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

Shares of Standard Motor Products, Inc. (NYSE:SMP) gapped up before the market opened on Wednesday following a better than expected earnings announcement. 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 traded.

The auto parts company reported $1.28 EPS for the quarter, topping 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 company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.11 earnings per share.

Standard Motor Products Announces Dividend

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

Institutional Trading of Standard Motor Products

Several large investors have recently added to or reduced their stakes in the business. Innealta Capital LLC bought a new position in shares of Standard Motor Products in the second quarter worth $25,000. Gladius Capital Management LP bought a new position in Standard Motor Products in the 2nd quarter valued at about $30,000. GAMMA Investing LLC increased its stake in Standard Motor Products by 153.8% during the 3rd quarter. GAMMA Investing LLC now owns 906 shares of the auto parts company’s stock valued at $30,000 after buying an additional 549 shares during the period. Farther Finance Advisors LLC bought a new stake in shares of Standard Motor Products during the 3rd quarter worth about $73,000. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Standard Motor Products in the 3rd quarter worth approximately $83,000. 81.26% of the stock is currently owned by institutional investors and hedge funds.

Standard Motor Products Stock Down 5.6 %

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

About Standard Motor Products

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.