Principal Financial Group Inc. lessened its position in shares of Standard Motor Products, Inc. (NYSE:SMP) by 2.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,781 shares of the auto parts company’s stock after selling 4,115 shares during the quarter. Principal Financial Group Inc. owned about 0.71% of Standard Motor Products worth $7,806,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Teachers Advisors LLC lifted its stake in shares of Standard Motor Products by 2.8% in the 1st quarter. Teachers Advisors LLC now owns 37,176 shares of the auto parts company’s stock valued at $1,827,000 after purchasing an additional 1,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Standard Motor Products by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 1,042,070 shares of the auto parts company’s stock valued at $51,207,000 after purchasing an additional 69,882 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Standard Motor Products by 119.4% in the 1st quarter. Bank of America Corp DE now owns 34,710 shares of the auto parts company’s stock valued at $1,705,000 after purchasing an additional 18,893 shares during the last quarter. State Street Corp lifted its stake in shares of Standard Motor Products by 6.9% in the 1st quarter. State Street Corp now owns 483,986 shares of the auto parts company’s stock valued at $23,785,000 after purchasing an additional 31,293 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Standard Motor Products by 7.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 98,181 shares of the auto parts company’s stock valued at $5,127,000 after purchasing an additional 7,107 shares during the last quarter. Institutional investors and hedge funds own 79.17% of the company’s stock.
In related news, SVP Carmine Joseph Broccole sold 1,123 shares of the firm’s stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $48.18, for a total transaction of $54,106.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas Tesoro sold 775 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $44.18, for a total value of $34,239.50. Following the sale, the vice president now directly owns 31,456 shares of the company’s stock, valued at $1,389,726.08. The disclosure for this sale can be found here. Insiders have sold a total of 31,619 shares of company stock valued at $1,455,205 over the last three months. 6.60% of the stock is owned by corporate insiders.
Standard Motor Products, Inc. (NYSE SMP) traded down $0.38 during trading hours on Thursday, hitting $43.58. The stock had a trading volume of 56,200 shares, compared to its average volume of 83,380. The company has a market cap of $994.30, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 2.74 and a beta of 1.80. Standard Motor Products, Inc. has a 1-year low of $40.56 and a 1-year high of $55.37.
Standard Motor Products (NYSE:SMP) last issued its quarterly 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). Standard Motor Products had a return on equity of 13.68% and a net margin of 4.97%. The business had revenue of $281.06 million for the quarter. During the same period in the prior year, the company earned $0.92 earnings per share. The business’s revenue was down 6.5% compared to the same quarter last year. research analysts anticipate that Standard Motor Products, Inc. will post 2.67 earnings per share for the current year.
Standard Motor Products announced that its Board of Directors has initiated a share buyback program on Monday, November 20th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 15th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date was Tuesday, November 14th. Standard Motor Products’s dividend payout ratio is currently 32.20%.
SMP has been the subject of several analyst reports. Jefferies Group reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Standard Motor Products in a research note on Wednesday, August 9th. ValuEngine lowered Standard Motor Products from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Zacks Investment Research raised Standard Motor Products from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. FBR & Co reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Standard Motor Products in a research note on Friday, October 27th. Finally, B. Riley reaffirmed a “neutral” rating on shares of Standard Motor Products in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $54.00.
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Standard Motor Products Company Profile
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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