Summit Global Investments Buys New Stake in Standard Motor Products, Inc. (SMP)

Summit Global Investments acquired a new position in shares of Standard Motor Products, Inc. (NYSE:SMP) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,900 shares of the auto parts company’s stock, valued at approximately $517,000.

Several other hedge funds have also made changes to their positions in SMP. Teachers Advisors LLC lifted its position in shares of Standard Motor Products by 4.5% during the 4th quarter. Teachers Advisors LLC now owns 36,176 shares of the auto parts company’s stock worth $1,925,000 after buying an additional 1,566 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Standard Motor Products by 1.2% during the 1st quarter. Louisiana State Employees Retirement System now owns 8,200 shares of the auto parts company’s stock worth $403,000 after buying an additional 100 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of Standard Motor Products by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 2,220 shares of the auto parts company’s stock worth $109,000 after buying an additional 60 shares during the last quarter. Strs Ohio bought a new stake in shares of Standard Motor Products during the 1st quarter worth $633,000. Finally, Wells Fargo & Company MN lifted its position in shares of Standard Motor Products by 12.9% during the 1st quarter. Wells Fargo & Company MN now owns 37,888 shares of the auto parts company’s stock worth $1,862,000 after buying an additional 4,316 shares during the last quarter. Institutional investors and hedge funds own 78.43% of the company’s stock.

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Several brokerages recently weighed in on SMP. Jefferies Group LLC restated a “buy” rating and set a $60.00 price objective on shares of Standard Motor Products in a research report on Wednesday, August 9th. BidaskClub downgraded Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. Zacks Investment Research downgraded Standard Motor Products from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. Finally, ValuEngine downgraded Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $55.67.

Shares of Standard Motor Products, Inc. (NYSE:SMP) opened at 45.78 on Wednesday. Standard Motor Products, Inc. has a 12 month low of $43.29 and a 12 month high of $55.37. The company’s 50 day moving average price is $46.37 and its 200 day moving average price is $48.85. The company has a market capitalization of $1.04 billion, a P/E ratio of 17.06 and a beta of 1.79.

Standard Motor Products (NYSE:SMP) last posted its quarterly earnings data on Monday, July 31st. The auto parts company reported $0.81 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by ($0.18). The business had revenue of $312.73 million for the quarter. Standard Motor Products had a net margin of 5.55% and a return on equity of 14.83%. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period last year, the company earned $0.88 earnings per share. Analysts expect that Standard Motor Products, Inc. will post $2.87 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.66%. The ex-dividend date was Friday, August 11th. Standard Motor Products’s dividend payout ratio is 28.36%.

In related news, insider Lawrence I. Sills sold 25,417 shares of Standard Motor Products stock in a transaction on Friday, September 1st. The stock was sold at an average price of $44.23, for a total transaction of $1,124,193.91. Following the completion of the sale, the insider now owns 673,127 shares of the company’s stock, valued at $29,772,407.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas Tesoro sold 3,950 shares of Standard Motor Products stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $47.91, for a total value of $189,244.50. Following the sale, the vice president now directly owns 29,026 shares of the company’s stock, valued at approximately $1,390,635.66. The disclosure for this sale can be found here. Insiders have sold 86,633 shares of company stock valued at $3,851,756 in the last three months. 6.60% of the stock is owned by corporate insiders.

Standard Motor Products 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.

Institutional Ownership by Quarter for Standard Motor Products (NYSE:SMP)

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