Simpson Manufacturing (NYSE:SSD) Downgraded by Sidoti to Neutral

Sidoti cut shares of Simpson Manufacturing (NYSE:SSD) from a buy rating to a neutral rating in a research note issued to investors on Tuesday, BenzingaRatingsTable reports. The firm currently has $60.00 price target on the construction company’s stock, down from their previous price target of $72.00.

Separately, Zacks Investment Research downgraded Simpson Manufacturing from a hold rating to a sell rating in a report on Tuesday, July 23rd.

Shares of SSD opened at $62.04 on Tuesday. The firm has a market cap of $2.76 billion, a P/E ratio of 22.14, a price-to-earnings-growth ratio of 4.10 and a beta of 1.42. 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 simple moving average of $65.01.

Simpson Manufacturing (NYSE:SSD) last issued 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). The business had revenue of $304.90 million during the quarter, compared to analyst estimates of $323.71 million. Simpson Manufacturing had a net margin of 11.21% and a return on equity of 14.69%. Simpson Manufacturing’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 EPS. On average, analysts anticipate that Simpson Manufacturing will post 2.73 EPS for the current year.

In other news, Director Greenway Robin Macgillivray sold 1,475 shares of the company’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 in the company, valued at approximately $767,653.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Conestoga Capital Advisors LLC increased its holdings in Simpson Manufacturing by 2.7% in the second quarter. Conestoga Capital Advisors LLC now owns 1,690,682 shares of the construction company’s stock worth $112,363,000 after buying an additional 44,610 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Simpson Manufacturing by 10.1% in the first quarter. Wells Fargo & Company MN now owns 1,230,975 shares of the construction company’s stock worth $72,959,000 after buying an additional 112,651 shares during the last quarter. FMR LLC increased its holdings in Simpson Manufacturing by 9.0% in the first quarter. FMR LLC now owns 949,208 shares of the construction company’s stock worth $56,260,000 after buying an additional 78,490 shares during the last quarter. Royce & Associates LP increased its holdings in Simpson Manufacturing by 12.6% in the first quarter. Royce & Associates LP now owns 805,233 shares of the construction company’s stock worth $47,726,000 after buying an additional 90,047 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Simpson Manufacturing by 194.8% in the first quarter. JPMorgan Chase & Co. now owns 586,216 shares of the construction company’s stock worth $34,745,000 after buying an additional 387,368 shares during the last quarter. Hedge funds and other institutional investors own 89.64% 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, 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.

See Also: What are CEFs?

Receive News & Ratings for Simpson Manufacturing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Simpson Manufacturing and related companies with MarketBeat.com's FREE daily email newsletter.