Standard Motor Products, Inc. SMP announced the inclusion of 123 new part numbers in its Standard and Intermotor lines. This involves 96 million VIO of 50 product categories, thus expanding the coverage of model-year 2018 of the company.
Further, the Long Island City, NY-based company is continuing with the expansion of its line under Advanced Driver Assistance System (ADAS) categories. This includes 15 Blind Spot Detection Sensors, five Cruise Control Distance Sensors and four Lane Departure System Cameras. With this addition, Standard Motor now offers 100 parts to its customers.
Also, the company is increasing the coverage of its two other technologies namely, variable valve timing (VVT) and EVAP systems. Under the VVT technology, the company added three solenoids and two sprockets to grow its aftermarket-leading VVT coverage. Moreover, under EVAP systems, it added eight components for increasing EVAP coverage to more than 1 million VIO.
Standard Motor Products, Inc. Price and Consensus
Standard Motor Products, Inc. Price and Consensus | Standard Motor Products, Inc. Quote
Per management, the quality of the launches under ADAS, VVT and EVAP categories are expected to assist technicians to serve the growing automotive technologies.
Standard Motor is one of the leading manufacturers, distributors and marketers of automotive replacement parts in the United States.
In a year's time, Standard Motor's stock has moved down 8.9%, underperforming 4.4% decline of the industry it belongs to.
Zacks Rank & Stocks to Consider
Standard Motor currently carries a Zacks Rank #5 (Strong Sell). A few better-ranked stocks in the auto space are Daimler AG DDAIF , Fox Factory Holding Corporation FOXF and Magna International Inc. MGA , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Daimler has an expected long-term growth rate of 5%. Shares of the company have risen 9.2% over the past year.
Fox Factory has an expected long-term growth rate of 11.5%. Shares of the company have risen 16% over the past year.
Magna International has an expected long-term growth rate of 8.5%. In a year's time, shares of the company have gained 48%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fox Factory Holding Corp. (FOXF): Free Stock Analysis Report Daimler AG (DDAIF): Free Stock Analysis Report Magna International Inc. (MGA): Free Stock Analysis Report Standard Motor Products, Inc. (SMP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research