SummerHaven Investment Management LLC Makes New Investment in Standard Motor Products, Inc. $SMP

SummerHaven Investment Management LLC acquired a new stake in shares of Standard Motor Products, Inc. (NYSE:SMP) during the third quarter, Holdings Channel reports. The institutional investor acquired 28,765 shares of the auto parts company’s stock, valued at approximately $1,067,000.

Several other hedge funds have also recently made changes to their positions in SMP. BlackRock Inc. purchased a new position in Standard Motor Products in the 2nd quarter worth $158,258,000. Gamco Investors INC. ET AL lifted its position in 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 acquiring an additional 16,664 shares during the period. Bank of New York Mellon Corp acquired a new stake in Standard Motor Products during the 2nd quarter worth about $10,882,000. Algert Global LLC lifted its position in 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 worth $10,786,000 after acquiring an additional 29,063 shares during the period. Finally, SG Americas Securities LLC lifted its position in Standard Motor Products by 207.8% during the 1st quarter. SG Americas Securities LLC now owns 259,180 shares of the auto parts company’s stock worth $9,004,000 after acquiring an additional 174,986 shares during the period. 81.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on SMP shares. Weiss Ratings upgraded Standard Motor Products from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. Wall Street Zen upgraded Standard Motor Products from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Finally, Roth Capital restated a “buy” rating and issued a $54.00 price objective on shares of Standard Motor Products in a research note on Monday, October 12th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Standard Motor Products has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Standard Motor Products Stock Down 0.5%

SMP stock opened at $36.97 on Friday. The firm’s fifty day simple moving average is $37.98 and its 200-day simple moving average is $38.18. The company has a market capitalization of $825.80 million, a P/E ratio of 16.50 and a beta of 0.85. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.00 and a quick ratio of 0.80. Standard Motor Products, Inc. has a 12 month low of $34.27 and a 12 month high of $46.00.

Standard Motor Products (NYSE:SMP) last released its quarterly earnings data on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $526.72 million for the quarter, compared to analyst estimates of $511.68 million. During the same quarter in the prior year, the business earned $1.13 earnings per share. As a group, equities research analysts forecast 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 announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a dividend of $0.33 per share. The ex-dividend date was Friday, August 14th. This represents a $1.32 dividend on an annualized basis and a yield of 3.6%. Standard Motor Products’s payout ratio is currently 58.93%.

Insider Buying and Selling

In other Standard Motor Products news, EVP Dale Burks sold 5,798 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $39.00, for a total value of $226,122.00. Following the sale, the executive vice president directly owned 47,657 shares of the company’s stock, valued at approximately $1,858,623. This represents a 10.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 18,349 shares of company stock valued at $712,146 over the last 90 days. 5.50% of the stock is currently owned by corporate insiders.

Standard Motor Products Profile

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 vehicles, serving professional repair shops, parts distributors, and do-it-yourself customers.

Its product portfolio includes engine-management components such as ignition, fuel, emissions, and sensor products, as well as temperature-control parts, including air-conditioning and cooling-system components.