Robert W. Baird upgraded shares of Simpson Manufacturing Company, Inc. (NYSE:SSD) from a neutral rating to an outperform rating in a report published on Tuesday, MarketBeat.com reports. They currently have $58.00 price target on the construction company’s stock, up from their previous price target of $50.00.
A number of other research firms also recently commented on SSD. DA Davidson raised 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.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Thursday, January 4th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date is Wednesday, January 3rd. Simpson Manufacturing’s payout ratio is 41.58%.
Simpson Manufacturing announced that its Board of Directors has authorized a share repurchase program on Wednesday, August 2nd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to purchase up to 7.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
In other news, insider Psb Fund Simpson sold 72,424 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $49.23, for a total transaction of $3,565,433.52. Following the sale, the insider now directly owns 1,266,213 shares in the company, valued at approximately $62,335,665.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sharon H. Simpson sold 70,582 shares of the stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $49.41, for a total value of $3,487,456.62. 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 quarter. Insiders own 0.36% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Riverhead Capital Management LLC raised its position in shares of Simpson Manufacturing by 62.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,596 shares of the construction company’s stock worth $114,000 after purchasing an additional 996 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Simpson Manufacturing during the 2nd quarter worth approximately $148,000. Verity Asset Management Inc. acquired a new stake in shares of Simpson Manufacturing during the 2nd quarter worth approximately $205,000. Wrapmanager Inc. raised its position in shares of Simpson Manufacturing by 3.5% during the 2nd quarter. Wrapmanager Inc. now owns 5,310 shares of the construction company’s stock worth $232,000 after purchasing an additional 181 shares during the period. Finally, Pinebridge Investments L.P. increased its position in Simpson Manufacturing by 1.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 5,337 shares of the construction company’s stock valued at $233,000 after acquiring an additional 53 shares during the period. 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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