Schwab Charles Investment Management Inc. boosted its holdings in Standard Motor Products, Inc. (NYSE:SMP) by 8.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 153,278 shares of the auto parts company’s stock after buying an additional 12,141 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.68% of Standard Motor Products worth $7,396,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of SMP. FMR LLC grew its position in Standard Motor Products by 13.0% during the 2nd quarter. FMR LLC now owns 2,013,969 shares of the auto parts company’s stock worth $105,169,000 after purchasing an additional 231,048 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Standard Motor Products by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 1,061,767 shares of the auto parts company’s stock valued at $55,445,000 after acquiring an additional 19,697 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Standard Motor Products by 1.1% during the 2nd quarter. Northern Trust Corp now owns 650,001 shares of the auto parts company’s stock valued at $33,944,000 after acquiring an additional 6,935 shares in the last quarter. Macquarie Group Ltd. grew its holdings in shares of Standard Motor Products by 13.4% during the 3rd quarter. Macquarie Group Ltd. now owns 578,293 shares of the auto parts company’s stock valued at $27,903,000 after acquiring an additional 68,130 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Standard Motor Products by 2.7% during the 2nd quarter. State Street Corp now owns 497,020 shares of the auto parts company’s stock valued at $25,954,000 after acquiring an additional 13,034 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.
In other Standard Motor Products news, insider Peter J. Sills sold 2,775 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $42.46, for a total transaction of $117,826.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Thomas Tesoro sold 775 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $44.18, for a total transaction of $34,239.50. Following the transaction, the vice president now owns 31,456 shares in the company, valued at $1,389,726.08. The disclosure for this sale can be found here. In the last three months, insiders sold 13,884 shares of company stock worth $620,472. 6.60% of the stock is currently owned by insiders.
Several equities analysts have recently commented on the stock. B. Riley restated a “neutral” rating on shares of Standard Motor Products in a report on Wednesday, November 1st. Zacks Investment Research raised shares of Standard Motor Products from a “sell” rating to a “hold” rating in a research note on Tuesday, December 26th. Finally, FBR & Co reissued a “hold” rating and set a $48.00 target price on shares of Standard Motor Products in a research report on Friday, October 27th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $54.00.
Standard Motor Products, Inc. (NYSE SMP) opened at $46.51 on Friday. The company has a market cap of $1,050.00, a PE ratio of 17.89, a PEG ratio of 2.34 and a beta of 1.81. Standard Motor Products, Inc. has a 52-week low of $40.56 and a 52-week high of $54.73.
Standard Motor Products (NYSE:SMP) last posted 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 business had revenue of $281.06 million during 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 earnings per share. equities research analysts predict that Standard Motor Products, Inc. will post 2.67 earnings per share for the current fiscal year.
Standard Motor Products declared that its Board of Directors has initiated a share buyback program 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 repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.
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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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