Roth Capital Reaffirms Buy Rating for Standard Motor Products (NYSE:SMP)

Standard Motor Products (NYSE:SMP)‘s stock had its “buy” rating restated by equities research analysts at Roth Capital in a note issued to investors on Monday, Benzinga reports. They currently have a $54.00 price objective on the auto parts company’s stock. Roth Capital’s price target would suggest a potential upside of 48.51% from the stock’s previous close.

Other analysts also recently issued reports about the company. Wall Street Zen upgraded Standard Motor Products from a “hold” rating to a “buy” rating in a research report on Sunday, August 16th. Weiss Ratings upgraded Standard Motor Products from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Standard Motor Products currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Standard Motor Products Price Performance

SMP traded down $0.31 during trading hours on Monday, hitting $36.36. The company’s stock had a trading volume of 88,689 shares, compared to its average volume of 139,732. The business’s 50-day moving average price is $38.30 and its 200-day moving average price is $38.17. Standard Motor Products has a 12 month low of $34.27 and a 12 month high of $46.00. The stock has a market cap of $812.33 million, a price-to-earnings ratio of 16.23 and a beta of 0.85. The company has a current ratio of 2.00, a quick ratio of 0.80 and a debt-to-equity ratio of 0.73.

Standard Motor Products (NYSE:SMP) last announced its quarterly earnings results on Tuesday, August 4th. The auto parts company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.01. The company had revenue of $526.72 million for the quarter, compared to analysts’ expectations of $511.68 million. Standard Motor Products had a net margin of 2.78% and a return on equity of 13.28%. During the same quarter in the previous year, the business posted $1.13 earnings per share. Sell-side analysts expect that Standard Motor Products will post 4.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Standard Motor Products

In related news, EVP Dale Burks sold 5,798 shares of Standard Motor Products stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $39.00, for a total value of $226,122.00. Following the completion of the sale, the executive vice president directly owned 47,657 shares in the company, valued at $1,858,623. The trade was a 10.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold 18,349 shares of company stock worth $712,146 in the last ninety days. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMP. Avidian Wealth Enterprises LLC bought a new position in Standard Motor Products in the third quarter worth about $448,000. Tompkins Financial Corp bought a new position in Standard Motor Products in the third quarter worth about $37,000. Versant Capital Management Inc raised its holdings in Standard Motor Products by 89.1% in the third quarter. Versant Capital Management Inc now owns 1,159 shares of the auto parts company’s stock worth $43,000 after purchasing an additional 546 shares in the last quarter. Tidal Investments LLC bought a new position in Standard Motor Products in the second quarter worth about $686,000. Finally, Engineers Gate Manager LP bought a new position in Standard Motor Products in the second quarter worth about $635,000. 81.26% of the stock is currently owned by institutional investors.

Standard Motor Products Company 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.