Shares of Simpson Manufacturing Company, Inc. (NYSE:SSD) saw an uptick in trading volume on Tuesday after the company announced a dividend. 1,422,478 shares changed hands during mid-day trading, an increase of 762% from the previous session’s volume of 165,072 shares.The stock last traded at $55.74 and had previously closed at $48.63.
The newly announced dividend which will be paid on Thursday, January 25th. Shareholders of record on Thursday, January 4th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, January 3rd. This represents a $0.84 annualized dividend and a yield of 1.51%. Simpson Manufacturing’s payout ratio is 40.98%.
Several research firms have weighed in on SSD. Robert W. Baird upgraded Simpson Manufacturing from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $50.00 to $58.00 in a research note on Tuesday. DA Davidson upgraded Simpson Manufacturing from a “neutral” rating to a “buy” rating in a research note on Tuesday. BidaskClub downgraded Simpson Manufacturing from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Finally, Zacks Investment Research downgraded Simpson Manufacturing from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd.
The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 27.19 and a beta of 1.40. The firm has a 50-day moving average of $48.61 and a 200-day moving average of $44.30.
Simpson Manufacturing (NYSE:SSD) last posted its quarterly earnings data on Monday, October 30th. The construction company reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.02). The business had revenue of $262.50 million during the quarter, compared to analysts’ expectations of $261.27 million. Simpson Manufacturing had a net margin of 10.78% and a return on equity of 10.26%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.62 earnings per share. Analysts anticipate that Simpson Manufacturing Company, Inc. will post $2.09 earnings per share for the current fiscal year.
Simpson Manufacturing announced that its board has approved a share buyback plan on Wednesday, August 2nd that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the construction company to repurchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, major shareholder Sharon H. Simpson sold 11,962 shares of Simpson Manufacturing stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $49.05, for a total value of $586,736.10. Following the sale, the insider now directly owns 769,504 shares of the company’s stock, valued at $37,744,171.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Psb Fund Simpson sold 96,629 shares of Simpson Manufacturing stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $49.59, for a total value of $4,791,832.11. Following the completion of the sale, the insider now directly owns 942,245 shares in the company, valued at $46,725,929.55. The disclosure for this sale can be found here. Insiders sold 885,997 shares of company stock valued at $14,577,432,171 over the last 90 days. Company insiders own 0.36% of the company’s stock.
Large investors have recently modified their holdings of the company. Riverhead Capital Management LLC boosted its stake in shares of Simpson Manufacturing by 62.3% in the second quarter. Riverhead Capital Management LLC now owns 2,596 shares of the construction company’s stock worth $114,000 after acquiring an additional 996 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Simpson Manufacturing in the second quarter worth approximately $148,000. Verity Asset Management Inc. acquired a new stake in shares of Simpson Manufacturing in the second quarter worth approximately $205,000. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Simpson Manufacturing by 12.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,261 shares of the construction company’s stock worth $227,000 after acquiring an additional 600 shares during the last quarter. Finally, Wrapmanager Inc. boosted its stake in shares of Simpson Manufacturing by 3.5% in the second quarter. Wrapmanager Inc. now owns 5,310 shares of the construction company’s stock worth $232,000 after acquiring an additional 181 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.
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Simpson Manufacturing Company Profile
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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