Eagle Asset Management Inc. lowered its position in Standard Motor Products (NYSE:SMP) by 17.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 197,661 shares of the auto parts company’s stock after selling 43,186 shares during the period. Eagle Asset Management Inc. owned 0.87% of Standard Motor Products worth $8,876,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Wells Fargo & Company MN boosted its holdings in Standard Motor Products by 22.3% in the third quarter. Wells Fargo & Company MN now owns 46,829 shares of the auto parts company’s stock worth $2,259,000 after acquiring an additional 8,544 shares in the last quarter. Rhumbline Advisers boosted its holdings in Standard Motor Products by 6.6% in the third quarter. Rhumbline Advisers now owns 54,613 shares of the auto parts company’s stock worth $2,635,000 after acquiring an additional 3,395 shares in the last quarter. Copeland Capital Management LLC boosted its holdings in Standard Motor Products by 1.5% in the third quarter. Copeland Capital Management LLC now owns 298,795 shares of the auto parts company’s stock worth $14,417,000 after acquiring an additional 4,511 shares in the last quarter. State Street Corp boosted its holdings in Standard Motor Products by 2.7% in the second quarter. State Street Corp now owns 497,020 shares of the auto parts company’s stock worth $25,954,000 after acquiring an additional 13,034 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan lifted its holdings in shares of Standard Motor Products by 46.9% in the third quarter. Municipal Employees Retirement System of Michigan now owns 9,330 shares of the auto parts company’s stock valued at $450,000 after purchasing an additional 2,980 shares in the last quarter. Institutional investors and hedge funds own 80.53% of the company’s stock.
Standard Motor Products (NYSE:SMP) opened at $48.35 on Friday. Standard Motor Products has a fifty-two week low of $40.56 and a fifty-two week high of $54.73. The firm has a market capitalization of $1,076.63, a P/E ratio of 29.85, a PEG ratio of 2.37 and a beta of 1.76.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend was Wednesday, February 14th. This is a positive change from Standard Motor Products’s previous quarterly dividend of $0.19. Standard Motor Products’s dividend payout ratio (DPR) is currently 51.85%.
Standard Motor Products announced that its Board of Directors has approved a share buyback plan on Monday, November 20th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Separately, Zacks Investment Research lowered Standard Motor Products from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $55.00.
In related news, Director John P. Gethin sold 5,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $49.50, for a total transaction of $247,500.00. Following the completion of the sale, the director now directly owns 20,850 shares of the company’s stock, valued at $1,032,075. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.60% of the company’s stock.
About Standard Motor Products
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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