Jul 02, 2023
Standard Motor Products, Inc. (NYSE:SMP) Shares Bought by Texas Permanent School Fund Corp
Texas Permanent School Fund Corp increased its holdings in Standard Motor Products, Inc. (NYSE:SMP - Free Report) by 33.4% during the 1st quarter, according to the company in its most recent 13F
Texas Permanent School Fund Corp increased its holdings in Standard Motor Products, Inc. (NYSE:SMP - Free Report) by 33.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,829 shares of the auto parts company's stock after buying an additional 4,213 shares during the quarter. Texas Permanent School Fund Corp owned about 0.08% of Standard Motor Products worth $621,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of SMP. Envestnet Asset Management Inc. grew its stake in shares of Standard Motor Products by 17.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 7,983 shares of the auto parts company's stock worth $344,000 after purchasing an additional 1,185 shares during the period. Raymond James & Associates grew its stake in shares of Standard Motor Products by 12.4% during the 1st quarter. Raymond James & Associates now owns 50,840 shares of the auto parts company's stock worth $2,193,000 after purchasing an additional 5,610 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Standard Motor Products by 2.0% during the 1st quarter. Bank of New York Mellon Corp now owns 261,309 shares of the auto parts company's stock worth $11,273,000 after purchasing an additional 5,202 shares during the period. Citigroup Inc. grew its stake in shares of Standard Motor Products by 3.5% during the 1st quarter. Citigroup Inc. now owns 17,420 shares of the auto parts company's stock worth $751,000 after purchasing an additional 586 shares during the period. Finally, MetLife Investment Management LLC grew its stake in shares of Standard Motor Products by 56.5% during the 1st quarter. MetLife Investment Management LLC now owns 10,831 shares of the auto parts company's stock worth $467,000 after purchasing an additional 3,910 shares during the period. Institutional investors and hedge funds own 75.95% of the company's stock.
In other news, VP Ray Nicholas sold 2,550 shares of Standard Motor Products stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $36.41, for a total transaction of $92,845.50. Following the transaction, the vice president now owns 43,557 shares in the company, valued at approximately $1,585,910.37. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.40% of the company's stock.
Shares of SMP stock opened at $36.60 on Friday. The stock's fifty day moving average is $37.31 and its two-hundred day moving average is $37.43. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 2.50. The firm has a market capitalization of $793.12 million, a P/E ratio of 16.94 and a beta of 0.57. Standard Motor Products, Inc. has a fifty-two week low of $31.61 and a fifty-two week high of $42.42.
Standard Motor Products (NYSE:SMP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 2nd. The auto parts company reported $0.84 earnings per share for the quarter, missing analysts' consensus estimates of $0.97 by ($0.13). The firm had revenue of $353.10 million during the quarter, compared to analysts' expectations of $374.45 million. Standard Motor Products had a net margin of 3.47% and a return on equity of 11.65%. The company's revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.93 EPS. Research analysts expect that Standard Motor Products, Inc. will post 3.53 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, August 14th. This represents a $1.16 annualized dividend and a dividend yield of 3.17%. Standard Motor Products's dividend payout ratio is presently 53.70%.
Separately, StockNews.com raised shares of Standard Motor Products from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, June 13th.
Get Our Latest Research Report on Standard Motor Products
Standard Motor Products, Inc manufactures and distributes automotive parts that are used in the maintenance, repair, and service of vehicles in the automotive aftermarket industry in the United States and internationally. The company's Engine Management segment provides electronic ignition control modules, camshaft and crankshaft position sensors, ignition wires and coils, switches and relays, exhaust gas recirculation valves, pressure and temperature sensors, variable valve timing components, mass airflow and fuel pressure sensors, electronic throttle bodies, and diesel injectors and pumps; and anti-lock brake, vehicle speed, tire pressure monitoring, and park assist sensors.
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