Standard Motor Products, Inc. (SMP) Shares Sold by JPMorgan Chase & Co.
JPMorgan Chase & Co. cut its stake in Standard Motor Products, Inc. (NYSE:SMP) by 50.4% during the third quarter, Holdings Channel reports. The firm owned 30,455 shares of the auto parts company’s stock after selling 30,948 shares during the period. JPMorgan Chase & Co.’s holdings in Standard Motor Products were worth $1,474,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Piedmont Investment Advisors LLC bought a new position in Standard Motor Products during the 2nd quarter worth about $227,000. Victory Capital Management Inc. grew its holdings in Standard Motor Products by 17.7% during the 2nd quarter. Victory Capital Management Inc. now owns 4,854 shares of the auto parts company’s stock worth $253,000 after acquiring an additional 729 shares in the last quarter. Nordea Investment Management AB bought a new position in Standard Motor Products during the 2nd quarter worth about $256,000. AXA bought a new position in Standard Motor Products during the 2nd quarter worth about $287,000. Finally, Suntrust Banks Inc. grew its holdings in Standard Motor Products by 1.1% during the 2nd quarter. Suntrust Banks Inc. now owns 5,949 shares of the auto parts company’s stock worth $310,000 after acquiring an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.
In other news, VP Thomas Tesoro sold 775 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $44.18, for a total value of $34,239.50. Following the sale, the vice president now directly owns 31,456 shares in the company, valued at approximately $1,389,726.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Peter J. Sills sold 2,775 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $42.46, for a total transaction of $117,826.50. The disclosure for this sale can be found here. Insiders sold a total of 13,884 shares of company stock worth $620,472 over the last 90 days. Company insiders own 6.60% of the company’s stock.
SMP has been the topic of several recent research reports. Jefferies Group reiterated a “buy” rating and set a $60.00 target price on shares of Standard Motor Products in a report on Tuesday, September 12th. Zacks Investment Research upgraded shares of Standard Motor Products from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. FBR & Co reiterated a “hold” rating and set a $48.00 target price on shares of Standard Motor Products in a report on Friday, October 27th. Finally, B. Riley reiterated a “neutral” rating on shares of Standard Motor Products in a report on Wednesday, November 1st. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Standard Motor Products has an average rating of “Hold” and a consensus price target of $54.00.
Shares of Standard Motor Products, Inc. (NYSE SMP) opened at $46.06 on Wednesday. Standard Motor Products, Inc. has a 1-year low of $40.56 and a 1-year high of $54.73. The firm has a market cap of $1,040.00, a PE ratio of 17.72, a PEG ratio of 2.34 and a beta of 1.81.
Standard Motor Products (NYSE:SMP) last released its quarterly earnings results on Thursday, October 26th. The auto parts company reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.12). Standard Motor Products had a net margin of 4.97% and a return on equity of 13.68%. The firm had revenue of $281.06 million during the quarter. During the same quarter in the prior year, the company earned $0.92 EPS. The business’s quarterly revenue was down 6.5% on a year-over-year basis. equities analysts forecast that Standard Motor Products, Inc. will post 2.67 EPS for the current year.
Standard Motor Products announced that its board has authorized a share repurchase plan on Monday, November 20th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the auto parts company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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Standard Motor Products Company Profile
Standard Motor Products, Inc is an independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry with a complementary focus on heavy duty, industrial equipment and the original equipment service market. The Company’s segments include Engine Management Segment and Temperature Control Segment.
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