Municipal Employees Retirement System of Michigan increased its stake in shares of Standard Motor Products, Inc. (NYSE:SMP) by 46.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,330 shares of the auto parts company’s stock after buying an additional 2,980 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Standard Motor Products were worth $450,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new position in Standard Motor Products during the 2nd quarter worth approximately $227,000. Victory Capital Management Inc. boosted its holdings in shares of Standard Motor Products by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,854 shares of the auto parts company’s stock valued at $253,000 after buying an additional 729 shares during the last quarter. ClariVest Asset Management LLC bought a new stake in Standard Motor Products in the 2nd quarter valued at $256,000. Nordea Investment Management AB bought a new stake in Standard Motor Products in the 2nd quarter valued at $256,000. Finally, AXA bought a new stake in Standard Motor Products in the 2nd quarter valued at $287,000. 79.16% of the stock is owned by hedge funds and other institutional investors.
Shares of Standard Motor Products, Inc. (NYSE SMP) traded down $0.28 during mid-day trading on Friday, hitting $44.91. The stock had a trading volume of 153,615 shares, compared to its average volume of 93,255. Standard Motor Products, Inc. has a 12-month low of $40.56 and a 12-month high of $54.73. The firm has a market capitalization of $1,022.12, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 2.82 and a beta of 1.80.
Standard Motor Products announced that its Board of Directors has initiated a stock buyback program on Monday, November 20th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the auto parts company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th were issued a $0.19 dividend. The ex-dividend date was Tuesday, November 14th. This represents a $0.76 dividend on an annualized basis and a yield of 1.69%. Standard Motor Products’s payout ratio is currently 32.20%.
In other news, VP Ray Nicholas sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $48.35, for a total transaction of $48,350.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Peter J. Sills sold 2,428 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $48.43, for a total value of $117,588.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,595 shares of company stock valued at $1,041,475. 6.60% of the stock is currently owned by corporate insiders.
SMP has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Standard Motor Products from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. Jefferies Group reiterated a “buy” rating and set a $60.00 price objective on shares of Standard Motor Products in a research report on Tuesday, September 12th. FBR & Co restated a “hold” rating and issued a $48.00 price target on shares of Standard Motor Products in a research report on Friday, October 27th. Finally, B. Riley restated a “neutral” rating on shares of Standard Motor Products in a research report on Wednesday, November 1st. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Standard Motor Products has a consensus rating of “Hold” and a consensus price target of $54.00.
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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