Hsbc Holdings PLC Acquires Shares of 29,498 Standard Motor Products, Inc. $SMP

Hsbc Holdings PLC acquired a new stake in Standard Motor Products, Inc. (NYSE:SMP) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 29,498 shares of the auto parts company’s stock, valued at approximately $1,156,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of SMP. Parallel Advisors LLC grew its holdings in shares of Standard Motor Products by 76.7% during the first quarter. Parallel Advisors LLC now owns 949 shares of the auto parts company’s stock worth $33,000 after purchasing an additional 412 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Standard Motor Products by 7,560.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,149 shares of the auto parts company’s stock valued at $42,000 after buying an additional 1,134 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Standard Motor Products by 235.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,298 shares of the auto parts company’s stock worth $71,000 after buying an additional 1,613 shares in the last quarter. iSAM Funds UK Ltd acquired a new position in Standard Motor Products during the 3rd quarter worth about $99,000. Finally, Quantbot Technologies LP bought a new stake in Standard Motor Products during the 3rd quarter worth about $108,000. Institutional investors and hedge funds own 81.26% of the company’s stock.

Analysts Set New Price Targets

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

Standard Motor Products Stock Performance

Shares of NYSE:SMP opened at $37.80 on Tuesday. The company has a current ratio of 2.00, a quick ratio of 0.80 and a debt-to-equity ratio of 0.73. Standard Motor Products, Inc. has a 1-year low of $34.27 and a 1-year high of $46.00. The stock has a market capitalization of $844.45 million, a P/E ratio of 16.88 and a beta of 0.82. The business has a 50-day moving average price of $38.61 and a two-hundred day moving average price of $38.53.

Standard Motor Products (NYSE:SMP) last issued its earnings results on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.01. Standard Motor Products had a net margin of 2.78% and a return on equity of 13.28%. The company had revenue of $526.72 million for the quarter, compared to analyst estimates of $511.68 million. During the same quarter last year, the firm earned $1.13 EPS. Equities analysts predict that Standard Motor Products, Inc. will post 4.23 earnings per share for the current year.

Standard Motor Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.32 dividend on an annualized basis and a yield of 3.5%. Standard Motor Products’s dividend payout ratio (DPR) is presently 58.93%.

Insider Buying and Selling

In other news, VP Ray Nicholas sold 5,822 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $39.75, for a total value of $231,424.50. Following the transaction, the vice president owned 35,327 shares of the company’s stock, valued at $1,404,248.25. This represents a 14.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Dale Burks sold 9,051 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $38.71, for a total value of $350,364.21. Following the completion of the transaction, the executive vice president owned 56,955 shares in the company, valued at $2,204,728.05. This represents a 13.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 24,171 shares of company stock worth $943,571. Insiders own 5.50% of the company’s stock.

Standard Motor Products Company 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.