Standard Motor Products Downgraded by Zacks to “Neutral” (SMP)
Standard Motor Products (NYSE:SMP) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Stock Ratings Network.com reports. They currently have a $34.00 target price on the stock. Zacks‘ price target indicates a potential upside of 5.10% from the company’s current price.
Zacks‘ analyst wrote, “Standard Motor enjoys strong brand recognition and benefits from a less cyclical end-market within the auto and auto parts industry. Furthermore, the acquisitions of BLD, Forecast Trading and Compressor Works will continue to generate savings through optimization of product costs and operating expenses. However, we are concerned about Standard Motor’s high dependence on some customers and price competition prevailing in the market. In the second quarter of 2013, the company posted 18.6% rise in adjusted earnings per share to $0.70, but missed the Zacks Consensus Estimate of $0.76. Total revenue increased 0.5% to $270.1 million, lagging the Zacks Consensus Estimate of $283 million. Thus, we downgrade our recommendation on Standard Motor’s stock to Neutral from Outperform.”
Separately, analysts at Goldman Sachs Group Inc. downgraded shares of Standard Motor Products (NYSE:SMP) from a “neutral” rating to a “sell” rating in a research note to investors on Tuesday, July 16th. They now have a $34.00 price target on the stock. One research analyst has rated the stock with a sell rating and three have given a hold rating to the company. Standard Motor Products presently has an average rating of “Hold” and an average target price of $33.25.
Shares of Standard Motor Products (NYSE:SMP) traded down 0.91% on Monday, hitting $32.055. 51,132 shares of the company’s stock traded hands. Standard Motor Products has a 52-week low of $16.57 and a 52-week high of $38.05. The stock has a 50-day moving average of $31.0 and a 200-day moving average of $31.91. The company has a market cap of $737.0 million and a P/E ratio of 15.59.
Standard Motor Products (NYSE:SMP) last announced its earnings results on Wednesday, August 7th. The company reported $0.70 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.76 by $0.06. The company had revenue of $270.10 million for the quarter, compared to the consensus estimate of $280.05 million. During the same quarter last year, the company posted $0.59 earnings per share. Standard Motor Products’s revenue was up .4% compared to the same quarter last year. Analysts expect that Standard Motor Products will post $2.20 EPS for the current fiscal year.
In other Standard Motor Products news, CFO James Burke unloaded 2,250 shares of Standard Motor Products stock on the open market in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $31.78, for a total value of $71,505.00. Following the transaction, the chief financial officer now directly owns 8,102 shares in the company, valued at approximately $257,482. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Standard Motor Products, Inc (NYSE:SMP) is an independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry, with a focus on the original equipment service market.
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