State Street Corp Raises Stake in Standard Motor Products, Inc. (NYSE:SMP)

State Street Corp grew its holdings in Standard Motor Products, Inc. (NYSE:SMP) by 2.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 783,593 shares of the auto parts company’s stock after buying an additional 19,652 shares during the period. State Street Corp owned 3.61% of Standard Motor Products worth $26,015,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Bank of New York Mellon Corp increased its position in Standard Motor Products by 1.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 271,823 shares of the auto parts company’s stock valued at $7,538,000 after acquiring an additional 4,391 shares during the period. Legato Capital Management LLC increased its holdings in shares of Standard Motor Products by 8.7% in the second quarter. Legato Capital Management LLC now owns 34,083 shares of the auto parts company’s stock valued at $945,000 after purchasing an additional 2,740 shares during the period. Innealta Capital LLC acquired a new position in shares of Standard Motor Products in the second quarter valued at approximately $25,000. Foundry Partners LLC raised its stake in shares of Standard Motor Products by 11.8% during the second quarter. Foundry Partners LLC now owns 154,845 shares of the auto parts company’s stock worth $4,294,000 after purchasing an additional 16,325 shares during the last quarter. Finally, Texas Permanent School Fund Corp lifted its holdings in shares of Standard Motor Products by 52.8% during the second quarter. Texas Permanent School Fund Corp now owns 24,996 shares of the auto parts company’s stock worth $693,000 after purchasing an additional 8,641 shares during the period. Institutional investors and hedge funds own 81.26% of the company’s stock.

Standard Motor Products Stock Performance

NYSE:SMP opened at $30.72 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.25 and a quick ratio of 0.82. The firm has a market cap of $667.30 million, a price-to-earnings ratio of 18.96 and a beta of 0.52. The firm’s fifty day moving average price is $32.48 and its 200 day moving average price is $31.30. Standard Motor Products, Inc. has a 1-year low of $26.09 and a 1-year high of $41.71.

Standard Motor Products (NYSE:SMP) last issued its earnings results on Wednesday, October 30th. The auto parts company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. The business had revenue of $399.27 million for the quarter, compared to the consensus estimate of $396.10 million. Standard Motor Products had a net margin of 2.56% and a return on equity of 10.42%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.11 earnings per share. On average, sell-side analysts expect that Standard Motor Products, Inc. will post 3.08 EPS for the current year.

Standard Motor Products Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 3.78%. The ex-dividend date was Friday, November 15th. Standard Motor Products’s payout ratio is 71.60%.

Insider Transactions at Standard Motor Products

In other news, VP Ray Nicholas sold 4,730 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $34.11, for a total transaction of $161,340.30. Following the transaction, the vice president now directly owns 46,385 shares of the company’s stock, valued at $1,582,192.35. This represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Nathan R. Iles sold 1,485 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $34.97, for a total transaction of $51,930.45. Following the completion of the transaction, the chief financial officer now owns 29,015 shares of the company’s stock, valued at $1,014,654.55. This represents a 4.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 11,184 shares of company stock valued at $387,041. Corporate insiders own 5.00% of the company’s stock.

About Standard Motor Products

Standard Motor Products, Inc manufactures and distributes replacement automotive parts in the United States and internationally. The company operates through three segments: Vehicle Control, Temperature Control, and Engineered Solutions segments. The company provides components for the ignition, emissions, and fuel delivery systems, such as air injection and induction components, air management valves, regulators and solenoids, exhaust gas recirculation components, fuel injectors and related components, fuel valves, ignition coils, connectors and sockets, modules, pumps, relays and fuses, starting and charging system parts, and vapor and purge components.