Simpson Manufacturing (NYSE:SSD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “Simpson Manufacturing Company Inc., headquartered in Pleasanton, California, through its subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products and software solutions, including connectors, truss plates, fastening systems, fasteners and shearwalls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing fiber materials. “
Several other analysts have also recently weighed in on the stock. Robert W. Baird cut shares of Simpson Manufacturing from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $75.00 to $72.00 in a report on Monday, October 15th. Sidoti raised their target price on shares of Simpson Manufacturing from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 10th. Finally, ValuEngine raised shares of Simpson Manufacturing from a “hold” rating to a “buy” rating in a report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. Simpson Manufacturing has an average rating of “Hold” and an average price target of $74.00.
Shares of NYSE:SSD opened at $59.49 on Thursday. The company has a market capitalization of $2.91 billion, a P/E ratio of 30.05, a PEG ratio of 4.15 and a beta of 1.59. Simpson Manufacturing has a fifty-two week low of $48.32 and a fifty-two week high of $78.36.
Simpson Manufacturing (NYSE:SSD) last issued its earnings results on Monday, July 30th. The construction company reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.21. The firm had revenue of $308.01 million for the quarter, compared to analysts’ expectations of $282.02 million. Simpson Manufacturing had a net margin of 10.58% and a return on equity of 12.61%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.59 earnings per share. Equities analysts forecast that Simpson Manufacturing will post 3.03 EPS for the current year.
In related news, Director James S. Andrasick sold 1,950 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $73.43, for a total value of $143,188.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.39% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the business. Sei Investments Co. increased its stake in Simpson Manufacturing by 56.1% in the second quarter. Sei Investments Co. now owns 2,485 shares of the construction company’s stock valued at $154,000 after purchasing an additional 893 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in Simpson Manufacturing in the second quarter valued at approximately $175,000. D.B. Root & Company LLC purchased a new position in Simpson Manufacturing in the second quarter valued at approximately $219,000. Whittier Trust Co. of Nevada Inc. increased its stake in Simpson Manufacturing by 31.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,920 shares of the construction company’s stock valued at $244,000 after purchasing an additional 939 shares during the last quarter. Finally, Itau Unibanco Holding S.A. purchased a new position in Simpson Manufacturing in the second quarter valued at approximately $246,000. Institutional investors own 89.09% of the company’s stock.
Simpson Manufacturing Company Profile
Simpson Manufacturing Co, Inc, through its subsidiaries, designs, engineers, manufactures, and sells building construction products. The company offers wood construction products, including connectors, truss plates, fastening systems, fasteners, and pre-fabricated lateral systems used in light-frame construction; and concrete construction products comprising adhesives, specialty chemicals, mechanical anchors, carbide drill bits, powder actuated tools, and fiber reinforced materials for use in concrete, masonry, and steel construction, as well as for concrete repair, protection, and strengthening applications.
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