Standard Motor Products, Inc. (NYSE:SMP) Shares Sold by TD Asset Management Inc

TD Asset Management Inc cut its stake in shares of Standard Motor Products, Inc. (NYSE:SMP) by 28.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 51,000 shares of the auto parts company’s stock after selling 19,900 shares during the period. TD Asset Management Inc’s holdings in Standard Motor Products were worth $1,414,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in shares of Standard Motor Products in the 2nd quarter worth $25,000. Legato Capital Management LLC lifted its position in Standard Motor Products by 8.7% in the second quarter. Legato Capital Management LLC now owns 34,083 shares of the auto parts company’s stock valued at $945,000 after purchasing an additional 2,740 shares during the period. Azarias Capital Management L.P. purchased a new stake in Standard Motor Products in the 2nd quarter valued at approximately $11,197,000. Bank of New York Mellon Corp boosted its holdings in Standard Motor Products by 1.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 271,823 shares of the auto parts company’s stock valued at $7,538,000 after purchasing an additional 4,391 shares in the last quarter. Finally, Gladius Capital Management LP acquired a new position in Standard Motor Products during the 2nd quarter worth approximately $30,000. 81.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Roth Mkm reissued a “buy” rating and issued a $42.00 price target on shares of Standard Motor Products in a report on Thursday, May 23rd.

Standard Motor Products Stock Performance

NYSE:SMP opened at $33.23 on Friday. The firm’s fifty day simple moving average is $31.09 and its 200-day simple moving average is $31.04. The company has a quick ratio of 0.93, a current ratio of 2.46 and a debt-to-equity ratio of 0.31. The stock has a market cap of $721.42 million, a PE ratio of 23.91 and a beta of 0.52. Standard Motor Products, Inc. has a fifty-two week low of $26.09 and a fifty-two week high of $41.71.

Standard Motor Products (NYSE:SMP) last issued its earnings results on Thursday, August 1st. The auto parts company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.20. Standard Motor Products had a net margin of 2.79% and a return on equity of 9.90%. The company had revenue of $389.80 million for the quarter, compared to analyst estimates of $365.60 million. During the same period in the prior year, the business posted $0.84 earnings per share. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. Analysts expect that Standard Motor Products, Inc. will post 3.01 earnings per share for the current fiscal year.

Standard Motor Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend was Thursday, August 15th. Standard Motor Products’s payout ratio is currently 83.45%.

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.