Standard Motor Products (SMP) Lowered to “Hold” at Zacks Investment Research

Standard Motor Products (NYSE:SMP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “Standard Motor has been closing few of its existing facilities with an aim to reduce production-cost to boost results in the long term. Also, the company is making good progress towards achieving long-term strategic goals through plant consolidations and relocations. Standard Motor has promising long-term business prospects, which allow it to deploy capital effectively. However, the company’s Temperature Control segment witnessed a 5.5% year-over-year decline in revenues in the fourth quarter of fiscal 2017. Also, Engine Management gross margin is under strain mainly due to the cost of the plant moves.”

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Separately, ValuEngine upgraded Standard Motor Products from a “hold” rating to a “buy” rating in a research report on Monday, April 9th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $55.00.

Shares of SMP traded down $0.30 during midday trading on Thursday, hitting $48.38. 13,551 shares of the company traded hands, compared to its average volume of 115,726. Standard Motor Products has a one year low of $40.56 and a one year high of $54.73. The stock has a market cap of $1,123.22, a PE ratio of 17.10, a P/E/G ratio of 2.47 and a beta of 1.68.

Standard Motor Products (NYSE:SMP) last announced its quarterly earnings results on Tuesday, February 20th. The auto parts company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.16. Standard Motor Products had a return on equity of 14.15% and a net margin of 3.40%. The firm had revenue of $239.98 million for the quarter. During the same quarter in the prior year, the company earned $0.42 earnings per share. The company’s quarterly revenue was up 4.4% on a year-over-year basis. equities analysts expect that Standard Motor Products will post 3.35 earnings per share for the current year.

In related news, Director John P. Gethin sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $49.50, for a total value of $247,500.00. Following the transaction, the director now directly owns 20,850 shares in the company, valued at $1,032,075. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.60% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the stock. MetLife Investment Advisors LLC bought a new position in Standard Motor Products during the fourth quarter valued at approximately $433,000. Gotham Asset Management LLC grew its position in Standard Motor Products by 12.4% during the fourth quarter. Gotham Asset Management LLC now owns 24,075 shares of the auto parts company’s stock valued at $1,081,000 after acquiring an additional 2,665 shares during the last quarter. TIAA CREF Investment Management LLC grew its position in Standard Motor Products by 6.8% during the fourth quarter. TIAA CREF Investment Management LLC now owns 165,817 shares of the auto parts company’s stock valued at $7,447,000 after acquiring an additional 10,582 shares during the last quarter. Raymond James & Associates bought a new position in Standard Motor Products during the fourth quarter valued at approximately $725,000. Finally, Goldman Sachs Group Inc. grew its position in Standard Motor Products by 0.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 355,605 shares of the auto parts company’s stock valued at $15,970,000 after acquiring an additional 2,722 shares during the last quarter. Institutional investors own 80.56% of the company’s stock.

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Standard Motor Products Company Profile

Standard Motor Products, Inc manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry. Its Engine Management segment manufactures and distributes engine management replacement parts, including electronic ignition control modules, fuel injectors, remanufactured diesel injectors and pumps, ignition wires, coils, switches, relays, EGR valves, distributor caps and rotors, various sensors primarily measuring temperature, vehicle systems, electronic throttle bodies, and other engine management components primarily under the Standard, Blue Streak, BWD, Select, Intermotor, OEM, LockSmart, TechSmart, Tech Expert, and GP Sorensen brands.

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