Boston Partners Buys New Position in Standard Motor Products, Inc. (SMP)
Boston Partners bought a new stake in Standard Motor Products, Inc. (NYSE:SMP) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 299,010 shares of the auto parts company’s stock, valued at approximately $13,428,000.
Other hedge funds also recently modified their holdings of the company. Piedmont Investment Advisors LLC acquired a new position in Standard Motor Products in the second quarter valued at approximately $227,000. SG Americas Securities LLC bought a new stake in shares of Standard Motor Products during the third quarter valued at approximately $309,000. Suntrust Banks Inc. raised its holdings in shares of Standard Motor Products by 1.1% during the second quarter. Suntrust Banks Inc. now owns 5,949 shares of the auto parts company’s stock valued at $310,000 after buying an additional 64 shares during the last quarter. GSA Capital Partners LLP raised its holdings in shares of Standard Motor Products by 29.0% during the second quarter. GSA Capital Partners LLP now owns 6,131 shares of the auto parts company’s stock valued at $320,000 after buying an additional 1,377 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Standard Motor Products during the third quarter valued at approximately $358,000. Institutional investors own 79.42% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. B. Riley reaffirmed a “neutral” rating on shares of Standard Motor Products in a report on Wednesday, November 1st. Zacks Investment Research cut Standard Motor Products from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, FBR & Co reaffirmed a “hold” rating and set a $48.00 price target on shares of Standard Motor Products in a report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $54.00.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend is Wednesday, February 14th. This is a boost from Standard Motor Products’s previous quarterly dividend of $0.19. Standard Motor Products’s payout ratio is 29.23%.
Standard Motor Products announced that its board has authorized a share buyback plan on Monday, November 20th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the auto parts company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
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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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