Simpson Manufacturing (NYSE:SSD) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $65.00 target price on the construction company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 17.12% from the stock’s previous close.
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. “
Other research analysts have also issued reports about the company. Robert W. Baird reissued a “buy” rating and issued a $64.00 price objective on shares of Simpson Manufacturing in a research report on Tuesday, January 9th. DA Davidson raised Simpson Manufacturing from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 31st. Finally, Sidoti began coverage on Simpson Manufacturing in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $66.00 price objective for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Simpson Manufacturing currently has an average rating of “Hold” and a consensus target price of $63.75.
Simpson Manufacturing (NYSE:SSD) last announced its earnings results on Monday, February 5th. The construction company reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.10). The company had revenue of $231.68 million for the quarter, compared to analyst estimates of $224.47 million. Simpson Manufacturing had a return on equity of 9.64% and a net margin of 9.48%. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.37 earnings per share. equities analysts predict that Simpson Manufacturing will post 2.67 earnings per share for the current fiscal year.
In related news, major shareholder Sharon H. Simpson sold 8,210 shares of the business’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $61.18, for a total value of $502,287.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Roger Dankel sold 1,300 shares of the business’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $59.01, for a total value of $76,713.00. Following the completion of the sale, the insider now directly owns 60 shares of the company’s stock, valued at $3,540.60. The disclosure for this sale can be found here. Insiders sold a total of 750,783 shares of company stock valued at $44,234,197 over the last ninety days. 0.36% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the stock. Conestoga Capital Advisors LLC boosted its stake in Simpson Manufacturing by 13.1% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,203,520 shares of the construction company’s stock valued at $59,021,000 after purchasing an additional 138,960 shares during the last quarter. Royce & Associates LP boosted its stake in shares of Simpson Manufacturing by 6.8% in the 3rd quarter. Royce & Associates LP now owns 792,625 shares of the construction company’s stock worth $38,870,000 after buying an additional 50,380 shares during the last quarter. Nuance Investments LLC boosted its stake in shares of Simpson Manufacturing by 10.8% in the 3rd quarter. Nuance Investments LLC now owns 153,932 shares of the construction company’s stock worth $7,549,000 after buying an additional 15,047 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Simpson Manufacturing in the 3rd quarter worth approximately $430,000. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in shares of Simpson Manufacturing by 21.4% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 486,525 shares of the construction company’s stock worth $23,859,000 after buying an additional 85,675 shares during the last quarter. 83.97% of the stock is owned by institutional investors and hedge funds.
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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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