Citadel Advisors LLC boosted its stake in shares of Standard Motor Products, Inc. (NYSE:SMP) by 110.6% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,479 shares of the auto parts company’s stock after purchasing an additional 25,982 shares during the period. Citadel Advisors LLC owned about 0.22% of Standard Motor Products worth $2,388,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Legal & General Group Plc grew its position in Standard Motor Products by 3.4% during the third quarter. Legal & General Group Plc now owns 37,869 shares of the auto parts company’s stock valued at $1,827,000 after purchasing an additional 1,243 shares in the last quarter. Eagle Asset Management Inc. grew its position in Standard Motor Products by 14.6% during the third quarter. Eagle Asset Management Inc. now owns 240,847 shares of the auto parts company’s stock valued at $11,779,000 after purchasing an additional 30,635 shares in the last quarter. Nordea Investment Management AB grew its position in Standard Motor Products by 95.9% during the third quarter. Nordea Investment Management AB now owns 9,600 shares of the auto parts company’s stock valued at $463,000 after purchasing an additional 4,700 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Standard Motor Products in the third quarter worth approximately $358,000. Finally, Macquarie Group Ltd. grew its position in Standard Motor Products by 13.4% in the third quarter. Macquarie Group Ltd. now owns 578,293 shares of the auto parts company’s stock worth $27,903,000 after acquiring an additional 68,130 shares in the last quarter. 79.17% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have commented on SMP. B. Riley reissued a “neutral” rating on shares of Standard Motor Products in a research report on Wednesday, November 1st. Zacks Investment Research downgraded shares of Standard Motor Products from a “hold” rating to a “strong sell” rating in a research report on Monday, October 30th. FBR & Co reissued a “hold” rating and issued a $48.00 target price on shares of Standard Motor Products in a research report on Friday, October 27th. Jefferies Group reissued a “buy” rating and issued a $60.00 target price on shares of Standard Motor Products in a research report on Tuesday, September 12th. Finally, ValuEngine downgraded shares of Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Thursday, August 31st. 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. Standard Motor Products presently has an average rating of “Hold” and an average target price of $54.00.
Standard Motor Products, Inc. (SMP) traded up $0.13 during mid-day trading on Wednesday, reaching $44.30. 20,803 shares of the company’s stock traded hands, compared to its average volume of 83,459. The company has a market capitalization of $995.65, a P/E ratio of 16.24, a price-to-earnings-growth ratio of 2.74 and a beta of 1.80. Standard Motor Products, Inc. has a 12 month low of $40.56 and a 12 month high of $55.37.
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 the Thomson Reuters’ consensus estimate of $0.86 by ($0.12). The firm had revenue of $281.06 million for the quarter. Standard Motor Products had a return on equity of 13.68% and a net margin of 4.97%. The company’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. equities research analysts forecast that Standard Motor Products, Inc. will post 2.67 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 15th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend was Tuesday, November 14th. Standard Motor Products’s dividend payout ratio is currently 32.20%.
Standard Motor Products declared that its board has approved a stock buyback plan on Monday, November 20th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the auto parts company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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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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