Standard Motor Products (SMP) Board Declares Stock Buyback Program
Standard Motor Products (NYSE:SMP) declared that its board has approved a stock buyback program, which allows the company to buyback $10.00 million in shares on Monday, November 20th, EventVestor reports. This buyback authorization allows the auto parts company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
SMP has been the subject of several recent analyst reports. Zacks Investment Research upgraded Standard Motor Products from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. ValuEngine cut Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Thursday, August 31st. Jefferies Group LLC restated a “buy” rating and set a $60.00 target price on shares of Standard Motor Products in a research report on Tuesday, September 12th. FBR & Co restated a “hold” rating and set a $48.00 target price on shares of Standard Motor Products in a research report on Friday, October 27th. Finally, BidaskClub cut Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $54.00.
Standard Motor Products (NYSE SMP) traded up $0.38 on Tuesday, hitting $42.80. The stock had a trading volume of 57,800 shares, compared to its average volume of 82,635. Standard Motor Products has a 1 year low of $40.56 and a 1 year high of $55.37. The stock has a market cap of $981.63, a PE ratio of 15.65, a P/E/G ratio of 2.64 and a beta of 1.80.
Standard Motor Products (NYSE:SMP) last posted its quarterly earnings data on Thursday, October 26th. The auto parts company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.12). The firm had revenue of $281.06 million during the quarter. Standard Motor Products had a return on equity of 13.68% and a net margin of 4.97%. The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.92 EPS. equities analysts anticipate that Standard Motor Products will post 2.67 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Tuesday, November 14th. Standard Motor Products’s payout ratio is 29.23%.
In related news, CEO Eric Sills sold 1,060 shares of the company’s stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $48.59, for a total value of $51,505.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Dale Burks sold 2,170 shares of the stock in a transaction on Monday, November 6th. The shares were sold at an average price of $42.64, for a total value of $92,528.80. The disclosure for this sale can be found here. Insiders have sold a total of 110,362 shares of company stock valued at $4,939,667 in the last ninety days. 6.60% of the stock is currently owned by corporate insiders.
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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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