Standard Motor Products (NYSE:SMP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Standard Motor Products (NYSE:SMP) from a hold rating to a buy rating in a report issued on Sunday morning.

A number of other brokerages have also weighed in on SMP. Weiss Ratings raised Standard Motor Products from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Zacks Research lowered shares of Standard Motor Products from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.00.

Standard Motor Products Price Performance

Shares of SMP opened at $38.82 on Friday. Standard Motor Products has a twelve month low of $34.27 and a twelve month high of $46.00. The stock’s 50 day moving average is $38.87 and its two-hundred day moving average is $38.85. The firm has a market capitalization of $867.17 million, a PE ratio of 17.33 and a beta of 0.82. The company has a current ratio of 2.00, a quick ratio of 0.80 and a debt-to-equity ratio of 0.73.

Standard Motor Products (NYSE:SMP) last released its earnings results on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.01. The company had revenue of $526.72 million for the quarter, compared to analysts’ expectations of $511.68 million. Standard Motor Products had a return on equity of 13.28% and a net margin of 2.78%.During the same quarter in the previous year, the firm posted $1.13 EPS. Research analysts anticipate that Standard Motor Products will post 4.23 earnings per share for the current year.

Standard Motor Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.32 annualized dividend and a yield of 3.4%. Standard Motor Products’s payout ratio is currently 58.93%.

Insiders Place Their Bets

In other Standard Motor Products news, VP Ray Nicholas sold 5,822 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $39.75, for a total transaction of $231,424.50. Following the sale, the vice president directly owned 35,327 shares in the company, valued at approximately $1,404,248.25. The trade was a 14.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Dale Burks sold 3,500 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $38.76, for a total value of $135,660.00. Following the completion of the sale, the executive vice president directly owned 53,455 shares in the company, valued at $2,071,915.80. This trade represents a 6.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 20,323 shares of company stock worth $792,095. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Standard Motor Products

Several hedge funds have recently added to or reduced their stakes in SMP. Empowered Funds LLC acquired a new position in Standard Motor Products during the second quarter worth about $5,492,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Standard Motor Products in the second quarter valued at approximately $35,000. Bank of America Corp DE acquired a new stake in shares of Standard Motor Products in the second quarter valued at approximately $4,140,000. Jupiter Topco LLC purchased a new position in shares of Standard Motor Products during the 2nd quarter worth approximately $337,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Standard Motor Products during the 2nd quarter worth approximately $1,156,000. 81.26% of the stock is currently owned by hedge funds and other institutional investors.

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.