DA Davidson Equities Analysts Decrease Earnings Estimates for Simpson Manufacturing Company, Inc. (SSD)
Simpson Manufacturing Company, Inc. (NYSE:SSD) – Research analysts at DA Davidson cut their FY2017 earnings per share (EPS) estimates for shares of Simpson Manufacturing in a research report issued to clients and investors on Tuesday. DA Davidson analyst S. Chercover now anticipates that the construction company will post earnings per share of $1.89 for the year, down from their prior estimate of $1.91. DA Davidson has a “Buy” rating on the stock. DA Davidson also issued estimates for Simpson Manufacturing’s Q1 2018 earnings at $0.52 EPS, Q2 2018 earnings at $0.76 EPS, Q3 2018 earnings at $0.80 EPS and FY2018 earnings at $2.61 EPS.
Simpson Manufacturing (NYSE:SSD) last announced its quarterly earnings results on Monday, October 30th. The construction company reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.02). The firm had revenue of $262.50 million for the quarter, compared to analyst estimates of $261.27 million. Simpson Manufacturing had a net margin of 10.25% and a return on equity of 9.92%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.62 earnings per share.
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Other research analysts also recently issued reports about the company. Zacks Investment Research upgraded Simpson Manufacturing from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, July 25th. BidaskClub downgraded Simpson Manufacturing from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. Finally, Robert W. Baird upgraded Simpson Manufacturing from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $50.00 to $58.00 in a report on Tuesday.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Thursday, January 4th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, January 3rd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.51%. Simpson Manufacturing’s payout ratio is presently 41.58%.
Simpson Manufacturing declared that its board has authorized a share buyback plan on Wednesday, August 2nd that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the construction company to purchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other Simpson Manufacturing news, major shareholder Sharon H. Simpson sold 72,424 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $200,724.00, for a total value of $14,537,234,976.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Sharon H. Simpson sold 70,582 shares of the firm’s stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $49.41, for a total value of $3,487,456.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 966,062 shares of company stock valued at $14,581,567,733. 0.36% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of SSD. BlackRock Inc. grew its stake in Simpson Manufacturing by 155,956.1% in the first quarter. BlackRock Inc. now owns 5,212,273 shares of the construction company’s stock valued at $224,596,000 after purchasing an additional 5,208,933 shares in the last quarter. Janus Henderson Group PLC bought a new position in Simpson Manufacturing in the second quarter valued at approximately $72,714,000. Deprince Race & Zollo Inc. bought a new position in Simpson Manufacturing in the second quarter valued at approximately $18,828,000. Vaughan Nelson Investment Management L.P. bought a new position in Simpson Manufacturing in the second quarter valued at approximately $17,521,000. Finally, Franklin Resources Inc. grew its stake in Simpson Manufacturing by 11.0% in the second quarter. Franklin Resources Inc. now owns 3,010,385 shares of the construction company’s stock valued at $131,584,000 after purchasing an additional 297,244 shares in the last quarter. Hedge funds and other institutional investors own 84.09% 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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