BlueMountain Capital Management LLC grew its stake in shares of Standard Motor Products, Inc. (NYSE:SMP) by 56.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,623 shares of the auto parts company’s stock after purchasing an additional 5,985 shares during the quarter. BlueMountain Capital Management LLC’s holdings in Standard Motor Products were worth $804,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Dubuque Bank & Trust Co. acquired a new stake in Standard Motor Products during the second quarter worth approximately $148,000. First National Bank of Omaha acquired a new stake in Standard Motor Products during the second quarter worth approximately $936,000. Envestnet Asset Management Inc. raised its holdings in Standard Motor Products by 118.5% during the first quarter. Envestnet Asset Management Inc. now owns 3,808 shares of the auto parts company’s stock worth $175,000 after purchasing an additional 2,065 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in Standard Motor Products by 6.6% during the second quarter. Rockefeller Capital Management L.P. now owns 266,092 shares of the auto parts company’s stock worth $12,863,000 after purchasing an additional 16,428 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Standard Motor Products by 1.9% during the first quarter. Principal Financial Group Inc. now owns 156,026 shares of the auto parts company’s stock worth $7,422,000 after purchasing an additional 2,888 shares in the last quarter. 83.31% of the stock is currently owned by institutional investors.
A number of analysts have weighed in on SMP shares. CL King cut shares of Standard Motor Products from a “buy” rating to a “neutral” rating in a report on Monday, July 9th. Zacks Investment Research cut shares of Standard Motor Products from a “hold” rating to a “strong sell” rating in a report on Monday, July 30th. Finally, ValuEngine raised shares of Standard Motor Products from a “hold” rating to a “buy” rating in a report on Wednesday, August 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $52.50.
Shares of Standard Motor Products stock opened at $51.69 on Friday. The firm has a market capitalization of $1.15 billion, a PE ratio of 18.27, a price-to-earnings-growth ratio of 2.45 and a beta of 1.65. Standard Motor Products, Inc. has a 12 month low of $40.56 and a 12 month high of $52.20.
Standard Motor Products (NYSE:SMP) last announced its earnings results on Thursday, July 26th. The auto parts company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.05). The business had revenue of $286.64 million during the quarter. Standard Motor Products had a net margin of 2.66% and a return on equity of 12.38%. Standard Motor Products’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.81 earnings per share. analysts predict that Standard Motor Products, Inc. will post 2.61 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Wednesday, August 15th were issued a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, August 14th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.63%. Standard Motor Products’s payout ratio is 29.68%.
Standard Motor Products Profile
Standard Motor Products, Inc manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry. Its Engine Management segment manufactures and distributes engine management replacement parts, including electronic ignition control modules, fuel injectors, remanufactured diesel injectors and pumps, ignition wires, coils, switches, relays, EGR valves, distributor caps and rotors, various sensors primarily measuring temperature, vehicle systems, electronic throttle bodies, and other engine management components primarily under the Standard, Blue Streak, BWD, Select, Intermotor, OEM, LockSmart, TechSmart, Tech Expert, and GP Sorensen brands.
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