Standard Motor Products (NYSE:SMP) Lifted to “B” at TheStreet

TheStreet upgraded shares of Standard Motor Products (NYSE:SMP) from a c+ rating to a b rating in a report published on Monday morning, TheStreetRatingsTable reports.

Several other research firms have also weighed in on SMP. CL King upgraded shares of Standard Motor Products from a neutral rating to a buy rating and set a $50.00 price objective on the stock in a research note on Friday, June 26th. Zacks Investment Research upgraded shares of Standard Motor Products from a hold rating to a strong-buy rating and set a $53.00 price objective on the stock in a research note on Tuesday, August 4th.

Shares of SMP stock opened at $47.81 on Monday. Standard Motor Products has a one year low of $33.94 and a one year high of $55.85. The company’s 50-day simple moving average is $46.34 and its 200-day simple moving average is $41.93. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 23.79 and a beta of 0.73.

Standard Motor Products (NYSE:SMP) last issued its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.22 by $0.30. The business had revenue of $247.90 million for the quarter, compared to analysts’ expectations of $220.56 million. Standard Motor Products had a net margin of 4.36% and a return on equity of 11.63%. The company’s quarterly revenue was down 18.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 earnings per share. On average, equities research analysts expect that Standard Motor Products will post 2.61 earnings per share for the current fiscal year.

In other Standard Motor Products news, Director Peter J. Sills sold 6,586 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $40.76, for a total value of $268,445.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Arthur S. Sills sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $46.15, for a total transaction of $461,500.00. Following the completion of the sale, the director now owns 331,010 shares in the company, valued at approximately $15,276,111.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,344 shares of company stock worth $1,847,602. 6.40% of the stock is owned by company insiders.

Several large investors have recently made changes to their positions in SMP. ProShare Advisors LLC acquired a new stake in shares of Standard Motor Products in the second quarter valued at approximately $7,102,000. Assenagon Asset Management S.A. acquired a new stake in shares of Standard Motor Products in the second quarter valued at approximately $3,881,000. TD Asset Management Inc. increased its stake in shares of Standard Motor Products by 116.6% during the second quarter. TD Asset Management Inc. now owns 133,400 shares of the auto parts company’s stock valued at $5,496,000 after acquiring an additional 71,800 shares during the period. UBS Group AG increased its stake in shares of Standard Motor Products by 451.6% during the second quarter. UBS Group AG now owns 83,950 shares of the auto parts company’s stock valued at $3,459,000 after acquiring an additional 68,731 shares during the period. Finally, State Street Corp increased its stake in shares of Standard Motor Products by 8.1% during the first quarter. State Street Corp now owns 681,582 shares of the auto parts company’s stock valued at $28,333,000 after acquiring an additional 51,314 shares during the period. Institutional investors own 80.30% of the company’s stock.

Standard Motor Products Company Profile

Standard Motor Products, Inc manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry. The company operates in two segments, Engine Management and Temperature Control. The Engine Management segment offers electronic ignition control modules, new and remanufactured fuel injectors, ignition wires, coils, switches, relays, EGR valves, distributor caps and rotors, sensors, electronic throttle bodies, keyless entry transmitters, safety-related components, and other engine management components.

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