Standard Motor Products, Inc. (SMP) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Standard Motor Products, Inc. (NYSE:SMP) from a hold rating to a strong sell rating in a research report sent to investors on Monday.

According to Zacks, “Standard Motor’s earnings and revenues missed the Zacks Consensus Estimate in the third quarter. Compared with the year-ago figures, both earnings per share and revenues were low. This weak performance by the company is majorly due to its two segments, namely, Temperature Control and Engine Management. A weak demands for its products and location-shifting costs have hampered its quarterly results. Also, the Zacks Consensus Estimate for the company’s quarterly as well as yearly earnings have gone down of late. Also, in the last six months, Standard Motor’s shares have underperformed the industry it belongs to.”

Several other brokerages have also recently commented on SMP. Jefferies Group LLC reiterated a buy rating and issued a $60.00 price target on shares of Standard Motor Products in a research note on Wednesday, August 9th. BidaskClub upgraded shares of Standard Motor Products from a hold rating to a buy rating in a research note on Tuesday, August 1st. ValuEngine cut shares of Standard Motor Products from a buy rating to a hold rating in a research note on Thursday, August 31st. Finally, FBR & Co reiterated a hold rating and issued a $48.00 price target on shares of Standard Motor Products in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $54.00.

Standard Motor Products (NYSE:SMP) last released its earnings results on Thursday, October 26th. The auto parts company reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.12). The firm had revenue of $281.06 million for the quarter. Standard Motor Products had a net margin of 4.97% and a return on equity of 13.68%. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 EPS.

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The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.74%. The ex-dividend date is Tuesday, November 14th. Standard Motor Products’s payout ratio is currently 32.20%.

In other news, SVP Carmine Joseph Broccole sold 1,123 shares of the company’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $48.18, for a total transaction of $54,106.14. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Lawrence I. Sills sold 5,002 shares of the company’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $44.10, for a total transaction of $220,588.20. Following the sale, the chairman now owns 704,696 shares in the company, valued at $31,077,093.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 104,899 shares of company stock worth $4,706,903. Corporate insiders own 6.60% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc raised its position in shares of Standard Motor Products by 0.6% during the 1st quarter. Legal & General Group Plc now owns 33,915 shares of the auto parts company’s stock valued at $1,666,000 after buying an additional 215 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Standard Motor Products by 3.4% during the 1st quarter. Principal Financial Group Inc. now owns 165,662 shares of the auto parts company’s stock valued at $8,140,000 after buying an additional 5,434 shares in the last quarter. BlackRock Inc. raised its position in shares of Standard Motor Products by 65,269.9% during the 1st quarter. BlackRock Inc. now owns 2,483,404 shares of the auto parts company’s stock valued at $122,033,000 after buying an additional 2,479,605 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Standard Motor Products by 27.5% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 151,605 shares of the auto parts company’s stock valued at $7,917,000 after buying an additional 32,717 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Standard Motor Products by 3.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 141,137 shares of the auto parts company’s stock valued at $7,371,000 after buying an additional 4,058 shares in the last quarter. Hedge funds and other institutional investors own 78.65% of the company’s stock.

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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