Standard Motor Products (NYSE:SMP) issued its quarterly earnings results on Tuesday, February 20th. The auto parts company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.16, Briefing.com reports. Standard Motor Products had a return on equity of 14.15% and a net margin of 3.40%. The company had revenue of $239.98 million during the quarter. During the same period in the previous year, the company posted $0.42 EPS. The company’s quarterly revenue was up 4.4% on a year-over-year basis.
Standard Motor Products (NYSE:SMP) traded down $0.77 during mid-day trading on Wednesday, hitting $47.60. The stock had a trading volume of 81,756 shares, compared to its average volume of 131,601. The company has a market capitalization of $1,080.00, a price-to-earnings ratio of 18.03, a PEG ratio of 2.41 and a beta of 1.76. Standard Motor Products has a 52 week low of $40.56 and a 52 week high of $54.73.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date was Wednesday, February 14th. This is a positive change from Standard Motor Products’s previous quarterly dividend of $0.19. Standard Motor Products’s dividend payout ratio (DPR) is currently 31.82%.
A number of large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in Standard Motor Products by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 16,970 shares of the auto parts company’s stock worth $886,000 after buying an additional 80 shares during the last quarter. Wells Fargo & Company MN increased its position in Standard Motor Products by 1.0% in the second quarter. Wells Fargo & Company MN now owns 38,285 shares of the auto parts company’s stock worth $1,999,000 after buying an additional 397 shares during the last quarter. Voya Investment Management LLC increased its position in Standard Motor Products by 8.6% in the second quarter. Voya Investment Management LLC now owns 11,155 shares of the auto parts company’s stock worth $583,000 after buying an additional 884 shares during the last quarter. Legal & General Group Plc increased its position in Standard Motor Products by 3.4% in the third quarter. Legal & General Group Plc now owns 37,869 shares of the auto parts company’s stock worth $1,827,000 after buying an additional 1,243 shares during the last quarter. Finally, Strs Ohio increased its position in Standard Motor Products by 8.1% in the third quarter. Strs Ohio now owns 18,700 shares of the auto parts company’s stock worth $902,000 after buying an additional 1,400 shares during the last quarter. 80.53% of the stock is owned by institutional investors and hedge funds.
Separately, Zacks Investment Research cut Standard Motor Products from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $55.00.
Standard Motor Products declared that its board has authorized a share buyback plan on Monday, November 20th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
About Standard Motor Products
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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