Standard Motor Products (SMP) Rating Increased to Hold at Zacks Investment Research
Standard Motor Products (NYSE:SMP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Standard Motor is making good progress towards achieving long-term strategic goals through plant consolidations and relocations. The company has promising long-term business prospects, which allow it to deploy capital effectively. Moreover, Standard Motor is not significantly exposed to the cyclical nature of the automotive industry since it is focused on the aftermarket, where it is a leading player.”
Other analysts have also recently issued research reports about the stock. ValuEngine raised shares of Standard Motor Products from a “hold” rating to a “buy” rating in a research note on Wednesday, August 15th. CL King cut shares of Standard Motor Products from a “buy” rating to a “neutral” rating in a research note on Monday, July 9th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Standard Motor Products presently has a consensus rating of “Hold” and an average target price of $52.50.
Standard Motor Products (NYSE:SMP) last released its earnings results on Thursday, July 26th. The auto parts company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.05). The company had revenue of $286.64 million for the quarter. Standard Motor Products had a return on equity of 12.38% and a net margin of 2.66%. The firm’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.81 earnings per share. analysts predict that Standard Motor Products will post 2.61 earnings per share for the current year.
In other news, VP Thomas Tesoro sold 1,000 shares of the business’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $51.22, for a total transaction of $51,220.00. Following the completion of the sale, the vice president now owns 30,456 shares of the company’s stock, valued at $1,559,956.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederick D. Sturdivant sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $50.00, for a total transaction of $200,000.00. The disclosure for this sale can be found here. Insiders have sold 6,281 shares of company stock valued at $312,759 in the last three months. Corporate insiders own 6.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in SMP. US Bancorp DE grew its stake in Standard Motor Products by 121.9% during the 2nd quarter. US Bancorp DE now owns 2,135 shares of the auto parts company’s stock valued at $104,000 after acquiring an additional 1,173 shares in the last quarter. Bruderman Asset Management LLC purchased a new stake in Standard Motor Products during the 2nd quarter valued at about $125,000. Dubuque Bank & Trust Co. purchased a new stake in Standard Motor Products during the 2nd quarter valued at about $148,000. Envestnet Asset Management Inc. grew its stake in Standard Motor Products by 118.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,808 shares of the auto parts company’s stock valued at $175,000 after acquiring an additional 2,065 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Standard Motor Products during the 2nd quarter valued at about $207,000. 83.30% of the stock is owned by institutional investors and hedge funds.
Standard Motor Products Company Profile
Standard Motor Products, Inc manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry. Its Engine Management segment manufactures and distributes engine management replacement parts, including electronic ignition control modules, fuel injectors, remanufactured diesel injectors and pumps, ignition wires, coils, switches, relays, EGR valves, distributor caps and rotors, various sensors primarily measuring temperature, vehicle systems, electronic throttle bodies, and other engine management components primarily under the Standard, Blue Streak, BWD, Select, Intermotor, OEM, LockSmart, TechSmart, Tech Expert, and GP Sorensen brands.
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