Geode Capital Management LLC Increases Stake in Standard Motor Products, Inc. $SMP

Geode Capital Management LLC raised its stake in Standard Motor Products, Inc. (NYSE:SMP) by 1.4% in the second quarter, HoldingsChannel reports. The fund owned 498,980 shares of the auto parts company’s stock after purchasing an additional 6,696 shares during the period. Geode Capital Management LLC’s holdings in Standard Motor Products were worth $15,330,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. CSM Advisors LLC acquired a new stake in shares of Standard Motor Products during the 2nd quarter worth approximately $6,024,000. Campbell & CO Investment Adviser LLC boosted its holdings in Standard Motor Products by 40.7% during the second quarter. Campbell & CO Investment Adviser LLC now owns 31,163 shares of the auto parts company’s stock worth $957,000 after buying an additional 9,007 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Standard Motor Products by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 327,080 shares of the auto parts company’s stock valued at $10,048,000 after buying an additional 15,468 shares in the last quarter. Wakefield Asset Management LLLP acquired a new position in shares of Standard Motor Products in the second quarter worth about $1,142,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Standard Motor Products by 4,842.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 939 shares of the auto parts company’s stock worth $29,000 after acquiring an additional 920 shares in the last quarter. Hedge funds and other institutional investors own 81.26% of the company’s stock.

Insider Buying and Selling

In related news, CEO Eric Sills sold 1,531 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $38.26, for a total value of $58,576.06. Following the completion of the sale, the chief executive officer owned 178,432 shares of the company’s stock, valued at approximately $6,826,808.32. This represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Carmine Joseph Broccole sold 1,148 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $38.31, for a total transaction of $43,979.88. Following the sale, the insider owned 83,367 shares of the company’s stock, valued at $3,193,789.77. This represents a 1.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,802 shares of company stock valued at $260,590 over the last ninety days. 5.00% of the stock is currently owned by company insiders.

Standard Motor Products Price Performance

Shares of NYSE SMP opened at $37.36 on Tuesday. The firm has a 50-day simple moving average of $38.91 and a 200-day simple moving average of $35.77. The company has a quick ratio of 0.87, a current ratio of 2.16 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $821.88 million, a price-to-earnings ratio of 21.23 and a beta of 0.68. Standard Motor Products, Inc. has a 52 week low of $21.38 and a 52 week high of $42.13.

Standard Motor Products (NYSE:SMP) last posted its quarterly earnings results on Friday, October 31st. The auto parts company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.22. The firm had revenue of $498.84 million for the quarter, compared to analyst estimates of $503.33 million. Standard Motor Products had a net margin of 2.39% and a return on equity of 12.98%. On average, equities analysts predict that Standard Motor Products, Inc. will post 3.08 earnings per share for the current fiscal year.

Standard Motor Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a $0.31 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.3%. Standard Motor Products’s dividend payout ratio is 88.57%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Zacks Research upgraded Standard Motor Products from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Roth Capital restated a “buy” rating and issued a $49.00 price objective on shares of Standard Motor Products in a research report on Monday, November 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Standard Motor Products in a research report on Tuesday, November 25th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $49.00.

About Standard Motor Products

Standard Motor Products, Inc manufactures and distributes replacement automotive parts in the United States and internationally. The company operates through three segments: Vehicle Control, Temperature Control, and Engineered Solutions segments. The company provides components for the ignition, emissions, and fuel delivery systems, such as air injection and induction components, air management valves, regulators and solenoids, exhaust gas recirculation components, fuel injectors and related components, fuel valves, ignition coils, connectors and sockets, modules, pumps, relays and fuses, starting and charging system parts, and vapor and purge components.