Standard Motor Products (NYSE:SMP) Reaches New 52-Week High – Still a Buy?

Standard Motor Products, Inc. (NYSE:SMP) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $45.41 and last traded at $44.57, with a volume of 11799 shares changing hands. The stock had previously closed at $43.95.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Standard Motor Products in a research note on Monday, December 29th. Zacks Research lowered shares of Standard Motor Products from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Finally, Roth Mkm reiterated a “buy” rating and issued a $49.00 target price on shares of Standard Motor Products in a report on Monday, November 3rd. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Standard Motor Products currently has a consensus rating of “Hold” and an average target price of $49.00.

Standard Motor Products Stock Performance

The company has a market capitalization of $985.56 million, a price-to-earnings ratio of 31.92 and a beta of 0.76. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.77 and a current ratio of 1.96. The firm has a 50-day simple moving average of $39.03 and a two-hundred day simple moving average of $38.63.

Standard Motor Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Monday, February 16th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, February 13th. This is an increase from Standard Motor Products’s previous quarterly dividend of $0.31. Standard Motor Products’s payout ratio is currently 94.29%.

Insider Transactions at Standard Motor Products

In other Standard Motor Products news, VP Ray Nicholas sold 9,093 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $38.01, for a total value of $345,624.93. Following the completion of the transaction, the vice president owned 40,609 shares of the company’s stock, valued at $1,543,548.09. This trade represents a 18.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Standard Motor Products

Several hedge funds have recently modified their holdings of SMP. Nisa Investment Advisors LLC boosted its holdings in Standard Motor Products by 4,842.1% in the second quarter. Nisa Investment Advisors LLC now owns 939 shares of the auto parts company’s stock valued at $29,000 after purchasing an additional 920 shares during the period. Tower Research Capital LLC TRC raised its position in Standard Motor Products by 235.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,298 shares of the auto parts company’s stock valued at $71,000 after purchasing an additional 1,613 shares in the last quarter. iSAM Funds UK Ltd purchased a new position in shares of Standard Motor Products in the 3rd quarter valued at about $99,000. Quantbot Technologies LP purchased a new position in shares of Standard Motor Products in the 3rd quarter valued at about $108,000. Finally, Zacks Investment Management acquired a new position in shares of Standard Motor Products during the third quarter worth about $202,000. 81.26% of the stock is currently owned by institutional investors and hedge funds.

About Standard Motor Products

Standard Motor Products, Inc, headquartered in Long Island City, New York, is a leading manufacturer and distributor of aftermarket and original equipment automotive parts. Since its founding in 1919, the company has focused on engineering, testing, and supplying ignition and temperature management products for passenger cars and light trucks. Its product lineup includes ignition coils, spark plug wires, sensors, switches, heating and air conditioning controls, and related electronic components.

The company operates through two primary segments: Engine Management and Temperature Control.