Simpson Manufacturing Company, Inc. (SSD) Upgraded at Robert W. Baird
Robert W. Baird upgraded shares of Simpson Manufacturing Company, Inc. (NYSE:SSD) from a neutral rating to an outperform rating in a research report released on Tuesday, Marketbeat.com reports. Robert W. Baird currently has $58.00 price target on the construction company’s stock, up from their prior price target of $50.00.
Several other research analysts also recently commented on SSD. DA Davidson upgraded Simpson Manufacturing from a neutral rating to a buy rating in a report on Tuesday. Zacks Investment Research downgraded Simpson Manufacturing from a buy rating to a hold rating in a report on Wednesday, August 2nd. Finally, BidaskClub downgraded Simpson Manufacturing from a buy rating to a hold rating in a report on Wednesday, August 16th.
Simpson Manufacturing (NYSE:SSD) opened at $59.02 on Tuesday. The firm has a market capitalization of $2,759.82, a P/E ratio of 31.73, a price-to-earnings-growth ratio of 6.23 and a beta of 1.49.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Shareholders of record on Thursday, January 4th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, January 3rd. This represents a $0.84 annualized dividend and a yield of 1.42%. Simpson Manufacturing’s payout ratio is currently 41.58%.
Simpson Manufacturing declared that its board has approved a stock repurchase program on Wednesday, August 2nd that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 7.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, major shareholder Sharon H. Simpson sold 72,424 shares of Simpson Manufacturing stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $200,724.00, for a total value of $14,537,234,976.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Sharon H. Simpson sold 11,962 shares of Simpson Manufacturing stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $49.05, for a total value of $586,736.10. Following the completion of the transaction, the insider now owns 769,504 shares in the company, valued at $37,744,171.20. The disclosure for this sale can be found here. Insiders have sold a total of 966,062 shares of company stock worth $14,581,567,733 over the last 90 days. 0.36% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA increased its holdings in shares of Simpson Manufacturing by 67.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,878 shares of the construction company’s stock valued at $1,122,000 after acquiring an additional 9,213 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Simpson Manufacturing by 3.2% in the 3rd quarter. Principal Financial Group Inc. now owns 344,605 shares of the construction company’s stock valued at $16,899,000 after acquiring an additional 10,687 shares during the period. Prudential Financial Inc. increased its holdings in shares of Simpson Manufacturing by 2.7% in the 3rd quarter. Prudential Financial Inc. now owns 70,299 shares of the construction company’s stock valued at $3,447,000 after acquiring an additional 1,870 shares during the period. Conestoga Capital Advisors LLC increased its holdings in shares of Simpson Manufacturing by 13.1% in 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 acquiring an additional 138,960 shares during the period. Finally, Crossmark Global Holdings Inc. purchased a new position in shares of Simpson Manufacturing in the 3rd quarter valued at $430,000. Institutional investors and hedge funds own 84.09% of the company’s stock.
About Simpson Manufacturing
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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