Simpson Manufacturing Company, Inc. (SSD) Raised to Buy at DA Davidson

Simpson Manufacturing Company, Inc. (NYSE:SSD) was upgraded by research analysts at DA Davidson from a “neutral” rating to a “buy” rating in a report released on Tuesday, October 31st. DA Davidson also issued estimates for Simpson Manufacturing’s FY2017 earnings at $1.89 EPS, Q1 2018 earnings at $0.52 EPS, Q2 2018 earnings at $0.76 EPS, Q3 2018 earnings at $0.80 EPS, Q4 2018 earnings at $0.53 EPS, FY2018 earnings at $2.61 EPS and FY2019 earnings at $3.19 EPS.

Several other brokerages also recently issued reports on SSD. Zacks Investment Research downgraded Simpson Manufacturing from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Robert W. Baird restated a “hold” rating and issued a $46.00 target price on shares of Simpson Manufacturing in a research report on Friday, October 20th. Finally, BidaskClub cut Simpson Manufacturing from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th.

Shares of Simpson Manufacturing (NYSE SSD) opened at $57.30 on Tuesday. The stock has a market capitalization of $2,711.08, a PE ratio of 31.14, a PEG ratio of 6.11 and a beta of 1.49. Simpson Manufacturing has a 52-week low of $39.82 and a 52-week high of $59.71.

Simpson Manufacturing declared that its board has initiated a stock buyback plan on Wednesday, August 2nd that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the construction company to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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In other Simpson Manufacturing news, insider Psb Fund Simpson sold 72,424 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $49.23, for a total value of $3,565,433.52. Following the transaction, the insider now owns 1,266,213 shares of the company’s stock, valued at $62,335,665.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sharon H. Simpson sold 54,992 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $52.83, for a total transaction of $2,905,227.36. The disclosure for this sale can be found here. Insiders sold 966,062 shares of company stock worth $14,581,567,733 in the last ninety days. 0.36% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in Simpson Manufacturing by 155,956.1% during the 1st 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 during the period. Marshall Wace North America L.P. acquired a new stake in Simpson Manufacturing during the 2nd quarter valued at $6,285,000. Comerica Bank raised its stake in Simpson Manufacturing by 81.8% during the 2nd quarter. Comerica Bank now owns 82,300 shares of the construction company’s stock valued at $3,604,000 after purchasing an additional 37,030 shares during the period. Bank of America Corp DE raised its stake in Simpson Manufacturing by 85.8% during the 1st quarter. Bank of America Corp DE now owns 241,794 shares of the construction company’s stock valued at $10,419,000 after purchasing an additional 111,672 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Simpson Manufacturing by 10.4% during the 2nd quarter. Wells Fargo & Company MN now owns 1,623,796 shares of the construction company’s stock valued at $70,977,000 after purchasing an additional 153,164 shares during the period. 84.30% of the stock is currently 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, 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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