Axa raised its position in Standard Motor Products (NYSE:SMP) by 179.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,700 shares of the auto parts company’s stock after acquiring an additional 33,200 shares during the quarter. Axa owned approximately 0.23% of Standard Motor Products worth $2,322,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in SMP. Boston Partners purchased a new position in shares of Standard Motor Products during the fourth quarter valued at about $13,428,000. Schroder Investment Management Group purchased a new position in shares of Standard Motor Products during the fourth quarter valued at about $10,722,000. Macquarie Group Ltd. increased its position in shares of Standard Motor Products by 13.4% during the third quarter. Macquarie Group Ltd. now owns 578,293 shares of the auto parts company’s stock valued at $27,903,000 after buying an additional 68,130 shares during the period. BlackRock Inc. increased its position in shares of Standard Motor Products by 2.6% during the fourth quarter. BlackRock Inc. now owns 2,623,798 shares of the auto parts company’s stock valued at $117,834,000 after buying an additional 65,424 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Standard Motor Products by 51.5% during the third quarter. Russell Investments Group Ltd. now owns 148,761 shares of the auto parts company’s stock valued at $7,178,000 after buying an additional 50,580 shares during the period. Hedge funds and other institutional investors own 80.53% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of Standard Motor Products from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, February 22nd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Standard Motor Products presently has a consensus rating of “Hold” and a consensus target price of $55.00.
Standard Motor Products (NYSE:SMP) opened at $48.42 on Tuesday. Standard Motor Products has a 52-week low of $40.56 and a 52-week high of $54.73. The stock has a market cap of $1,093.59, a PE ratio of 29.89, a P/E/G ratio of 2.41 and a beta of 1.76.
Standard Motor Products (NYSE:SMP) last announced its quarterly earnings data on Tuesday, February 20th. The auto parts company reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.16. The business had revenue of $239.98 million for the quarter. Standard Motor Products had a net margin of 3.40% and a return on equity of 14.15%. Standard Motor Products’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.42 EPS. analysts expect that Standard Motor Products will post 3.35 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend was Wednesday, February 14th. This is a boost from Standard Motor Products’s previous quarterly dividend of $0.19. Standard Motor Products’s dividend payout ratio is 51.85%.
Standard Motor Products announced that its Board of Directors has authorized a share buyback program on Monday, November 20th that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the auto parts company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.
In other Standard Motor Products news, Director John P. Gethin sold 5,000 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $49.50, for a total value of $247,500.00. Following the sale, the director now owns 20,850 shares in the company, valued at $1,032,075. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 6.60% of the stock is currently owned by corporate insiders.
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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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