Standard Motor Products, Inc. (SMP) Shares Sold by Comerica Bank
Comerica Bank lessened its stake in Standard Motor Products, Inc. (NYSE:SMP) by 5.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,107 shares of the auto parts company’s stock after selling 1,183 shares during the period. Comerica Bank owned approximately 0.09% of Standard Motor Products worth $1,105,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. bought a new stake in Standard Motor Products in the 1st quarter worth approximately $152,000. NN Investment Partners Holdings N.V. bought a new stake in Standard Motor Products in the 2nd quarter worth approximately $186,000. Victory Capital Management Inc. grew its position in Standard Motor Products by 119.1% in the 1st quarter. Victory Capital Management Inc. now owns 4,125 shares of the auto parts company’s stock worth $203,000 after purchasing an additional 2,242 shares during the period. State of Alaska Department of Revenue grew its position in Standard Motor Products by 78.5% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,962 shares of the auto parts company’s stock worth $206,000 after purchasing an additional 1,742 shares during the period. Finally, Mason Street Advisors LLC grew its position in Standard Motor Products by 7.0% in the 1st quarter. Mason Street Advisors LLC now owns 4,699 shares of the auto parts company’s stock worth $231,000 after purchasing an additional 308 shares during the period. 78.40% of the stock is owned by institutional investors and hedge funds.
In other Standard Motor Products news, insider Peter J. Sills sold 2,609 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $45.16, for a total value of $117,822.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Thomas Tesoro sold 3,950 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $47.91, for a total transaction of $189,244.50. Following the completion of the transaction, the vice president now directly owns 29,026 shares of the company’s stock, valued at approximately $1,390,635.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,633 shares of company stock valued at $3,851,756. Corporate insiders own 6.60% of the company’s stock.
Shares of Standard Motor Products, Inc. (NYSE SMP) opened at 46.36 on Monday. The stock’s 50 day moving average is $45.61 and its 200-day moving average is $48.78. Standard Motor Products, Inc. has a 12 month low of $43.29 and a 12 month high of $55.37. The company has a market cap of $1.06 billion, a P/E ratio of 17.28 and a beta of 1.79.
Standard Motor Products (NYSE:SMP) last posted its quarterly earnings results on Monday, July 31st. The auto parts company reported $0.81 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.99 by ($0.18). The company had revenue of $312.73 million during the quarter. Standard Motor Products had a return on equity of 14.83% and a net margin of 5.55%. The company’s revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 earnings per share. On average, equities analysts forecast that Standard Motor Products, Inc. will post $2.87 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were issued a $0.19 dividend. The ex-dividend date was Friday, August 11th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.64%. Standard Motor Products’s dividend payout ratio is currently 28.36%.
A number of research firms have commented on SMP. Jefferies Group LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Standard Motor Products in a research report on Wednesday, August 9th. BidaskClub downgraded shares of Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. Zacks Investment Research downgraded shares of Standard Motor Products from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. Finally, ValuEngine downgraded shares of Standard Motor Products from a “buy” rating to a “hold” rating in a research report on Thursday, August 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Standard Motor Products currently has an average rating of “Hold” and a consensus target price of $55.67.
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About Standard Motor Products
Standard Motor Products, Inc is an independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry with a complementary focus on heavy duty, industrial equipment and the original equipment service market. The Company’s segments include Engine Management Segment and Temperature Control Segment.
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