Sidoti Begins Coverage on Simpson Manufacturing (SSD)

Sidoti initiated coverage on shares of Simpson Manufacturing (NYSE:SSD) in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $66.00 target price on the construction company’s stock.

Several other research analysts have also issued reports on SSD. DA Davidson lowered shares of Simpson Manufacturing from a buy rating to a neutral rating and set a $60.00 target price for the company. in a research report on Thursday, December 14th. Robert W. Baird reiterated a hold rating and issued a $46.00 target price on shares of Simpson Manufacturing in a research report on Friday, October 20th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $58.50.

Simpson Manufacturing (SSD) opened at $57.98 on Wednesday. The firm has a market cap of $2,718.17, a price-to-earnings ratio of 28.70, a PEG ratio of 4.59 and a beta of 1.52. Simpson Manufacturing has a 1-year low of $39.82 and a 1-year high of $61.62.

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Thursday, January 4th will be given a $0.21 dividend. The ex-dividend date is Wednesday, January 3rd. This represents a $0.84 annualized dividend and a yield of 1.45%. Simpson Manufacturing’s dividend payout ratio (DPR) is presently 41.58%.

In related news, major shareholder Sharon H. Simpson sold 11,962 shares of the company’s 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 directly owns 769,504 shares in the company, valued at $37,744,171.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Sharon H. Simpson sold 70,582 shares of the company’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $49.41, for a total transaction of $3,487,456.62. The disclosure for this sale can be found here. Insiders sold 910,967 shares of company stock valued at $46,847,027 over the last quarter. 0.36% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in SSD. Macquarie Group Ltd. purchased a new stake in Simpson Manufacturing during the third quarter valued at about $103,000. Riverhead Capital Management LLC boosted its position in Simpson Manufacturing by 62.3% during the second quarter. Riverhead Capital Management LLC now owns 2,596 shares of the construction company’s stock valued at $114,000 after buying an additional 996 shares during the period. SG Americas Securities LLC purchased a new stake in Simpson Manufacturing during the second quarter valued at about $148,000. Verity Asset Management Inc. purchased a new stake in Simpson Manufacturing during the second quarter valued at about $205,000. Finally, Neuberger Berman Group LLC purchased a new stake in Simpson Manufacturing during the third quarter valued at about $230,000. Institutional investors own 84.49% of the company’s stock.

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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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