Simpson Manufacturing (NYSE:SSD) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Simpson Manufacturing (NYSE:SSD) from a hold rating to a sell rating in a report published on Tuesday morning, 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. “

SSD has been the topic of several other research reports. Robert W. Baird boosted their price target on Simpson Manufacturing from $60.00 to $65.00 and gave the stock a neutral rating in a research report on Tuesday, April 28th. DA Davidson upgraded shares of Simpson Manufacturing from a neutral rating to a buy rating in a report on Tuesday, April 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $69.50.

Simpson Manufacturing stock opened at $82.77 on Tuesday. The company has a current ratio of 4.62, a quick ratio of 3.05 and a debt-to-equity ratio of 0.21. Simpson Manufacturing has a 1-year low of $47.02 and a 1-year high of $95.65. The company has a fifty day simple moving average of $79.86 and a 200 day simple moving average of $76.35. The company has a market cap of $3.48 billion, a P/E ratio of 25.01 and a beta of 1.36.

Simpson Manufacturing (NYSE:SSD) last announced its quarterly earnings data on Monday, April 27th. The construction company reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.21. Simpson Manufacturing had a return on equity of 17.03% and a net margin of 12.76%. The company had revenue of $283.70 million during the quarter, compared to analysts’ expectations of $274.81 million. During the same quarter last year, the company earned $0.50 EPS. Simpson Manufacturing’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, equities research analysts forecast that Simpson Manufacturing will post 2.33 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 23rd. Shareholders of record on Thursday, July 2nd will be paid a $0.23 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $0.92 annualized dividend and a yield of 1.11%. Simpson Manufacturing’s dividend payout ratio is 30.87%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Simpson Manufacturing by 27.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,605,261 shares of the construction company’s stock valued at $209,020,000 after purchasing an additional 560,605 shares during the period. Baker Avenue Asset Management LP raised its holdings in Simpson Manufacturing by 1,605.1% in the 1st quarter. Baker Avenue Asset Management LP now owns 2,318,925 shares of the construction company’s stock valued at $143,726,000 after acquiring an additional 2,182,925 shares during the period. Conestoga Capital Advisors LLC lifted its position in Simpson Manufacturing by 2.9% during the first quarter. Conestoga Capital Advisors LLC now owns 1,353,935 shares of the construction company’s stock worth $83,917,000 after acquiring an additional 38,254 shares during the last quarter. State Street Corp boosted its holdings in shares of Simpson Manufacturing by 4.9% during the first quarter. State Street Corp now owns 1,310,853 shares of the construction company’s stock worth $81,247,000 after acquiring an additional 60,661 shares during the period. Finally, Wells Fargo & Company MN grew its position in shares of Simpson Manufacturing by 61.3% in the first quarter. Wells Fargo & Company MN now owns 1,304,465 shares of the construction company’s stock valued at $80,851,000 after purchasing an additional 495,688 shares during the last quarter. Institutional investors own 93.43% of the company’s stock.

Simpson Manufacturing Company Profile

Simpson Manufacturing Co, Inc, through its subsidiaries, designs, engineers, manufactures, and sells building construction products. The company offers wood construction products, including connectors, truss plates, fastening systems, fasteners, shearwalls, and pre-fabricated lateral systems used in light-frame construction; and concrete construction products comprising adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools, and fiber reinforced materials for use in concrete, masonry, and steel construction, as well as for concrete repair, protection, and strengthening applications, which include grouts, coatings, sealers, mortars, fiberglass and fiber-reinforced polymer systems, and asphalt products.

Recommended Story: What is the role of the G-20?

Get a free copy of the Zacks research report on Simpson Manufacturing (SSD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Simpson Manufacturing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Simpson Manufacturing and related companies with MarketBeat.com's FREE daily email newsletter.