Aperio Group LLC purchased a new stake in shares of Standard Motor Products, Inc. (NYSE:SMP) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 4,653 shares of the auto parts company’s stock, valued at approximately $221,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in SMP. Schwab Charles Investment Management Inc. boosted its position in Standard Motor Products by 8.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 166,552 shares of the auto parts company’s stock valued at $7,480,000 after buying an additional 13,274 shares during the period. Crossmark Global Holdings Inc. purchased a new stake in Standard Motor Products during the 4th quarter valued at $239,000. Teacher Retirement System of Texas purchased a new stake in Standard Motor Products during the 4th quarter valued at $320,000. California Public Employees Retirement System boosted its position in Standard Motor Products by 17.0% during the 4th quarter. California Public Employees Retirement System now owns 33,524 shares of the auto parts company’s stock valued at $1,506,000 after buying an additional 4,872 shares during the period. Finally, First Trust Advisors LP boosted its position in Standard Motor Products by 54.0% during the 4th quarter. First Trust Advisors LP now owns 35,934 shares of the auto parts company’s stock valued at $1,614,000 after buying an additional 12,598 shares during the period. 82.55% of the stock is owned by institutional investors and hedge funds.
NYSE:SMP opened at $48.17 on Friday. Standard Motor Products, Inc. has a 12 month low of $40.56 and a 12 month high of $54.73. The stock has a market capitalization of $1.07 billion, a PE ratio of 18.59, a P/E/G ratio of 2.10 and a beta of 1.64.
Standard Motor Products announced that its board has approved a stock buyback program on Friday, May 18th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the auto parts company to purchase up to 2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, June 1st. Stockholders of record on Tuesday, May 15th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, May 14th. This represents a $0.84 annualized dividend and a dividend yield of 1.74%. Standard Motor Products’s dividend payout ratio is 29.68%.
Several research firms have recently commented on SMP. ValuEngine cut shares of Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Thursday, April 19th. Zacks Investment Research cut shares of Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Thursday, April 19th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $55.00.
About Standard Motor Products
Standard Motor Products, Inc manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry. Its Engine Management segment manufactures and distributes engine management replacement parts, including electronic ignition control modules, fuel injectors, remanufactured diesel injectors and pumps, ignition wires, coils, switches, relays, EGR valves, distributor caps and rotors, various sensors primarily measuring temperature, vehicle systems, electronic throttle bodies, and other engine management components primarily under the Standard, Blue Streak, BWD, Select, Intermotor, OEM, LockSmart, TechSmart, Tech Expert, and GP Sorensen brands.
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