Municipal Employees Retirement System of Michigan Raises Holdings in Standard Motor Products, Inc. (SMP)
Municipal Employees Retirement System of Michigan boosted its position in shares of Standard Motor Products, Inc. (NYSE:SMP) by 46.9% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 9,330 shares of the auto parts company’s stock after acquiring an additional 2,980 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Standard Motor Products were worth $450,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Piedmont Investment Advisors LLC acquired a new stake in Standard Motor Products during the 2nd quarter worth about $227,000. Victory Capital Management Inc. lifted its holdings in shares of Standard Motor Products by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,854 shares of the auto parts company’s stock valued at $253,000 after buying an additional 729 shares during the period. ClariVest Asset Management LLC acquired a new position in shares of Standard Motor Products in the 2nd quarter valued at about $256,000. Nordea Investment Management AB acquired a new position in shares of Standard Motor Products in the 2nd quarter valued at about $256,000. Finally, AXA acquired a new position in shares of Standard Motor Products in the 2nd quarter valued at about $287,000. 79.17% of the stock is owned by institutional investors.
Several brokerages have recently issued reports on SMP. B. Riley reissued a “neutral” rating on shares of Standard Motor Products in a report on Wednesday, November 1st. Jefferies Group reissued a “buy” rating and issued a $60.00 price objective on shares of Standard Motor Products in a report on Wednesday, August 9th. Zacks Investment Research raised Standard Motor Products from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. FBR & Co reissued a “hold” rating and issued a $48.00 price objective on shares of Standard Motor Products in a report on Friday, October 27th. Finally, ValuEngine cut Standard Motor Products from a “buy” rating to a “hold” rating in a report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $54.00.
Shares of Standard Motor Products, Inc. (SMP) traded down $0.38 during mid-day trading on Thursday, hitting $43.58. The stock had a trading volume of 56,200 shares, compared to its average volume of 83,380. The firm has a market cap of $994.30, a PE ratio of 16.22, a PEG ratio of 2.74 and a beta of 1.80. Standard Motor Products, Inc. has a fifty-two week low of $40.56 and a fifty-two week high of $55.37.
Standard Motor Products (NYSE:SMP) last issued its quarterly earnings data on Thursday, October 26th. The auto parts company reported $0.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.12). The company 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% on a year-over-year basis. During the same period in the previous year, the business posted $0.92 earnings per share. research analysts forecast that Standard Motor Products, Inc. will post 2.67 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 15th were issued a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, November 14th. This represents a $0.76 dividend on an annualized basis and a yield of 1.74%. Standard Motor Products’s payout ratio is 32.20%.
Standard Motor Products declared that its board has authorized a share repurchase program on Monday, November 20th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the auto parts company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
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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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