Simpson Manufacturing (NYSE:SSD) Downgraded by Zacks Investment Research

Simpson Manufacturing (NYSE:SSDGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Simpson Manufacturing Company Inc., headquartered in Pleasanton, California, through its subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products and software solutions, including connectors, truss plates, fastening systems, fasteners and shearwalls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing fiber materials. “

Other research analysts have also issued reports about the stock. DA Davidson raised their target price on shares of Simpson Manufacturing from $120.00 to $142.00 in a research note on Wednesday, January 5th. StockNews.com raised Simpson Manufacturing from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Sidoti raised Simpson Manufacturing from a “neutral” rating to a “buy” rating and set a $152.00 target price for the company in a research note on Tuesday, February 8th. CJS Securities raised shares of Simpson Manufacturing from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 8th. Finally, Robert W. Baird upped their price objective on shares of Simpson Manufacturing from $135.00 to $146.00 in a report on Wednesday, January 5th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $147.50.

Shares of NYSE SSD opened at $104.51 on Wednesday. The firm has a 50-day moving average of $114.51. Simpson Manufacturing has a 52-week low of $102.41 and a 52-week high of $141.26. The firm has a market capitalization of $4.53 billion, a price-to-earnings ratio of 17.05 and a beta of 1.25.

Simpson Manufacturing (NYSE:SSDGet Rating) last released its earnings results on Monday, February 7th. The construction company reported $1.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.65. The business had revenue of $418.56 million during the quarter, compared to analyst estimates of $373.70 million. Simpson Manufacturing had a net margin of 16.94% and a return on equity of 24.18%. The company’s revenue for the quarter was up 42.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Analysts predict that Simpson Manufacturing will post 6.48 earnings per share for the current fiscal year.

In other news, insider Roger Dankel sold 600 shares of the firm’s stock in a transaction on Tuesday, February 1st. The stock was sold at an average price of $113.00, for a total transaction of $67,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian J. Magstadt sold 2,000 shares of Simpson Manufacturing stock in a transaction on Tuesday, January 18th. The shares were sold at an average price of $127.71, for a total value of $255,420.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,100 shares of company stock worth $382,215. Corporate insiders own 0.60% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. boosted its position in Simpson Manufacturing by 617.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 244 shares of the construction company’s stock valued at $34,000 after buying an additional 210 shares during the period. First Horizon Advisors Inc. raised its stake in shares of Simpson Manufacturing by 75.7% in the third quarter. First Horizon Advisors Inc. now owns 355 shares of the construction company’s stock valued at $35,000 after acquiring an additional 153 shares in the last quarter. Confluence Wealth Services Inc. purchased a new position in Simpson Manufacturing in the fourth quarter valued at $39,000. O Shaughnessy Asset Management LLC grew its stake in Simpson Manufacturing by 146.4% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 372 shares of the construction company’s stock worth $40,000 after purchasing an additional 221 shares in the last quarter. Finally, Kings Point Capital Management purchased a new stake in Simpson Manufacturing during the 3rd quarter worth about $47,000. 89.18% of the stock is currently owned by hedge funds and other institutional investors.

About Simpson Manufacturing (Get Rating)

Simpson Manufacturing Co, Inc engages in the manufacture and marketing of 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, concrete construction products such as anchor, repair, and protection, and strengthening products for concrete, brick, and masonry applications in industrial, infrastructure, residential commercial, and DIY projects.

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