Standard Motor Products (SMP) Rating Increased to Hold at Zacks Investment Research

Standard Motor Products (NYSE:SMP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Standard Motor is making good progress towards achieving long-term strategic goals through plant consolidations and relocations. The company has promising long-term business prospects, which allow it to deploy capital effectively. Moreover, Standard Motor is not significantly exposed to the cyclical nature of the automotive industry since it is focused on the aftermarket, where it is a leading player.”

Other equities research analysts also recently issued reports about the stock. ValuEngine upgraded shares of Standard Motor Products from a “hold” rating to a “buy” rating in a research note on Wednesday, August 15th. CL King downgraded shares of Standard Motor Products from a “buy” rating to a “neutral” rating in a research note on Monday, July 9th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Standard Motor Products presently has an average rating of “Hold” and a consensus price target of $52.50.

Shares of NYSE:SMP traded down $0.33 on Wednesday, hitting $49.76. 100 shares of the company were exchanged, compared to its average volume of 61,438. Standard Motor Products has a 1-year low of $40.56 and a 1-year high of $52.29. The company has a market capitalization of $1.13 billion, a P/E ratio of 17.58, a PEG ratio of 2.42 and a beta of 1.65.

Standard Motor Products (NYSE:SMP) last posted its quarterly earnings data on Thursday, July 26th. The auto parts company reported $0.74 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by ($0.05). Standard Motor Products had a return on equity of 12.38% and a net margin of 2.66%. The company had revenue of $286.64 million for the quarter. During the same period in the prior year, the firm earned $0.81 EPS. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. research analysts forecast that Standard Motor Products will post 2.61 earnings per share for the current fiscal year.

In related news, Director Frederick D. Sturdivant sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $50.00, for a total transaction of $200,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Ray Nicholas sold 1,281 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $48.04, for a total transaction of $61,539.24. Following the transaction, the vice president now owns 32,250 shares of the company’s stock, valued at $1,549,290. The disclosure for this sale can be found here. Insiders have sold 6,281 shares of company stock valued at $312,759 over the last quarter. Insiders own 6.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. US Bancorp DE lifted its position in Standard Motor Products by 121.9% during the second quarter. US Bancorp DE now owns 2,135 shares of the auto parts company’s stock valued at $104,000 after purchasing an additional 1,173 shares during the period. Coldstream Capital Management Inc. lifted its position in Standard Motor Products by 8.7% during the first quarter. Coldstream Capital Management Inc. now owns 15,263 shares of the auto parts company’s stock valued at $726,000 after purchasing an additional 1,226 shares during the period. Citadel Advisors LLC increased its holdings in Standard Motor Products by 3.3% in the first quarter. Citadel Advisors LLC now owns 46,882 shares of the auto parts company’s stock valued at $2,230,000 after buying an additional 1,493 shares in the last quarter. Rhumbline Advisers increased its holdings in Standard Motor Products by 2.8% in the second quarter. Rhumbline Advisers now owns 64,097 shares of the auto parts company’s stock valued at $3,098,000 after buying an additional 1,717 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Standard Motor Products by 4.7% in the second quarter. Legal & General Group Plc now owns 39,968 shares of the auto parts company’s stock valued at $1,958,000 after buying an additional 1,810 shares in the last quarter. Institutional investors own 83.30% of the company’s stock.

About Standard Motor Products

Standard Motor Products, Inc manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry. Its Engine Management segment manufactures and distributes engine management replacement parts, including electronic ignition control modules, fuel injectors, remanufactured diesel injectors and pumps, ignition wires, coils, switches, relays, EGR valves, distributor caps and rotors, various sensors primarily measuring temperature, vehicle systems, electronic throttle bodies, and other engine management components primarily under the Standard, Blue Streak, BWD, Select, Intermotor, OEM, LockSmart, TechSmart, Tech Expert, and GP Sorensen brands.

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