Simpson Manufacturing (NYSE:SSD) announced that its board has initiated a stock repurchase program, which allows the company to repurchase $150.00 million in shares on Wednesday, August 2nd, EventVestor reports. This repurchase authorization allows the construction company to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
Several equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Simpson Manufacturing from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, July 25th. BidaskClub lowered shares of Simpson Manufacturing from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Robert W. Baird raised shares of Simpson Manufacturing from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $50.00 to $58.00 in a research report on Tuesday. Finally, DA Davidson raised shares of Simpson Manufacturing from a “neutral” rating to a “buy” rating in a research report on Tuesday.
Simpson Manufacturing (NYSE:SSD) last issued its quarterly earnings data on Monday, October 30th. The construction company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.02). Simpson Manufacturing had a net margin of 10.25% and a return on equity of 9.92%. The business had revenue of $262.50 million for the quarter, compared to the consensus estimate of $261.27 million. During the same period in the previous year, the business posted $0.62 EPS. Simpson Manufacturing’s revenue was up 13.6% compared to the same quarter last year.
The company 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 $0.21 dividend. 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 dividend payout ratio is 41.58%.
In other news, major shareholder Sharon H. Simpson sold 54,992 shares of Simpson Manufacturing stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $52.83, for a total value of $2,905,227.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Sharon H. Simpson sold 24,973 shares of Simpson Manufacturing stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $49.07, for a total transaction of $1,225,425.11. The disclosure for this sale can be found here. In the last three months, insiders sold 966,062 shares of company stock worth $14,581,567,733. Insiders own 0.36% 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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