Simpson Manufacturing (NYSE:SSD) Rating Increased to Buy at ValuEngine

ValuEngine upgraded shares of Simpson Manufacturing (NYSE:SSD) from a hold rating to a buy rating in a report released on Friday morning, ValuEngine reports.

Other research analysts have also recently issued reports about the stock. Sidoti cut shares of Simpson Manufacturing from a buy rating to a neutral rating and reduced their price objective for the company from $72.00 to $60.00 in a report on Tuesday, July 30th. Zacks Investment Research cut shares of Simpson Manufacturing from a hold rating to a sell rating in a report on Tuesday, July 30th.

Shares of NYSE SSD opened at $63.89 on Friday. The stock has a market capitalization of $2.79 billion, a P/E ratio of 22.11, a P/E/G ratio of 4.57 and a beta of 1.42. The company has a 50-day moving average price of $64.09 and a 200-day moving average price of $62.63. Simpson Manufacturing has a 1 year low of $49.54 and a 1 year high of $78.36.

Simpson Manufacturing (NYSE:SSD) last issued its quarterly earnings data on Monday, July 29th. The construction company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.14). The business had revenue of $304.90 million for 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%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.94 earnings per share. On average, research analysts forecast that Simpson Manufacturing will post 2.73 EPS for the current year.

In other news, Director Greenway Robin Macgillivray sold 1,475 shares of Simpson Manufacturing stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $61.56, for a total transaction of $90,801.00. Following the completion of the transaction, the director now directly owns 12,470 shares in the company, valued at $767,653.20. The sale 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.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Simpson Manufacturing by 3.6% during the second quarter. BlackRock Inc. now owns 6,306,867 shares of the construction company’s stock worth $419,153,000 after purchasing an additional 221,543 shares during the last quarter. Conestoga Capital Advisors LLC boosted its holdings in Simpson Manufacturing by 2.7% during the second quarter. Conestoga Capital Advisors LLC now owns 1,690,682 shares of the construction company’s stock worth $112,363,000 after purchasing an additional 44,610 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Simpson Manufacturing by 3.9% during the second quarter. Wells Fargo & Company MN now owns 1,278,562 shares of the construction company’s stock worth $84,972,000 after purchasing an additional 47,587 shares during the last quarter. Northern Trust Corp boosted its holdings in Simpson Manufacturing by 1.0% during the second quarter. Northern Trust Corp now owns 988,683 shares of the construction company’s stock worth $65,707,000 after purchasing an additional 9,947 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Simpson Manufacturing by 66.1% during the second quarter. JPMorgan Chase & Co. now owns 973,808 shares of the construction company’s stock worth $64,136,000 after purchasing an additional 387,592 shares during the last quarter. Institutional investors and hedge funds own 88.69% 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.

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