Standard Motor Products Inc. (SMP) Raised to Strong-Buy at Zacks Investment Research
Standard Motor Products Inc. (NYSE:SMP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday. The brokerage presently has a $55.00 target price on the stock. Zacks Investment Research’s target price would suggest a potential upside of 15.69% from the company’s current price.
According to Zacks, “Standard Motor is set to benefit from its solid brand recognition and regular capital deployment, which will enhance shareholder value. Further, the buyout of General Cable’s automotive ignition wire business will lead to an improvement in earnings. The Texas facility closure and business relocation should help save $6–$7 million. However, the company is facing challenges due to rising selling, general & administrative expenses (SG&A) expenses, the competitive nature of the automotive aftermarket and customer concentration. Standard Motor’s earnings estimates have been moving up lately. The company has a mixed record of earnings surprises in recent quarters.”
SMP has been the topic of a number of other reports. Jefferies Group restated a “buy” rating and set a $56.00 target price on shares of Standard Motor Products in a report on Wednesday. FBR & Co boosted their target price on shares of Standard Motor Products from $38.00 to $40.00 and gave the stock a “mkt perform” rating in a report on Thursday, August 4th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $48.75.
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Standard Motor Products (NYSE:SMP) opened at 47.54 on Wednesday. The stock’s 50 day moving average is $46.45 and its 200 day moving average is $40.77. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 19.91 and a beta of 1.77. Standard Motor Products has a 52 week low of $29.69 and a 52 week high of $48.37.
Standard Motor Products (NYSE:SMP) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.15. Standard Motor Products had a net margin of 5.50% and a return on equity of 14.75%. The company had revenue of $289 million for the quarter, compared to the consensus estimate of $277.37 million. During the same period last year, the company earned $0.59 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year. Equities research analysts expect that Standard Motor Products will post $2.83 EPS for the current year.
In other news, Director Arthur S. Sills sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $42.80, for a total value of $428,000.00. Following the completion of the sale, the director now owns 361,010 shares of the company’s stock, valued at $15,451,228. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Thomas Tesoro sold 1,000 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $43.19, for a total transaction of $43,190.00. Following the completion of the sale, the vice president now directly owns 29,878 shares of the company’s stock, valued at approximately $1,290,430.82. The disclosure for this sale can be found here. 6.50% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in SMP. Eagle Asset Management Inc. acquired a new stake in shares of Standard Motor Products during the third quarter worth about $9,024,000. Creative Planning boosted its stake in shares of Standard Motor Products by 15.2% in the third quarter. Creative Planning now owns 2,550 shares of the company’s stock worth $122,000 after buying an additional 337 shares during the last quarter. Park National Corp OH acquired a new stake in shares of Standard Motor Products during the third quarter worth about $213,000. Macquarie Group Ltd. boosted its stake in shares of Standard Motor Products by 3.2% in the second quarter. Macquarie Group Ltd. now owns 821,480 shares of the company’s stock worth $32,678,000 after buying an additional 25,310 shares during the last quarter. Finally, Mason Street Advisors LLC acquired a new stake in shares of Standard Motor Products during the second quarter worth about $154,000. 80.03% of the stock is owned by institutional investors.
Standard Motor Products Company Profile
Standard Motor Products, Inc is a manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry with a focus on heavy duty, industrial equipment and the original equipment service market. The Company operates through two segments: Engine Management Segment and Temperature Control Segment.
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