Cornercap Investment Counsel Inc. Reduces Stock Position in Standard Motor Products, Inc. (NYSE:SMP)

Cornercap Investment Counsel Inc. lowered its holdings in shares of Standard Motor Products, Inc. (NYSE:SMP) by 64.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,154 shares of the auto parts company’s stock after selling 30,871 shares during the quarter. Cornercap Investment Counsel Inc. owned 0.08% of Standard Motor Products worth $570,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of Standard Motor Products by 153.8% in the 3rd 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. Louisiana State Employees Retirement System increased its position in Standard Motor Products by 6.4% during the 3rd quarter. Louisiana State Employees Retirement System now owns 10,000 shares of the auto parts company’s stock valued at $332,000 after buying an additional 600 shares in the last quarter. US Bancorp DE increased its position in Standard Motor Products by 7.7% during the 3rd quarter. US Bancorp DE now owns 8,533 shares of the auto parts company’s stock valued at $283,000 after buying an additional 608 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Standard Motor Products by 3.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,396 shares of the auto parts company’s stock valued at $618,000 after buying an additional 634 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in Standard Motor Products by 6.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 11,760 shares of the auto parts company’s stock valued at $390,000 after buying an additional 745 shares in the last quarter. 81.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Standard Motor Products

In other Standard Motor Products news, insider Carmine Joseph Broccole sold 913 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $34.96, for a total transaction of $31,918.48. Following the transaction, the insider now owns 81,241 shares in the company, valued at approximately $2,840,185.36. This represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Eric Sills sold 1,721 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $34.97, for a total value of $60,183.37. Following the transaction, the chief executive officer now owns 175,651 shares in the company, valued at $6,142,515.47. This represents a 0.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,454 shares of company stock worth $225,701 over the last quarter. 5.00% of the stock is currently owned by insiders.

Standard Motor Products Trading Down 1.5 %

Shares of NYSE:SMP opened at $33.17 on Friday. The business’s 50-day moving average is $32.24 and its 200 day moving average is $31.04. Standard Motor Products, Inc. has a 1 year low of $26.09 and a 1 year high of $41.71. The firm has a market capitalization of $720.45 million, a P/E ratio of 20.48 and a beta of 0.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.25 and a quick ratio of 0.82.

Standard Motor Products (NYSE:SMP) last posted its quarterly earnings results on Wednesday, October 30th. The auto parts company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. Standard Motor Products had a return on equity of 10.42% and a net margin of 2.56%. The business had revenue of $399.27 million for the quarter, compared to the consensus estimate of $396.10 million. During the same quarter in the previous year, the business earned $1.11 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, research analysts predict that Standard Motor Products, Inc. will post 3.03 earnings per share for the current fiscal year.

Standard Motor Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.50%. Standard Motor Products’s payout ratio is 71.61%.

Standard Motor Products 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.