average of $38.27. The company has a quick ratio of 0.77, a current ratio of 1.96 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $959.20 million, a PE ratio of 31.14 and a beta of 0.76.

Insider Buying and Selling

In related news, CEO Eric Sills sold 1,531 shares of Standard Motor Products stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $38.26, for a total value of $58,576.06. Following the completion of the transaction, the chief executive officer owned 178,432 shares in the company, valued at approximately $6,826,808.32. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Nathan R. Iles sold 1,356 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $38.30, for a total value of $51,934.80. Following the sale, the chief financial officer directly owned 37,468 shares in the company, valued at $1,435,024.40. This represents a 3.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 15,895 shares of company stock valued at $606,215 over the last quarter. 5.00% of the stock is owned by corporate insiders.

Institutional Trading of Standard Motor Products

Several institutional investors and hedge funds have recently bought and sold shares of SMP. Pacific Ridge Capital Partners LLC grew its position in Standard Motor Products by 4.7% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 14,794 shares of the auto parts company’s stock worth $545,000 after buying an additional 660 shares during the period. Strs Ohio purchased a new stake in Standard Motor Products during the 4th quarter worth about $280,000. Horizon Investments LLC grew its holdings in shares of Standard Motor Products by 11.8% during the fourth quarter. Horizon Investments LLC now owns 16,148 shares of the auto parts company’s stock worth $595,000 after buying an additional 1,705 shares in the last quarter. New York State Teachers Retirement System grew its stake in Standard Motor Products by 1.2% in the 4th quarter. New York State Teachers Retirement System now owns 32,443 shares of the auto parts company’s stock worth $1,196,000 after acquiring an additional 389 shares during the period. Finally, Comerica Bank increased its stake in Standard Motor Products by 12.4% in the fourth quarter. Comerica Bank now owns 6,710 shares of the auto parts company’s stock valued at $247,000 after purchasing an additional 739 shares during the last quarter. Hedge funds and other institutional investors own 81.26% of the company’s stock.

About Standard Motor Products

Standard Motor Products, Inc, headquartered in Long Island City, New York, is a leading manufacturer and distributor of aftermarket and original equipment automotive parts. Since its founding in 1919, the company has focused on engineering, testing, and supplying ignition and temperature management products for passenger cars and light trucks. Its product lineup includes ignition coils, spark plug wires, sensors, switches, heating and air conditioning controls, and related electronic components.

The company operates through two primary segments: Engine Management and Temperature Control.