Zacks Investment Research downgraded shares of Standard Motor Products, Inc. (NYSE:SMP) from a hold rating to a strong sell rating in a research report released on Monday, October 30th.
According to Zacks, “Standard Motor’s earnings and revenues missed the Zacks Consensus Estimate in the third quarter. Compared with the year-ago figures, both earnings per share and revenues were low. This weak performance by the company is majorly due to its two segments, namely, Temperature Control and Engine Management. A weak demands for its products and location-shifting costs have hampered its quarterly results. Also, the Zacks Consensus Estimate for the company’s quarterly as well as yearly earnings have gone down of late. Also, in the last six months, Standard Motor’s shares have underperformed the industry it belongs to.”
SMP has been the topic of a number of other reports. BidaskClub raised shares of Standard Motor Products from a hold rating to a buy rating in a research report on Wednesday, July 5th. Jefferies Group LLC reissued a buy rating on shares of Standard Motor Products in a research report on Friday, July 7th. FBR & Co reissued a hold rating and issued a $48.00 price objective on shares of Standard Motor Products in a research report on Friday, October 27th. Finally, ValuEngine downgraded shares of Standard Motor Products from a buy rating to a hold rating in a research report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $54.00.
Shares of Standard Motor Products (SMP) traded up $0.19 during mid-day trading on Monday, hitting $42.42. 117,438 shares of the stock traded hands, compared to its average volume of 87,144. The firm has a market cap of $962.87, a price-to-earnings ratio of 15.27, a P/E/G ratio of 2.58 and a beta of 1.80. Standard Motor Products has a 52-week low of $40.56 and a 52-week high of $55.37.
Standard Motor Products (NYSE:SMP) last released its earnings results on Thursday, October 26th. The auto parts company reported $0.74 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.12). The business had revenue of $281.06 million for the quarter. Standard Motor Products had a return on equity of 13.68% and a net margin of 4.97%. The firm’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.92 EPS. analysts forecast that Standard Motor Products will post 2.67 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Tuesday, November 14th. Standard Motor Products’s payout ratio is currently 29.23%.
In other Standard Motor Products news, Chairman Lawrence I. Sills sold 7,075 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $44.45, for a total transaction of $314,483.75. Following the completion of the transaction, the chairman now directly owns 704,696 shares in the company, valued at approximately $31,323,737.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric Sills sold 1,060 shares of the firm’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $48.59, for a total transaction of $51,505.40. The disclosure for this sale can be found here. Insiders have sold a total of 110,362 shares of company stock worth $4,939,667 over the last three months. 6.60% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. purchased a new position in Standard Motor Products during the 1st quarter valued at about $152,000. NN Investment Partners Holdings N.V. purchased a new position in Standard Motor Products during the 2nd quarter valued at about $186,000. State of Alaska Department of Revenue increased its holdings in Standard Motor Products by 78.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,962 shares of the auto parts company’s stock valued at $206,000 after acquiring an additional 1,742 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Standard Motor Products during the second quarter worth about $227,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Standard Motor Products by 17.7% during the second quarter. Victory Capital Management Inc. now owns 4,854 shares of the auto parts company’s stock worth $253,000 after buying an additional 729 shares in the last quarter. Hedge funds and other institutional investors own 79.67% of the company’s stock.
About Standard Motor Products
Standard Motor Products, Inc is an independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry with a complementary focus on heavy duty, industrial equipment and the original equipment service market. The Company’s segments include Engine Management Segment and Temperature Control Segment.
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