NewEdge Wealth LLC Invests $5.03 Million in Simpson Manufacturing Company, Inc. $SSD

Key Points

• NewEdge Wealth LLC acquired 24,032 shares of Simpson Manufacturing worth approximately $5.03 million, while institutional investors collectively own 93.68% of the company.
• Simpson Manufacturing exceeded quarterly expectations, reporting $3.09 in EPS and $671.08 million in revenue, with revenue rising 6.3% year over year.
• Analysts’ average rating is “Hold,” with an average price target of $216.25. The company also declared a quarterly dividend of $0.30 per share, representing a 0.6% annualized yield.

NewEdge Wealth LLC bought a new stake in shares of Simpson Manufacturing Company, Inc. (NYSE:SSD - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 24,032 shares of the construction company's stock, valued at approximately $5,031,000. NewEdge Wealth LLC owned approximately 0.06% of Simpson Manufacturing at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SSD. BlackRock Inc. acquired a new position in Simpson Manufacturing during the second quarter worth $862,138,000. Bank of Montreal Can lifted its holdings in Simpson Manufacturing by 11,044.7% during the fourth quarter. Bank of Montreal Can now owns 678,490 shares of the construction company's stock valued at $109,556,000 after purchasing an additional 672,402 shares in the last quarter. Norges Bank acquired a new stake in shares of Simpson Manufacturing in the fourth quarter valued at about $85,140,000. Victory Capital Management Inc. grew its position in shares of Simpson Manufacturing by 6,234.7% in the fourth quarter. Victory Capital Management Inc. now owns 397,947 shares of the construction company's stock valued at $64,257,000 after purchasing an additional 391,665 shares during the period. Finally, Capital International Investors increased its stake in shares of Simpson Manufacturing by 93.7% during the fourth quarter. Capital International Investors now owns 663,195 shares of the construction company's stock worth $107,086,000 after purchasing an additional 320,870 shares in the last quarter. Institutional investors and hedge funds own 93.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Weiss Ratings raised shares of Simpson Manufacturing from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 24th. Robert W. Baird boosted their price objective on Simpson Manufacturing from $216.00 to $220.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 28th. DA Davidson increased their target price on Simpson Manufacturing from $200.00 to $212.00 and gave the company a "neutral" rating in a report on Tuesday, April 28th. Stephens raised their target price on Simpson Manufacturing from $210.00 to $215.00 and gave the company a "cautious" rating in a research report on Tuesday, July 28th. Finally, Wall Street Zen lowered Simpson Manufacturing from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $216.25.

Simpson Manufacturing Trading Up 1.7%

SSD opened at $193.01 on Thursday. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of 21.09 and a beta of 1.31. The company's 50 day simple moving average is $194.85 and its two-hundred day simple moving average is $188.47. Simpson Manufacturing Company, Inc. has a 1-year low of $156.32 and a 1-year high of $213.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.29 and a quick ratio of 2.14.

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

Simpson Manufacturing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 22nd. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.30 per share. The ex-dividend date is Thursday, October 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.6%. Simpson Manufacturing's dividend payout ratio (DPR) is currently 13.11%.

Simpson Manufacturing 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.

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