Standard Motor Products (NYSE:SMP) Hits New 52-Week High After Dividend Announcement

Standard Motor Products, Inc. (NYSE:SMP)’s share price reached a new 52-week high on Monday following a dividend announcement from the company. The stock traded as high as $42.23 and last traded at $42.5390, with a volume of 42399 shares trading hands. The stock had previously closed at $39.93.

The newly announced dividend which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 16th will be given a dividend of $0.33 per share. This is a boost from Standard Motor Products’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, February 13th. Standard Motor Products’s dividend payout ratio (DPR) is currently 88.57%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SMP shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Standard Motor Products in a report on Monday, December 29th. Roth Mkm reissued a “buy” rating and set a $49.00 target price on shares of Standard Motor Products in a report on Monday, November 3rd. Finally, Zacks Research downgraded Standard Motor Products from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $49.00.

Standard Motor Products Price Performance

The stock has a market cap of $959.20 million, a PE ratio of 31.14 and a beta of 0.76. The stock’s fifty day moving average is $38.52 and its 200-day moving average is $38.27. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.96 and a quick ratio of 0.77.

Insider Buying and Selling

In related news, CFO Nathan R. Iles sold 1,356 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $38.30, for a total value of $51,934.80. Following the sale, the chief financial officer directly owned 37,468 shares in the company, valued at approximately $1,435,024.40. The trade was a 3.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Ray Nicholas sold 9,093 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $38.01, for a total transaction of $345,624.93. Following the completion of the transaction, the vice president owned 40,609 shares in the company, valued at approximately $1,543,548.09. This represents a 18.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 15,895 shares of company stock valued at $606,215. 5.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its position in shares of Standard Motor Products by 4,842.1% during the second quarter. Nisa Investment Advisors LLC now owns 939 shares of the auto parts company’s stock worth $29,000 after purchasing an additional 920 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Standard Motor Products by 235.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,298 shares of the auto parts company’s stock valued at $71,000 after buying an additional 1,613 shares during the period. iSAM Funds UK Ltd purchased a new position in Standard Motor Products in the 3rd quarter valued at approximately $99,000. Quantbot Technologies LP acquired a new position in shares of Standard Motor Products in the third quarter worth $108,000. Finally, Zacks Investment Management purchased a new stake in shares of Standard Motor Products during the third quarter worth $202,000. 81.26% of the stock is currently owned by hedge funds and other institutional investors.

About Standard Motor Products

Standard Motor Products, Inc, headquartered in Long Island City, New York, is a leading manufacturer and distributor of aftermarket and original equipment automotive parts. Since its founding in 1919, the company has focused on engineering, testing, and supplying ignition and temperature management products for passenger cars and light trucks. Its product lineup includes ignition coils, spark plug wires, sensors, switches, heating and air conditioning controls, and related electronic components.

The company operates through two primary segments: Engine Management and Temperature Control.