Standard Motor Products (NYSE:SMP) Sets New 52-Week High – Here’s What Happened

Standard Motor Products, Inc. (NYSE:SMP)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $45.41 and last traded at $44.57, with a volume of 11799 shares changing hands. The stock had previously closed at $43.95.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SMP. Weiss Ratings reiterated a “hold (c)” rating on shares of Standard Motor Products in a research note on Monday, December 29th. Zacks Research downgraded shares of Standard Motor Products from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Finally, Roth Mkm reiterated a “buy” rating and issued a $49.00 price objective on shares of Standard Motor Products in a research note on Monday, November 3rd. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $49.00.

Standard Motor Products Stock Performance

The company has a market capitalization of $976.58 million, a price-to-earnings ratio of 31.71 and a beta of 0.76. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.96 and a quick ratio of 0.77. The stock has a 50 day simple moving average of $39.34 and a two-hundred day simple moving average of $38.72.

Standard Motor Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 16th will be paid a $0.33 dividend. This is an increase from Standard Motor Products’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, February 13th. Standard Motor Products’s payout ratio is currently 88.57%.

Insider Buying and Selling at Standard Motor Products

In other news, VP Ray Nicholas sold 9,093 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $38.01, for a total value of $345,624.93. Following the completion of the transaction, the vice president owned 40,609 shares in the company, valued at approximately $1,543,548.09. This represents a 18.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Standard Motor Products

Several hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in Standard Motor Products by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,386,382 shares of the auto parts company’s stock worth $51,089,000 after purchasing an additional 4,927 shares during the last quarter. Royce & Associates LP raised its stake in Standard Motor Products by 3.4% during the 4th quarter. Royce & Associates LP now owns 1,101,199 shares of the auto parts company’s stock valued at $40,579,000 after acquiring an additional 36,688 shares during the last quarter. Gamco Investors INC. ET AL lifted its holdings in shares of Standard Motor Products by 4.2% during the fourth quarter. Gamco Investors INC. ET AL now owns 980,264 shares of the auto parts company’s stock worth $36,123,000 after purchasing an additional 39,710 shares during the period. State Street Corp lifted its stake in shares of Standard Motor Products by 0.6% in the 4th quarter. State Street Corp now owns 826,471 shares of the auto parts company’s stock worth $30,455,000 after acquiring an additional 5,319 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Standard Motor Products by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 503,039 shares of the auto parts company’s stock valued at $18,539,000 after acquiring an additional 1,268 shares in the last quarter. Hedge funds and other institutional investors own 81.26% of the company’s stock.

About Standard Motor Products

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.