Invenomic Capital Management LP Cuts Stock Position in Standard Motor Products, Inc. (NYSE:SMP)

Invenomic Capital Management LP lowered its holdings in Standard Motor Products, Inc. (NYSE:SMP) by 2.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,077 shares of the auto parts company’s stock after selling 1,227 shares during the period. Invenomic Capital Management LP owned about 0.23% of Standard Motor Products worth $1,680,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Gladius Capital Management LP purchased a new position in shares of Standard Motor Products during the 4th quarter valued at $109,000. International Assets Investment Management LLC increased its stake in Standard Motor Products by 3,928.4% in the 4th quarter. International Assets Investment Management LLC now owns 4,673 shares of the auto parts company’s stock worth $186,000 after acquiring an additional 4,557 shares during the last quarter. Arizona State Retirement System bought a new position in shares of Standard Motor Products during the 4th quarter valued at about $218,000. Russell Investments Group Ltd. bought a new position in shares of Standard Motor Products during the 1st quarter valued at about $205,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of Standard Motor Products by 5.0% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,499 shares of the auto parts company’s stock valued at $259,000 after purchasing an additional 307 shares during the last quarter. Hedge funds and other institutional investors own 81.26% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Roth Mkm reiterated a “buy” rating and set a $42.00 price objective on shares of Standard Motor Products in a research report on Thursday, May 23rd.

Standard Motor Products Price Performance

Shares of Standard Motor Products stock traded up $0.34 during trading on Wednesday, hitting $32.74. 42,979 shares of the stock traded hands, compared to its average volume of 144,506. The stock has a market cap of $714.39 million, a price-to-earnings ratio of 23.28 and a beta of 0.52. Standard Motor Products, Inc. has a 52 week low of $26.09 and a 52 week high of $41.71. The firm’s fifty day moving average is $29.37 and its 200-day moving average is $32.86. The company has a quick ratio of 0.92, a current ratio of 2.66 and a debt-to-equity ratio of 0.32.

Standard Motor Products (NYSE:SMP) last issued its earnings results on Wednesday, May 1st. The auto parts company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.05. The company had revenue of $331.40 million during the quarter, compared to analysts’ expectations of $321.84 million. Standard Motor Products had a return on equity of 9.48% and a net margin of 2.28%. Standard Motor Products’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.61 EPS. Research analysts expect that Standard Motor Products, Inc. will post 2.99 EPS for the current fiscal year.

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.