Legato Capital Management LLC just revealed a fourth-quarter investment in Standard Motor Products, Inc.The fund purchased 62,830 shares of the auto parts company’s stock for around $2,186,000. Legato Capital Management LLC held 0.29% of Standard Motors Products at the end of the reporting period.
This announcement comes only a few weeks after SMP revealed its quarterly profit results on Wednesday, February 22nd. During that time, the auto parts company earned $0.69 per share, above analyst projections by $0.17 per share.
Standard Motor Products has also generated revenue of $308.20 million for Q4 2016, despite analysts’ predicted revenue of $322.49 million; this implies that there is some potential for improvement in their capacity to execute as profitability is impacted.
Though projections for SMP are favorable, with Equities research analysts expecting the auto parts manufacturer to post 3.56 EPS in 2017 and Roth Capital reiterating a “buy” rating on its shares – in addition to StockNews.com’s recent coverage and positive rating – TheStreet specifically praised Standard Motor’s products, upgrading them from a “c+” rating to a “b-.”
It remains to be seen how Standard Motor Products will do throughout 2017, but with these improvements thus far, it is clear that this can only have a positive impact on their bottom line, adding to the overall success of the automotive sector in America and beyond.
