PDT Partners LLC Buys Shares of 24,599 Standard Motor Products, Inc. $SMP

PDT Partners LLC bought a new stake in Standard Motor Products, Inc. (NYSE:SMP) during the 2nd quarter, Holdings Channel reports. The fund bought 24,599 shares of the auto parts company’s stock, valued at approximately $959,000.

Other institutional investors also recently modified their holdings of the company. Osaic Holdings Inc. raised its stake in shares of Standard Motor Products by 6.2% during the fourth quarter. Osaic Holdings Inc. now owns 6,142 shares of the auto parts company’s stock worth $226,000 after buying an additional 358 shares during the last quarter. New York State Teachers Retirement System boosted its stake in Standard Motor Products by 1.2% in the fourth quarter. New York State Teachers Retirement System now owns 32,443 shares of the auto parts company’s stock valued at $1,196,000 after acquiring an additional 389 shares during the last quarter. LPL Financial LLC grew its holdings in Standard Motor Products by 6.1% during the 4th quarter. LPL Financial LLC now owns 6,946 shares of the auto parts company’s stock worth $256,000 after acquiring an additional 397 shares during the period. Parallel Advisors LLC grew its holdings in Standard Motor Products by 76.7% during the 1st quarter. Parallel Advisors LLC now owns 949 shares of the auto parts company’s stock worth $33,000 after acquiring an additional 412 shares during the period. Finally, Illinois Municipal Retirement Fund raised its position in shares of Standard Motor Products by 4.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 11,679 shares of the auto parts company’s stock valued at $406,000 after acquiring an additional 466 shares during the last quarter. Institutional investors and hedge funds own 81.26% of the company’s stock.

Insiders Place Their Bets

In other Standard Motor Products news, EVP Dale Burks sold 5,798 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $39.00, for a total value of $226,122.00. Following the completion of the transaction, the executive vice president directly owned 47,657 shares of the company’s stock, valued at approximately $1,858,623. The trade was a 10.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Ray Nicholas sold 5,822 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $39.75, for a total value of $231,424.50. Following the completion of the transaction, the vice president directly owned 35,327 shares of the company’s stock, valued at approximately $1,404,248.25. The trade was a 14.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 26,121 shares of company stock valued at $1,018,217. 5.50% of the stock is owned by corporate insiders.

Standard Motor Products Stock Down 0.3%

Standard Motor Products stock opened at $36.99 on Friday. The firm has a market capitalization of $826.36 million, a price-to-earnings ratio of 16.51 and a beta of 0.82. The company’s 50 day simple moving average is $38.68 and its 200 day simple moving average is $38.62. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.00 and a quick ratio of 0.80. Standard Motor Products, Inc. has a fifty-two week low of $34.27 and a fifty-two week high of $46.00.

Standard Motor Products (NYSE:SMP) last issued its earnings results on Tuesday, August 4th. The auto parts company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.39 by $0.01. The firm had revenue of $526.72 million during the quarter, compared to the consensus estimate of $511.68 million. Standard Motor Products had a net margin of 2.78% and a return on equity of 13.28%. During the same quarter in the prior year, the firm earned $1.13 earnings per share. As a group, sell-side analysts anticipate that Standard Motor Products, Inc. will post 4.23 EPS 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 given a $0.33 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.6%. Standard Motor Products’s dividend payout ratio is currently 58.93%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SMP. Wall Street Zen raised Standard Motor Products from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Zacks Research cut Standard Motor Products from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings upgraded Standard Motor Products from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

Standard Motor Products Profile

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.