Simpson Manufacturing (NYSE:SSD) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Simpson Manufacturing (NYSE:SSD) from a hold rating to a sell rating in a research note issued to investors on Tuesday, Zacks.com reports.

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. “

Separately, Sidoti downgraded Simpson Manufacturing from a buy rating to a neutral rating and lowered their target price for the company from $72.00 to $60.00 in a report on Tuesday.

SSD stock opened at $61.72 on Tuesday. Simpson Manufacturing has a fifty-two week low of $49.54 and a fifty-two week high of $78.36. The firm has a 50-day moving average price of $65.09. The company has a market capitalization of $2.65 billion, a P/E ratio of 21.36, a price-to-earnings-growth ratio of 3.93 and a beta of 1.47.

Simpson Manufacturing (NYSE:SSD) last posted its earnings results on Monday, July 29th. The construction company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.14). Simpson Manufacturing had a net margin of 11.21% and a return on equity of 14.69%. The firm had revenue of $304.90 million during the quarter, compared to the consensus estimate of $323.71 million. During the same period in the prior year, the company posted $0.94 EPS. The firm’s revenue was down 1.0% compared to the same quarter last year. On average, equities analysts predict that Simpson Manufacturing will post 3.02 EPS for the current fiscal year.

In other news, Director Greenway Robin Macgillivray sold 1,475 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $61.56, for a total value of $90,801.00. Following the transaction, the director now owns 12,470 shares of the company’s stock, valued at $767,653.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of SSD. Geode Capital Management LLC raised its stake in shares of Simpson Manufacturing by 8.4% in the fourth quarter. Geode Capital Management LLC now owns 432,946 shares of the construction company’s stock worth $23,435,000 after buying an additional 33,498 shares during the period. Two Sigma Investments LP raised its stake in shares of Simpson Manufacturing by 7.6% in the fourth quarter. Two Sigma Investments LP now owns 31,721 shares of the construction company’s stock worth $1,717,000 after buying an additional 2,243 shares during the period. Two Sigma Advisers LP raised its stake in shares of Simpson Manufacturing by 89.7% in the fourth quarter. Two Sigma Advisers LP now owns 6,000 shares of the construction company’s stock worth $325,000 after buying an additional 2,837 shares during the period. Bank of America Corp DE raised its stake in shares of Simpson Manufacturing by 1.7% in the fourth quarter. Bank of America Corp DE now owns 240,828 shares of the construction company’s stock worth $13,037,000 after buying an additional 3,956 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its stake in Simpson Manufacturing by 126.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 31,017 shares of the construction company’s stock valued at $1,679,000 after purchasing an additional 17,307 shares during the period. 89.64% of the stock is currently owned by hedge funds and other institutional investors.

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, shearwalls, and pre-fabricated lateral systems used in light-frame construction; and concrete construction products comprising adhesives, 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, which include grouts, coatings, sealers, mortars, fiberglass and fiber-reinforced polymer systems, and asphalt products.

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