Bank of New York Mellon Corp reduced its stake in Standard Motor Products, Inc. (NYSE:SMP) by 5.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 319,548 shares of the auto parts company’s stock after selling 18,250 shares during the period. Bank of New York Mellon Corp owned 1.41% of Standard Motor Products worth $15,418,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. FMR LLC grew its holdings in shares of Standard Motor Products by 13.0% in the 2nd quarter. FMR LLC now owns 2,013,969 shares of the auto parts company’s stock valued at $105,169,000 after acquiring an additional 231,048 shares in the last quarter. Shell Asset Management Co. bought a new position in Standard Motor Products during the third quarter worth about $2,593,000. Royce & Associates LP grew its holdings in Standard Motor Products by 3.5% during the second quarter. Royce & Associates LP now owns 2,141,830 shares of the auto parts company’s stock worth $111,846,000 after purchasing an additional 72,600 shares during the period. Palisade Capital Management LLC NJ grew its holdings in Standard Motor Products by 102.0% during the third quarter. Palisade Capital Management LLC NJ now owns 112,039 shares of the auto parts company’s stock worth $5,406,000 after purchasing an additional 56,584 shares during the period. Finally, WBI Investments Inc. bought a new position in Standard Motor Products during the second quarter worth about $2,067,000. Institutional investors and hedge funds own 79.16% of the company’s stock.
SMP has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Standard Motor Products from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. FBR & Co restated a “hold” rating and set a $48.00 price objective on shares of Standard Motor Products in a research report on Friday, October 27th. Finally, B. Riley reaffirmed a “neutral” rating on shares of Standard Motor Products in a research report on Wednesday, November 1st. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $54.00.
Standard Motor Products, Inc. (NYSE SMP) traded up $0.43 during trading hours on Thursday, reaching $46.51. 85,738 shares of the company’s stock traded hands, compared to its average volume of 98,630. Standard Motor Products, Inc. has a 52-week low of $40.56 and a 52-week high of $54.73. The stock has a market cap of $1,050.00, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 2.34 and a beta of 1.81.
Standard Motor Products (NYSE:SMP) last released its earnings results on Thursday, October 26th. The auto parts company reported $0.74 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.12). The company had revenue of $281.06 million for the quarter. Standard Motor Products had a net margin of 4.97% and a return on equity of 13.68%. The firm’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.92 earnings per share. equities research analysts expect that Standard Motor Products, Inc. will post 2.67 earnings per share for the current year.
Standard Motor Products announced that its Board of Directors has authorized a share repurchase plan on Monday, November 20th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In other Standard Motor Products news, insider Peter J. Sills sold 2,775 shares of the business’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $42.46, for a total value of $117,826.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Peter J. Sills sold 2,515 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $46.84, for a total transaction of $117,802.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,884 shares of company stock valued at $620,472. Insiders own 6.60% of the company’s stock.
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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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