Standard Motor Products (NYSE:SMP) Shares Gap Up Following Strong Earnings

Shares of Standard Motor Products, Inc. (NYSE:SMP) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $31.58, but opened at $34.68. Standard Motor Products shares last traded at $33.06, with a volume of 33,965 shares.

The auto parts company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.32. Standard Motor Products had a return on equity of 12.12% and a net margin of 2.02%. The business had revenue of $493.85 million for the quarter, compared to the consensus estimate of $450.21 million. During the same quarter in the prior year, the business posted $0.98 EPS. The business’s revenue for the quarter was up 26.7% on a year-over-year basis.

Standard Motor Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.6%. Standard Motor Products’s payout ratio is currently 88.57%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Standard Motor Products from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 26th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. purchased a new position in Standard Motor Products during the 1st quarter worth approximately $996,000. North Star Investment Management Corp. purchased a new position in Standard Motor Products during the 1st quarter worth approximately $823,000. Rhumbline Advisers grew its stake in Standard Motor Products by 8.4% during the 1st quarter. Rhumbline Advisers now owns 128,896 shares of the auto parts company’s stock worth $3,213,000 after buying an additional 9,979 shares during the last quarter. SG Americas Securities LLC grew its stake in Standard Motor Products by 144.8% during the 1st quarter. SG Americas Securities LLC now owns 25,604 shares of the auto parts company’s stock worth $638,000 after buying an additional 15,146 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Standard Motor Products by 2,880.9% during the 1st quarter. GAMMA Investing LLC now owns 26,351 shares of the auto parts company’s stock worth $657,000 after buying an additional 25,467 shares during the last quarter. Hedge funds and other institutional investors own 81.26% of the company’s stock.

Standard Motor Products Stock Up 10.3%

The business has a 50 day moving average of $31.46 and a 200-day moving average of $29.00. The stock has a market cap of $765.78 million, a PE ratio of 24.89 and a beta of 0.63. The company has a current ratio of 2.32, a quick ratio of 0.86 and a debt-to-equity ratio of 0.96.

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.