Zacks reiterated their neutral rating on shares of Standard Motor Products (NYSE:SMP) in a research report sent to investors on Friday morning, Stock Ratings News reports. The firm currently has a $36.00 price target on the stock.
Zacks’ analyst wrote, “Standard Motor reported an 8.2% rise in adjusted earnings per share to $0.79 in the third quarter of 2013, beating the Zacks Consensus Estimate of $0.76. Total revenue declined 4.3% from the prior-year quarter to $264.2 million, missing the Zacks Consensus Estimate of $279 million. The company enjoys strong brand recognition and benefits from less cyclical end-markets within the auto and auto parts industries. Furthermore, the recent acquisitions will continue to boost revenues and generate savings through optimization of product costs. However, we are concerned about Standard Motor’s high dependence on some customers and price competition prevailing in the market. Thus, we maintain our Neutral recommendation on Standard Motor.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Bank of America Corp. downgraded shares of Standard Motor Products to a neutral rating in a research note to investors on Friday, November 1st. Analysts at S&P Equity Research downgraded shares of Standard Motor Products to a hold rating in a research note to investors on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. The stock currently has an average rating of Hold and an average target price of $35.33.
Shares of Standard Motor Products (NYSE:SMP) opened at 34.72 on Friday. Standard Motor Products has a 1-year low of $19.03 and a 1-year high of $39.99. The stock’s 50-day moving average is $34.22 and its 200-day moving average is $33.46. The company has a market cap of $802.2 million and a P/E ratio of 16.65.
Standard Motor Products (NYSE:SMP) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.76 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.76. The company had revenue of $264.20 million for the quarter, compared to the consensus estimate of $278.07 million. During the same quarter in the prior year, the company posted $0.73 earnings per share. The company’s quarterly revenue was down 4.3% on a year-over-year basis. Analysts expect that Standard Motor Products will post $2.24 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.27%. The ex-dividend date is Wednesday, November 13th.
In other Standard Motor Products news, VP Eric Sills sold 2,450 shares of Standard Motor Products stock on the open market in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $34.18, for a total transaction of $83,741.00. Following the completion of the transaction, the vice president now directly owns 4,936 shares in the company, valued at approximately $168,712. The sale was disclosed in a document filed with the SEC, which is available at this link.
Standard Motor Products, Inc (NYSE:SMP) is an independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry, with a focus on the original equipment service market.
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