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

Shares of Standard Motor Products, Inc. (NYSE:SMP) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $28.66, but opened at $31.79. Standard Motor Products shares last traded at $33.76, with a volume of 18,851 shares changing hands.

The auto parts company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.09 by $0.19. The business had revenue of $399.27 million during the quarter, compared to analyst estimates of $396.10 million. Standard Motor Products had a net margin of 2.56% and a return on equity of 10.42%. The business’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.11 earnings per share.

Standard Motor Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend is Friday, November 15th. Standard Motor Products’s dividend payout ratio is presently 71.61%.

Institutional Investors Weigh In On Standard Motor Products

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Innealta Capital LLC purchased a new position in Standard Motor Products in the 2nd quarter worth about $25,000. Gladius Capital Management LP acquired a new position in shares of Standard Motor Products in the second quarter worth about $30,000. GAMMA Investing LLC increased its position in shares of Standard Motor Products by 153.8% in the third quarter. GAMMA Investing LLC now owns 906 shares of the auto parts company’s stock worth $30,000 after acquiring an additional 549 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in shares of Standard Motor Products in the third quarter worth approximately $73,000. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Standard Motor Products during the third quarter valued at approximately $83,000. 81.26% of the stock is owned by institutional investors and hedge funds.

Standard Motor Products Trading Down 5.6 %

The company’s 50-day moving average is $31.78 and its 200 day moving average is $30.92. The company has a current ratio of 2.25, a quick ratio of 0.93 and a debt-to-equity ratio of 0.21. The firm has a market cap of $698.84 million, a PE ratio of 19.87 and a beta of 0.51.

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.