Ameriprise Financial Inc. Cuts Stock Holdings in Standard Motor Products, Inc. (NYSE:SMP)

Ameriprise Financial Inc. reduced its stake in Standard Motor Products, Inc. (NYSE:SMP) by 16.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 151,905 shares of the auto parts company’s stock after selling 29,504 shares during the period. Ameriprise Financial Inc. owned approximately 0.70% of Standard Motor Products worth $4,706,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SMP. Aquatic Capital Management LLC purchased a new position in shares of Standard Motor Products during the fourth quarter valued at about $30,000. Farther Finance Advisors LLC grew its holdings in Standard Motor Products by 20.6% during the 4th quarter. Farther Finance Advisors LLC now owns 2,651 shares of the auto parts company’s stock valued at $82,000 after buying an additional 453 shares in the last quarter. Polymer Capital Management US LLC bought a new stake in Standard Motor Products in the 4th quarter worth approximately $239,000. Magnetar Financial LLC bought a new stake in Standard Motor Products in the 4th quarter worth approximately $244,000. Finally, Semanteon Capital Management LP purchased a new stake in shares of Standard Motor Products during the 4th quarter worth approximately $289,000. Hedge funds and other institutional investors own 81.26% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Standard Motor Products from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd.

Standard Motor Products Stock Performance

Shares of NYSE:SMP opened at $28.84 on Monday. The firm has a fifty day simple moving average of $25.82 and a two-hundred day simple moving average of $29.28. Standard Motor Products, Inc. has a 52 week low of $21.38 and a 52 week high of $35.92. The company has a quick ratio of 0.82, a current ratio of 2.25 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $633.87 million, a P/E ratio of 17.80 and a beta of 0.62.

Standard Motor Products (NYSE:SMP) last released its quarterly earnings results on Wednesday, April 30th. The auto parts company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.44 by $0.37. Standard Motor Products had a return on equity of 10.42% and a net margin of 2.56%. The company had revenue of $413.38 million during the quarter, compared to analyst estimates of $394.38 million. During the same quarter last year, the business posted $0.45 earnings per share. The firm’s revenue was up 24.7% on a year-over-year basis. On average, analysts expect that Standard Motor Products, Inc. will post 3.08 earnings per share for the current fiscal year.

Standard Motor Products Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.24 annualized dividend and a dividend yield of 4.30%. This is an increase from Standard Motor Products’s previous quarterly dividend of $0.29. Standard Motor Products’s payout ratio is currently 88.57%.

Insider Activity

In other Standard Motor Products news, EVP Dale Burks sold 11,005 shares of Standard Motor Products stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $27.20, for a total transaction of $299,336.00. Following the completion of the transaction, the executive vice president now directly owns 56,860 shares of the company’s stock, valued at $1,546,592. The trade was a 16.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.00% of the company’s stock.

Standard Motor Products Company Profile

Standard Motor Products, Inc manufactures and distributes replacement automotive parts in the United States and internationally. The company operates through three segments: Vehicle Control, Temperature Control, and Engineered Solutions segments. The company provides components for the ignition, emissions, and fuel delivery systems, such as air injection and induction components, air management valves, regulators and solenoids, exhaust gas recirculation components, fuel injectors and related components, fuel valves, ignition coils, connectors and sockets, modules, pumps, relays and fuses, starting and charging system parts, and vapor and purge components.