Simpson Manufacturing (NYSE:SSD) Shares Down 6.7% After Analyst Downgrade

Shares of Simpson Manufacturing Co., Inc. (NYSE:SSD) traded down 6.7% during mid-day trading on Tuesday after Robert W. Baird lowered their price target on the stock from $138.00 to $135.00. Robert W. Baird currently has an outperform rating on the stock. Simpson Manufacturing traded as low as $105.95 and last traded at $107.08. 1,332 shares traded hands during trading, a decline of 99% from the average session volume of 173,449 shares. The stock had previously closed at $114.77.

Separately, Zacks Investment Research lowered Simpson Manufacturing from a “buy” rating to a “hold” rating in a research note on Wednesday, September 29th.

In other news, insider Roger Dankel sold 1,500 shares of Simpson Manufacturing stock in a transaction on Friday, October 1st. The stock was sold at an average price of $107.77, for a total value of $161,655.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brian J. Magstadt sold 2,000 shares of Simpson Manufacturing stock in a transaction on Friday, October 15th. The shares were sold at an average price of $117.36, for a total value of $234,720.00. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Simpson Manufacturing by 1.9% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,711,939 shares of the construction company’s stock valued at $409,947,000 after acquiring an additional 69,842 shares during the period. Conestoga Capital Advisors LLC grew its stake in Simpson Manufacturing by 1.2% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,379,305 shares of the construction company’s stock worth $147,544,000 after buying an additional 16,137 shares during the last quarter. Alliancebernstein L.P. grew its stake in Simpson Manufacturing by 6.3% during the 2nd quarter. Alliancebernstein L.P. now owns 1,282,548 shares of the construction company’s stock worth $141,645,000 after buying an additional 75,836 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Simpson Manufacturing by 47.9% during the 1st quarter. Ameriprise Financial Inc. now owns 860,517 shares of the construction company’s stock worth $89,262,000 after buying an additional 278,778 shares during the last quarter. Finally, FMR LLC grew its stake in Simpson Manufacturing by 31.2% during the 2nd quarter. FMR LLC now owns 830,380 shares of the construction company’s stock worth $91,707,000 after buying an additional 197,340 shares during the last quarter. Institutional investors and hedge funds own 87.61% of the company’s stock.

The company has a 50 day moving average of $111.15 and a two-hundred day moving average of $110.78. The stock has a market capitalization of $4.66 billion, a PE ratio of 21.27 and a beta of 1.25.

Simpson Manufacturing (NYSE:SSD) last announced its earnings results on Sunday, October 24th. The construction company reported $1.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.77 by ($0.07). Simpson Manufacturing had a return on equity of 21.72% and a net margin of 15.51%. The business had revenue of $396.74 million for the quarter, compared to analysts’ expectations of $447.72 million. During the same quarter last year, the firm earned $1.54 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. Sell-side analysts anticipate that Simpson Manufacturing Co., Inc. will post 5.49 EPS for the current fiscal year.

About Simpson Manufacturing (NYSE:SSD)

Simpson Manufacturing Co, Inc manufactures and markets building and construction solutions. It offers wood construction products which include connectors, truss plates, fastening systems, and lateral systems primarily used to strengthen, support, and connect wood applications in residential and commercial construction, as well as do-it-yourself (DIY) projects; and concrete construction products such as anchor; and repair, protection, and strengthening products for concrete, brick and masonry applications in industrial, infrastructure, residential commercial, and DYI projects.

Recommended Story: What is the accumulation/distribution indicator?

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.