Bank of New York Mellon Corp Buys New Shares in Simpson Manufacturing Company, Inc. $SSD

Key Points

• Bank of New York Mellon purchased 282,765 shares of Simpson Manufacturing worth approximately $59.2 million, representing about 0.69% of the company. Institutional investors and hedge funds collectively own 93.68% of the stock.
• Simpson Manufacturing reported quarterly earnings of $3.09 per share, beating estimates of $2.72, while revenue rose 6.3% year over year to $671.08 million.
• The company declared a quarterly dividend of $0.30 per share, equal to $1.20 annually and a 0.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $216.25.

Bank of New York Mellon Corp purchased a new stake in Simpson Manufacturing Company, Inc. (NYSE:SSD - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 282,765 shares of the construction company's stock, valued at approximately $59,197,000. Bank of New York Mellon Corp owned about 0.69% of Simpson Manufacturing at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in Simpson Manufacturing by 135.3% in the second quarter. EverSource Wealth Advisors LLC now owns 160 shares of the construction company's stock valued at $25,000 after acquiring an additional 92 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Simpson Manufacturing in the 4th quarter valued at $32,000. Brown Brothers Harriman & Co. acquired a new stake in shares of Simpson Manufacturing during the 3rd quarter worth about $34,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Simpson Manufacturing during the first quarter worth approximately $37,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Simpson Manufacturing by 33.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 226 shares of the construction company's stock worth $37,000 after purchasing an additional 57 shares during the last quarter. 93.68% of the stock is currently owned by institutional investors and hedge funds.

Simpson Manufacturing Stock Down 1.0%

Simpson Manufacturing stock opened at $184.80 on Thursday. The firm has a market cap of $7.60 billion, a price-to-earnings ratio of 20.20 and a beta of 1.31. Simpson Manufacturing Company, Inc. has a 52-week low of $156.32 and a 52-week high of $213.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.14 and a current ratio of 3.29. The firm has a 50 day moving average price of $194.22 and a two-hundred day moving average price of $188.55.

Simpson Manufacturing (NYSE:SSD - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The construction company reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.72 by $0.37. The company had revenue of $671.08 million during the quarter, compared to analysts' expectations of $658.76 million. Simpson Manufacturing had a net margin of 15.65% and a return on equity of 18.45%. Simpson Manufacturing's revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.47 earnings per share. Equities analysts predict that Simpson Manufacturing Company, Inc. will post 9.09 EPS for the current year.

Simpson Manufacturing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 22nd. Investors of record on Thursday, October 1st will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, October 1st. This represents a $1.20 annualized dividend and a dividend yield of 0.6%. Simpson Manufacturing's dividend payout ratio is presently 13.11%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Weiss Ratings raised shares of Simpson Manufacturing from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 24th. Wall Street Zen lowered Simpson Manufacturing from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. Stephens boosted their price target on Simpson Manufacturing from $210.00 to $215.00 and gave the stock a "cautious" rating in a report on Tuesday, July 28th. Stifel Nicolaus upped their price objective on Simpson Manufacturing from $217.00 to $218.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Finally, UBS Group reaffirmed a "neutral" rating on shares of Simpson Manufacturing in a research note on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $216.25.

Simpson Manufacturing Company Profile

Simpson Manufacturing Co, Inc, through its Simpson Strong-Tie® brand, is a leading global supplier of structural building products. The company specializes in the design, testing, manufacture and supply of connectors, anchors, fasteners and lateral systems that enhance the safety and performance of wood, concrete and masonry structures. Its product portfolio also includes repair and strengthening systems, concrete reinforcement and high-performance adhesives used in residential, commercial and industrial construction projects.

Founded in 1956 by Barclay Simpson in Oakland, California, Simpson Manufacturing has grown from a single product business into a diversified manufacturer with worldwide operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source