Standard Motor Products, Inc. (NYSE:SMP) Sees Significant Decrease in Short Interest

Standard Motor Products, Inc. (NYSE:SMP) was the recipient of a large decline in short interest during the month of February. As of February 27th, there was short interest totaling 735,203 shares, a decline of 14.3% from the February 12th total of 858,184 shares. Currently, 3.5% of the shares of the company are short sold. Based on an average trading volume of 154,715 shares, the short-interest ratio is currently 4.8 days. Based on an average trading volume of 154,715 shares, the short-interest ratio is currently 4.8 days. Currently, 3.5% of the shares of the company are short sold.

Standard Motor Products Stock Performance

NYSE:SMP opened at $36.42 on Monday. The firm has a market capitalization of $806.59 million, a PE ratio of 19.68 and a beta of 0.75. The company has a quick ratio of 0.69, a current ratio of 2.13 and a debt-to-equity ratio of 0.81. Standard Motor Products has a 12-month low of $21.38 and a 12-month high of $46.00. The firm has a 50-day moving average price of $40.55 and a 200 day moving average price of $39.38.

Standard Motor Products (NYSE:SMP) last released its quarterly earnings data on Thursday, February 26th. The auto parts company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.11. The company had revenue of $385.09 million for the quarter, compared to analyst estimates of $385.91 million. Standard Motor Products had a return on equity of 13.15% and a net margin of 2.31%. Research analysts anticipate that Standard Motor Products will post 3.08 earnings per share for the current fiscal year.

Standard Motor Products Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Monday, February 16th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, February 13th. This is a boost from Standard Motor Products’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.6%. Standard Motor Products’s dividend payout ratio (DPR) is 71.35%.

Analyst Ratings Changes

Several research analysts have commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Standard Motor Products in a research report on Monday, December 29th. Wall Street Zen downgraded Standard Motor Products from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 7th. Finally, Zacks Research cut Standard Motor Products from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $49.00.

Institutional Investors Weigh In On Standard Motor Products

Hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Standard Motor Products by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,446 shares of the auto parts company’s stock worth $310,000 after buying an additional 546 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Standard Motor Products in the first quarter worth $214,000. Empowered Funds LLC grew its holdings in shares of Standard Motor Products by 3.0% during the first quarter. Empowered Funds LLC now owns 114,036 shares of the auto parts company’s stock worth $2,843,000 after purchasing an additional 3,352 shares during the last quarter. Jane Street Group LLC increased its stake in shares of Standard Motor Products by 320.0% in the first quarter. Jane Street Group LLC now owns 64,037 shares of the auto parts company’s stock valued at $1,596,000 after buying an additional 48,790 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Standard Motor Products by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 327,080 shares of the auto parts company’s stock valued at $10,048,000 after buying an additional 15,468 shares in the last quarter. Institutional investors and hedge funds 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.