Standard Motor Products (NYSE:SMP) Shares Climb 8.4% on Strong Earnings

Standard Motor Products, Inc. (NYSE:SMP) shares traded up 8.4% during mid-day trading on Monday following a better than expected earnings announcement. The stock traded as high as $45.94 and last traded at $45.9710. 131,924 shares traded hands during trading, a decline of 5% from the average daily volume of 139,237 shares. The stock had previously closed at $42.41.

The auto parts company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $512.90 million for the quarter, compared to analysts’ expectations of $514.99 million. Standard Motor Products had a return on equity of 13.65% and a net margin of 3.77%.

Standard Motor Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 16th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, November 16th. Standard Motor Products’s dividend payout ratio (DPR) is currently 58.93%.

Wall Street Analysts Forecast Growth

SMP has been the topic of several research reports. Wall Street Zen upgraded shares of Standard Motor Products from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Roth Capital reissued a “buy” rating and set a $54.00 target price on shares of Standard Motor Products in a research note on Monday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Standard Motor Products in a report on Monday, October 26th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Standard Motor Products presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Insider Buying and Selling at Standard Motor Products

In other news, EVP Dale Burks sold 5,798 shares of Standard Motor Products stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $39.00, for a total transaction of $226,122.00. Following the completion of the sale, the executive vice president directly owned 47,657 shares in the company, valued at $1,858,623. The trade was a 10.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 18,349 shares of company stock worth $712,146. 5.50% of the stock is owned by company insiders.

Institutional Trading of Standard Motor Products

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Standard Motor Products in the second quarter valued at approximately $158,258,000. Gamco Investors INC. ET AL increased its stake in shares of Standard Motor Products by 1.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 996,928 shares of the auto parts company’s stock worth $34,633,000 after purchasing an additional 16,664 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Standard Motor Products during the 2nd quarter worth $10,882,000. Algert Global LLC raised its holdings in shares of Standard Motor Products by 11.7% during the 2nd quarter. Algert Global LLC now owns 276,773 shares of the auto parts company’s stock valued at $10,786,000 after purchasing an additional 29,063 shares in the last quarter. Finally, Allianz Asset Management GmbH bought a new position in shares of Standard Motor Products during the 2nd quarter valued at $5,869,000. 81.26% of the stock is currently owned by institutional investors and hedge funds.

Standard Motor Products Stock Up 8.5%

The company has a current ratio of 1.81, a quick ratio of 0.73 and a debt-to-equity ratio of 0.56. The business’s fifty day moving average price is $37.72 and its two-hundred day moving average price is $38.59. The firm has a market cap of $1.03 billion, a P/E ratio of 15.07 and a beta of 0.80.

About Standard Motor Products

Standard Motor Products, Inc (NYSE:SMP) manufactures and distributes replacement parts for the automotive aftermarket. The company supplies components used to maintain and repair passenger vehicles, light trucks, and other transportation equipment, serving automotive parts distributors, retailers, repair shops, and vehicle service professionals.

Its product offerings include engine management components such as sensors, ignition parts, fuel system components, and emissions-related products.