Shares of Simpson Manufacturing Company, Inc. (NYSE:SSD) have been given a consensus broker rating score of 1.00 (Strong Buy) from the two brokers that cover the stock, Zacks Investment Research reports. Two analysts have rated the stock with a strong buy rating. Simpson Manufacturing’s rating score has improved by 66.7% from three months ago as a result of a number of analysts’ ratings changes.
Brokers have set a twelve-month consensus target price of $59.00 for the company and are forecasting that the company will post $0.40 earnings per share for the current quarter, according to Zacks. Zacks has also given Simpson Manufacturing an industry rank of 120 out of 265 based on the ratings given to related companies.
Several brokerages recently issued reports on SSD. Robert W. Baird upgraded shares of Simpson Manufacturing from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $50.00 to $58.00 in a report on Tuesday, October 31st. DA Davidson upgraded shares of Simpson Manufacturing from a “neutral” rating to a “buy” rating in a report on Tuesday, October 31st. BidaskClub lowered shares of Simpson Manufacturing from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. Finally, Zacks Investment Research lowered shares of Simpson Manufacturing from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd.
Shares of Simpson Manufacturing (NYSE:SSD) opened at $56.99 on Thursday. The stock has a market cap of $2,690.00, a PE ratio of 30.90, a P/E/G ratio of 6.07 and a beta of 1.50. Simpson Manufacturing has a fifty-two week low of $39.82 and a fifty-two week high of $59.71.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 25th. Shareholders of record on Thursday, January 4th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.47%. The ex-dividend date is Wednesday, January 3rd. Simpson Manufacturing’s dividend payout ratio is currently 41.38%.
Simpson Manufacturing declared that its board has authorized a stock repurchase plan on Wednesday, August 2nd that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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In other news, major shareholder Sharon H. Simpson sold 72,424 shares of the business’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $200,724.00, for a total transaction of $14,537,234,976.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Psb Fund Simpson sold 95,322 shares of the business’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $49.54, for a total value of $4,722,251.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 966,062 shares of company stock valued at $14,581,567,733. 0.36% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Marshall Wace North America L.P. acquired a new position in shares of Simpson Manufacturing during the second quarter worth about $6,285,000. Comerica Bank grew its position in shares of Simpson Manufacturing by 81.8% during the second quarter. Comerica Bank now owns 82,300 shares of the construction company’s stock worth $3,604,000 after buying an additional 37,030 shares in the last quarter. Bank of America Corp DE grew its position in shares of Simpson Manufacturing by 85.8% during the first quarter. Bank of America Corp DE now owns 241,794 shares of the construction company’s stock worth $10,419,000 after buying an additional 111,672 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Simpson Manufacturing by 10.4% during the second quarter. Wells Fargo & Company MN now owns 1,623,796 shares of the construction company’s stock worth $70,977,000 after buying an additional 153,164 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Simpson Manufacturing by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,750,714 shares of the construction company’s stock worth $76,524,000 after buying an additional 7,080 shares in the last quarter. 84.30% of the stock is owned by institutional investors and hedge funds.
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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