Simpson Manufacturing Company, Inc. (SSD) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Simpson Manufacturing Company, Inc. (NYSE:SSD) from a hold rating to a buy rating in a research note released on Tuesday, July 25th. They currently have $50.00 price objective on the construction company’s stock.
According to Zacks, “SIMPSON MANUFACTURING designs,engineers and manufactures wood-to-wood, wood-to-concrete and wood-to-masonry connectors. “
Separately, BidaskClub raised shares of Simpson Manufacturing from a hold rating to a buy rating in a research note on Monday, June 19th.
Shares of Simpson Manufacturing (SSD) traded down 0.97% during trading on Tuesday, reaching $42.04. 196,073 shares of the company’s stock traded hands. The stock has a market cap of $1.99 billion, a P/E ratio of 20.51 and a beta of 1.41. The company has a 50 day moving average price of $43.72 and a 200-day moving average price of $42.70. Simpson Manufacturing has a one year low of $39.82 and a one year high of $48.41.
Simpson Manufacturing (NYSE:SSD) last issued its quarterly earnings data on Thursday, July 27th. The construction company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The business had revenue of $263 million for the quarter, compared to analysts’ expectations of $259.05 million. Simpson Manufacturing had a net margin of 10.78% and a return on equity of 10.26%. The business’s revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the company earned $0.54 EPS. On average, equities research analysts expect that Simpson Manufacturing will post $2.09 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Thursday, October 26th. Investors of record on Thursday, October 5th will be paid a $0.21 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $0.84 dividend on an annualized basis and a yield of 2.00%. Simpson Manufacturing’s dividend payout ratio is currently 40.98%.
In other Simpson Manufacturing news, major shareholder Sharon H. Simpson sold 60,061 shares of the firm’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $43.46, for a total value of $2,610,251.06. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Sharon H. Simpson sold 67,163 shares of the firm’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $43.62, for a total value of $2,929,650.06. The disclosure for this sale can be found here. Insiders sold a total of 350,999 shares of company stock worth $15,341,008 in the last three months. 0.36% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Pinebridge Investments L.P. increased its position in Simpson Manufacturing by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 5,337 shares of the construction company’s stock valued at $233,000 after buying an additional 53 shares in the last quarter. Elkfork Partners LLC increased its position in shares of Simpson Manufacturing by 2.3% in the first quarter. Elkfork Partners LLC now owns 2,492 shares of the construction company’s stock worth $107,000 after buying an additional 56 shares in the last quarter. Meadow Creek Investment Management LLC increased its position in shares of Simpson Manufacturing by 2.3% in the first quarter. Meadow Creek Investment Management LLC now owns 3,026 shares of the construction company’s stock worth $130,000 after buying an additional 68 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Simpson Manufacturing by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 4,470 shares of the construction company’s stock worth $192,000 after buying an additional 90 shares in the last quarter. Finally, Granite Investment Partners LLC boosted its stake in Simpson Manufacturing by 0.4% in the second quarter. Granite Investment Partners LLC now owns 24,658 shares of the construction company’s stock valued at $1,078,000 after buying an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 84.90% of the company’s stock.
About Simpson Manufacturing
Simpson Manufacturing Co, Inc, through its subsidiary, Simpson Strong-Tie Company Inc (SST), designs, engineers and manufactures wood construction products, including connectors, truss plates, fastening systems, fasteners and pre-fabricated lateral systems used in light-frame construction. The Company’s segments are North America, Europe, Asia/Pacific, and Administrative & All Other.
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