Standard Motor Products, Inc. (NYSE:SMP) announced a quarterly dividend of $0.33 per share, set to benefit shareholders on record as of February 16, 2024. The payment will be issued on March 2, 2024, marking a 6.5% increase from the previous quarterly dividend of $0.31. The ex-dividend date is established for February 13, 2024.
This latest dividend declaration reflects the company’s commitment to returning value to its shareholders. With an annualized dividend yield of 3.1%, investors can anticipate a reliable income stream. Over the past three years, Standard Motor Products has consistently raised its dividend, demonstrating a commitment to shareholder returns and financial stability.
Standard Motor Products maintains a dividend payout ratio of 29.5%, indicating that its dividend is well-supported by earnings. Analysts project earnings of $3.43 per share for the upcoming year, suggesting that the company will continue to comfortably cover its annual dividend of $1.24, with an anticipated future payout ratio of 36.2%.
Stock Performance and Market Overview
On the day of the announcement, Standard Motor Products shares rose by $2.36 to reach $42.29. Trading volume was recorded at 131,551 shares, surpassing the average volume of 125,483 shares. The company’s fifty-day moving average stands at $38.22, while the 200-day moving average is $38.09.
The stock has demonstrated significant performance over the past year, with a 52-week low of $21.38 and a high of $42.69. Standard Motor Products currently holds a market capitalization of approximately $930.31 million, with a price-to-earnings (P/E) ratio of 30.21 and a beta of 0.76. The company carries a debt-to-equity ratio of 0.78, a current ratio of 1.96, and a quick ratio of 0.77.
Company Profile and Product Offering
Founded in 1919 and headquartered in Long Island City, New York, Standard Motor Products, Inc. is a prominent manufacturer and distributor of automotive parts, both aftermarket and original equipment. The company specializes in engineering, testing, and supplying ignition and temperature management products for passenger vehicles and light trucks.
Its extensive product range includes ignition coils, spark plug wires, sensors, switches, and heating and air conditioning controls, among other related electronic components. The business operates through two primary segments: Engine Management and Temperature Control, solidifying its position within the automotive parts industry.
As the company continues to grow and evolve, it remains focused on innovation and quality, catering to the needs of its diverse customer base while maintaining a strong commitment to shareholder value.
