Russell Investments Group Ltd. Cuts Holdings in Standard Motor Products, Inc. (SMP)
Russell Investments Group Ltd. lessened its stake in Standard Motor Products, Inc. (NYSE:SMP) by 1.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,307 shares of the auto parts company’s stock after selling 1,579 shares during the period. Russell Investments Group Ltd.’s holdings in Standard Motor Products were worth $6,856,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in Standard Motor Products by 6.0% in the 2nd quarter. BlackRock Inc. now owns 2,818,096 shares of the auto parts company’s stock worth $136,226,000 after buying an additional 158,939 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Standard Motor Products by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,628,305 shares of the auto parts company’s stock valued at $78,714,000 after purchasing an additional 19,364 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Standard Motor Products by 3.7% in the 2nd quarter. Schroder Investment Management Group now owns 356,989 shares of the auto parts company’s stock valued at $5,890,000 after purchasing an additional 12,831 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Standard Motor Products by 2.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 330,741 shares of the auto parts company’s stock valued at $15,987,000 after purchasing an additional 9,276 shares in the last quarter. Finally, Boston Partners boosted its stake in shares of Standard Motor Products by 4.1% in the 2nd quarter. Boston Partners now owns 302,804 shares of the auto parts company’s stock valued at $14,638,000 after purchasing an additional 11,903 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Carmine Joseph Broccole sold 825 shares of the company’s stock in a transaction on Monday, October 15th. The shares were sold at an average price of $44.07, for a total value of $36,357.75. Following the completion of the sale, the senior vice president now owns 55,231 shares of the company’s stock, valued at approximately $2,434,030.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas Tesoro sold 1,000 shares of the company’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $51.22, for a total transaction of $51,220.00. Following the completion of the sale, the vice president now directly owns 30,456 shares of the company’s stock, valued at approximately $1,559,956.32. The disclosure for this sale can be found here. Insiders sold a total of 5,215 shares of company stock valued at $236,006 in the last ninety days. 6.40% of the stock is owned by corporate insiders.
Shares of Standard Motor Products stock opened at $51.66 on Wednesday. Standard Motor Products, Inc. has a 52-week low of $42.50 and a 52-week high of $56.54. The firm has a market capitalization of $1.20 billion, a PE ratio of 20.79, a price-to-earnings-growth ratio of 3.37 and a beta of 1.27.
Standard Motor Products (NYSE:SMP) last announced its quarterly earnings data on Friday, October 26th. The auto parts company reported $0.83 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.83. Standard Motor Products had a net margin of 2.86% and a return on equity of 12.78%. The company had revenue of $296.62 million during the quarter. During the same period last year, the company posted $0.74 EPS. Standard Motor Products’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, analysts forecast that Standard Motor Products, Inc. will post 2.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be paid a $0.21 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.63%. Standard Motor Products’s dividend payout ratio (DPR) is 29.68%.
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Standard Motor Products Profile
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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