On July 31, 2023, it was reported that Foundry Partners LLC, an institutional investor and asset management firm, had increased its stake in Standard Motor Products, Inc. (NYSE:SMP) by a staggering 37.0% during the first quarter of the year. This development came to light through the company’s recent 13F filing with the Securities & Exchange Commission.
According to the filing, Foundry Partners LLC now owns 154,500 shares of Standard Motor Products’ stock after acquiring an additional 41,725 shares during the quarter. This substantial increase in ownership indicates their confidence in the future prospects of the auto parts company. The value of their holdings amounted to $5,703,000 at the end of this particular reporting period.
In another notable occurrence involving Standard Motor Products, Inc., Vice President Ray Nicholas made headlines when he sold 2,550 shares of the company’s stock on Tuesday, May 30th. The transaction took place at an average price of $36.41, resulting in a total value of $92,845.50 for Nicholas. Following this sale, he still retains ownership over an impressive 43,557 shares of Standard Motor Products’ stock which are valued at $1,585,910.37.
This transaction was duly disclosed in a legal filing with the SEC and can be accessed on their official website for further scrutiny. It is worth noting that company insiders collectively own approximately 6.40% of Standard Motor Products’ stock.
As trading activity continued on Friday past midday before this report was released to the public domain; shares of NYSE SMP experienced a negligible decline of $0.12 to reach a trading price point of $37.48 per share. The overall trading volume amounted to roughly 37,960 shares as compared to its average volume of 93,325 shares – indicative of lower-than-usual market activity.
Standard Motor Products, Inc. has witnessed fluctuations in its stock performance over the past twelve months with a low of $31.61 and a high of $48.24. Currently, the company’s stock is just above its 50-day moving average price of $37.24, while its 200-day moving average price stands at $37.40.
Established in 1919, Standard Motor Products, Inc. operates in the automotive industry and specializes in manufacturing and distributing replacement parts for motor vehicles. With a market capitalization of $812.19 million and a P/E ratio of 17.41, the company holds significant weight in this sector.
Furthermore, Standard Motor Products maintains a healthy financial position with a debt-to-equity ratio of 0.34, indicating manageable levels of debt in relation to shareholder equity. The current ratio stands at 2.50, highlighting its ability to cover short-term obligations efficiently, while the quick ratio registers at 0.88.
As industry dynamics continue to evolve rapidly, investors eagerly await further developments from Standard Motor Products with heightened interest given the recent activities discussed above. Only time will tell if these events mark the beginning of an upward trajectory for the auto parts company or merely represent isolated occurrences within a volatile marketplace.
Standard Motor Products, Inc.
Updated on: 05/12/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
9:00 AM (UTC)
Date:05 December, 2023
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Changes in Holdings, Insider Trading, and Strong Financial Performance Propel Standard Motor Products, Inc. (SMP)
Standard Motor Products, Inc. (SMP) has recently seen some significant changes in its holdings by various hedge funds and institutional investors. The Texas Permanent School Fund Corp, for instance, has increased its holdings in SMP by 33.4% during the first quarter of this year. The fund now owns 16,829 shares of SMP’s stock, valued at approximately $621,000.
Similarly, CWM LLC has also raised its stake in SMP by 2.8% during the same period. They now own around 32,489 shares of the auto parts company’s stock, valued at $1,199,000.
SG Americas Securities LLC is another company that has acquired a new position in SMP during the first quarter of this year. Their investment is estimated to be worth about $379,000.
These developments have caught the attention of many market observers and analysts. One such analyst from StockNews.com has even upgraded SMP’s rating from “buy” to “strong-buy” in a recent research report.
In terms of insider trading activities at SMP, Vice President Ray Nicholas sold 2,550 shares of the company’s stock on May 30th for an average price of $36.41 per share. This transaction amounted to a total value of $92,845.50. Following this sale, Nicholas still holds 43,557 shares of SMP stock with an estimated value of $1,585,910.37.
Moving on to financial performance news, Standard Motor Products reported their earnings results on May 3rd. The company exceeded analysts’ expectations by reporting earnings per share (EPS) of $0.61 for the quarter compared to the consensus estimate of $0.58 EPS. This represents an increase of $0.03 per share above expectations.
In terms of profitability margins for the quarter ending May 3rd, Standard Motor Products had a return on equity (ROE) of 11.65% and a net margin of 3.47%. The company’s revenue for the quarter was $328.10 million, slightly below the consensus estimate of $328.90 million.
Looking ahead, equities analysts predict that Standard Motor Products, Inc. will post earnings per share (EPS) of $3.53 for the current year.
In addition to these developments, SMP recently announced a quarterly dividend which was paid out on June 1st to shareholders of record as of May 15th. The dividend payout, at $0.29 per share, represents an annualized dividend of $1.16 and a yield of approximately 3.09%.
In conclusion, there have been notable changes in SMP’s holdings by hedge funds and institutional investors, including Texas Permanent School Fund Corp and CWM LLC among others. Furthermore, StockNews.com has upgraded SMP’s rating from “buy” to “strong-buy.” The company also saw insider trading activity with Vice President Ray Nicholas selling some shares. Despite this activity, SMP reported strong earnings results for the last quarter and is predicted to maintain its positive performance for the rest of the year. The announcement of a quarterly dividend indicates confidence in the company’s financial stability.