Standard Motor Products, Inc. $SMP Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its position in Standard Motor Products, Inc. (NYSE:SMP) by 405.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 50,990 shares of the auto parts company’s stock after acquiring an additional 40,898 shares during the quarter. JPMorgan Chase & Co.’s holdings in Standard Motor Products were worth $2,081,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of SMP. BNP Paribas Financial Markets lifted its stake in shares of Standard Motor Products by 368.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 221,147 shares of the auto parts company’s stock valued at $6,794,000 after purchasing an additional 173,912 shares in the last quarter. Manatuck Hill Partners LLC acquired a new position in shares of Standard Motor Products in the 3rd quarter valued at about $5,102,000. Gabelli Funds LLC lifted its stake in shares of Standard Motor Products by 28.1% in the 2nd quarter. Gabelli Funds LLC now owns 415,104 shares of the auto parts company’s stock valued at $12,752,000 after purchasing an additional 91,104 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of Standard Motor Products in the 3rd quarter valued at about $2,936,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Standard Motor Products by 482.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 69,063 shares of the auto parts company’s stock valued at $2,819,000 after purchasing an additional 57,198 shares in the last quarter. 81.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wall Street Zen lowered Standard Motor Products from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 7th. Weiss Ratings raised Standard Motor Products from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 16th. Finally, Zacks Research lowered Standard Motor Products from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $49.00.

Standard Motor Products Stock Performance

Shares of NYSE:SMP opened at $35.38 on Tuesday. The company has a market cap of $783.50 million, a P/E ratio of 19.12 and a beta of 0.80. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 2.13. Standard Motor Products, Inc. has a one year low of $21.38 and a one year high of $46.00. The business’s 50-day simple moving average is $39.48 and its 200 day simple moving average is $38.90.

Standard Motor Products (NYSE:SMP) last announced its earnings results on Thursday, February 26th. The auto parts company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.45 by $0.11. The business had revenue of $385.09 million for the quarter, compared to the consensus estimate of $385.91 million. Standard Motor Products had a return on equity of 13.15% and a net margin of 2.31%. On average, sell-side analysts forecast that Standard Motor Products, Inc. will post 3.08 earnings per share for the current fiscal year.

Standard Motor Products Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Monday, February 16th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Friday, February 13th. This is an increase from Standard Motor Products’s previous quarterly dividend of $0.31. Standard Motor Products’s dividend payout ratio (DPR) is 71.35%.

Standard Motor Products Profile

Standard Motor Products, Inc, headquartered in Long Island City, New York, is a leading manufacturer and distributor of aftermarket and original equipment automotive parts. Since its founding in 1919, the company has focused on engineering, testing, and supplying ignition and temperature management products for passenger cars and light trucks. Its product lineup includes ignition coils, spark plug wires, sensors, switches, heating and air conditioning controls, and related electronic components.

The company operates through two primary segments: Engine Management and Temperature Control.