Stock Buyback Plan Announced by Simpson Manufacturing (SSD) Board
Simpson Manufacturing (NYSE:SSD) declared that its Board of Directors has authorized a share buyback plan, which permits the company to repurchase $150.00 million in outstanding shares on Wednesday, August 2nd, EventVestor reports. This repurchase authorization permits the construction company to reacquire up to 7.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Simpson Manufacturing (SSD) opened at $59.02 on Friday. Simpson Manufacturing has a fifty-two week low of $39.82 and a fifty-two week high of $59.71. The firm has a market capitalization of $2,790.05, a price-to-earnings ratio of 32.08, a P/E/G ratio of 6.30 and a beta of 1.49.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Shareholders of record on Thursday, January 4th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend is Wednesday, January 3rd. Simpson Manufacturing’s dividend payout ratio is presently 41.58%.
A number of research analysts recently weighed in on the company. Robert W. Baird reiterated a “hold” rating and issued a $46.00 target price on shares of Simpson Manufacturing in a report on Friday, October 20th. DA Davidson upgraded Simpson Manufacturing from a “neutral” rating to a “buy” rating in a report on Tuesday, October 31st. Zacks Investment Research cut Simpson Manufacturing from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, BidaskClub cut Simpson Manufacturing from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th.
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In other Simpson Manufacturing news, major shareholder Sharon H. Simpson sold 24,973 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $49.07, for a total transaction of $1,225,425.11. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Psb Fund Simpson sold 72,424 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $49.23, for a total value of $3,565,433.52. Following the transaction, the insider now owns 1,266,213 shares in the company, valued at approximately $62,335,665.99. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 966,062 shares of company stock worth $14,581,567,733. 0.36% of the stock is currently owned by insiders.
Simpson Manufacturing Company Profile
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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