DA Davidson Forecasts Strong Price Appreciation for Simpson Manufacturing (NYSE:SSD) Stock

Key Points

• DA Davidson has raised its price target for Simpson Manufacturing (NYSE:SSD) from $185.00 to $190.00, indicating a potential upside of 9.73% from the stock's previous close.
• Despite the positive forecast, shares of Simpson Manufacturing declined by 1.9%, trading at $173.16 after a decrease of $3.38 on Thursday.
• Simpson Manufacturing reported quarterly earnings of $2.47 per share, exceeding estimates, with revenues of $631.06 million, reflecting a 5.7% year-over-year increase.

Simpson Manufacturing (NYSE:SSD - Get Free Report) had its target price upped by DA Davidson from $185.00 to $190.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the construction company's stock. DA Davidson's price objective would suggest a potential upside of 9.73% from the company's previous close.

Simpson Manufacturing Stock Down 1.9%

Shares of SSD stock traded down $3.38 during trading hours on Thursday, hitting $173.16. 8,515 shares of the company were exchanged, compared to its average volume of 273,928. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.80 and a current ratio of 3.37. The business's 50-day simple moving average is $183.42 and its two-hundred day simple moving average is $165.58. Simpson Manufacturing has a one year low of $137.35 and a one year high of $197.82. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of 22.11 and a beta of 1.30.

Simpson Manufacturing (NYSE:SSD - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The construction company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.08. Simpson Manufacturing had a return on equity of 17.72% and a net margin of 14.53%.The firm had revenue of $631.06 million for the quarter, compared to analyst estimates of $601.80 million. During the same period in the previous year, the firm earned $2.31 earnings per share. Simpson Manufacturing's quarterly revenue was up 5.7% on a year-over-year basis. Sell-side analysts predict that Simpson Manufacturing will post 8.29 EPS for the current fiscal year.

Insider Activity at Simpson Manufacturing

In related news, EVP Michael Andersen sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $196.13, for a total value of $196,130.00. Following the completion of the transaction, the executive vice president owned 7,810 shares in the company, valued at $1,531,775.30. This trade represents a 11.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jeremy Gilstrap sold 2,500 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $178.27, for a total transaction of $445,675.00. Following the transaction, the executive vice president directly owned 7,794 shares of the company's stock, valued at $1,389,436.38. The trade was a 24.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.42% of the company's stock.

Institutional Trading of Simpson Manufacturing

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its holdings in shares of Simpson Manufacturing by 135.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 160 shares of the construction company's stock worth $25,000 after buying an additional 92 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Simpson Manufacturing in the 2nd quarter worth $31,000. Harbor Capital Advisors Inc. acquired a new position in Simpson Manufacturing during the first quarter worth $45,000. CWM LLC grew its holdings in shares of Simpson Manufacturing by 39.1% during the first quarter. CWM LLC now owns 331 shares of the construction company's stock valued at $52,000 after buying an additional 93 shares during the last quarter. Finally, Steph & Co. acquired a new stake in shares of Simpson Manufacturing in the 2nd quarter worth about $53,000. 93.68% of the stock is currently owned by institutional investors and hedge funds.

Simpson Manufacturing Company Profile

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

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