Simpson Manufacturing Co. (NYSE:SSD) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday. The brokerage currently has a $49.00 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 1.72% from the company’s previous close.
According to Zacks, “SIMPSON MANUFACTURING designs,engineers and manufactures wood-to-wood, wood-to-concrete and wood-to-masonry connectors. “
Separately, Sidoti assumed coverage on shares of Simpson Manufacturing in a research report on Friday, September 9th. They set a “neutral” rating for the company.
Simpson Manufacturing (NYSE:SSD) traded up 0.73% on Wednesday, hitting $48.17. 144,823 shares of the stock were exchanged. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 26.93 and a beta of 1.32. Simpson Manufacturing has a 12 month low of $30.25 and a 12 month high of $48.41. The company has a 50-day moving average of $44.07 and a 200-day moving average of $42.01.
Simpson Manufacturing (NYSE:SSD) last announced its earnings results on Thursday, October 27th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The firm had revenue of $230.97 million for the quarter, compared to analyst estimates of $232.73 million. Simpson Manufacturing had a net margin of 10.30% and a return on equity of 10.07%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 EPS. On average, equities analysts predict that Simpson Manufacturing will post $1.86 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 26th. Investors of record on Thursday, January 5th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, January 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 1.49%. Simpson Manufacturing’s dividend payout ratio (DPR) is currently 40.00%.
In related news, VP Jeffrey Eric Mackenzie sold 1,669 shares of Simpson Manufacturing stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $45.28, for a total transaction of $75,572.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Ricardo M. Arevalo sold 3,437 shares of Simpson Manufacturing stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $44.40, for a total transaction of $152,602.80. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE boosted its position in shares of Simpson Manufacturing by 2.7% in the third quarter. US Bancorp DE now owns 3,650 shares of the company’s stock valued at $161,000 after buying an additional 95 shares during the period. Municipal Employees Retirement System of Michigan boosted its position in shares of Simpson Manufacturing by 1.4% in the third quarter. Municipal Employees Retirement System of Michigan now owns 10,820 shares of the company’s stock valued at $476,000 after buying an additional 150 shares during the period. PineBridge Investments L.P. boosted its position in shares of Simpson Manufacturing by 3.8% in the second quarter. PineBridge Investments L.P. now owns 5,209 shares of the company’s stock valued at $208,000 after buying an additional 193 shares during the period. Aperio Group LLC boosted its position in shares of Simpson Manufacturing by 2.3% in the first quarter. Aperio Group LLC now owns 10,440 shares of the company’s stock valued at $398,000 after buying an additional 236 shares during the period. Finally, BB&T Corp boosted its position in shares of Simpson Manufacturing by 3.4% in the third quarter. BB&T Corp now owns 7,387 shares of the company’s stock valued at $325,000 after buying an additional 240 shares during the period. 82.09% of the stock is owned by institutional investors.
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 and lateral systems used in light-frame construction. It also offers concrete construction products used for concrete, masonry, steel and for concrete repair, protection and strengthening, including adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools and fiber reinforced materials.