Los Angeles Capital Management has decreased its stake in aftermarket auto parts manufacturer Standard Motor Products Inc.
Los Angeles Capital, based in West Los Angeles, in a filing with the Securities and Exchange Commission, reported on Aug. 5 that for the second quarter it owned 25,994 shares in Standard Motor, which is based in Long Island City, New York. That means the company had sold off 5,536 shares during the quarter.
At the end of the first quarter, the private equity firm owned 31,530 shares of the auto parts manufacturer, an increase of just more than 5,000 shares it owned at the end of the fourth quarter of last year, according to SEC filings.
As of Aug. 12, the total value of Los Angeles Capital’s stake in Standard Motor was roughly $1 milion. That day, shares in Standard Motor closed at $39.93.
Los Angeles Capital manages more than $28.4 billion in assets in over 50 portfolios for clients in the U.S., Europe, and Asia. Portfolios range in value from $25 million to $7 billion.
Los Angeles-area manufacturers that the firm has invested in, according to the SEC filing, include Aerojet Rocketdyne Holdings Inc., an El Segundo rocket engine maker (26,111 shares); Amgen Inc., a Thousand Oaks-based drug manufacturer (758,066 shares); and Semtech Corp., a Camarillo semiconductor and Internet-of-Things products manufacturer (96,699 shares).
Los Angeles Capital has invested in aerospace manufacturers with significant operations in the greater Los Angeles area: Falls Church, Virginia-based Northrop Grumman Corp. and Bethesda, Maryland-based Lockheed Martin Corp. Northrop has operations in Redondo Beach, Woodland Hills, Northridge and Palmdale. Lockheed has a top-secret research and development division, in Palmdale.
