PineStone Asset Management Inc. Sells 2,300 Shares of Simpson Manufacturing Company, Inc. $SSD

Key Points

• PineStone Asset Management Inc. reduced its stake in Simpson Manufacturing by 3.8%, selling 2,300 shares and holding a total of 58,000 shares valued at approximately $9 million.
• Analysts have raised the price target for Simpson Manufacturing from $185.00 to $190.00, maintaining a "neutral" rating, with a consensus price target of $191.00.
• Simpson Manufacturing announced a quarterly dividend of $0.29 per share, set to be paid on October 23rd, reflecting an annualized yield of 0.7%.

PineStone Asset Management Inc. cut its holdings in Simpson Manufacturing Company, Inc. (NYSE:SSD - Free Report) by 3.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,000 shares of the construction company's stock after selling 2,300 shares during the quarter. PineStone Asset Management Inc. owned approximately 0.14% of Simpson Manufacturing worth $9,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Public Employees Retirement System of Ohio grew its stake in shares of Simpson Manufacturing by 13.4% in the second quarter. Public Employees Retirement System of Ohio now owns 25,204 shares of the construction company's stock worth $3,914,000 after purchasing an additional 2,975 shares during the last quarter. Park Avenue Securities LLC bought a new stake in shares of Simpson Manufacturing in the second quarter worth about $314,000. Diversified Trust Co grew its stake in shares of Simpson Manufacturing by 30.2% in the second quarter. Diversified Trust Co now owns 5,563 shares of the construction company's stock worth $864,000 after purchasing an additional 1,290 shares during the last quarter. Voya Investment Management LLC grew its stake in shares of Simpson Manufacturing by 2.2% in the first quarter. Voya Investment Management LLC now owns 7,182 shares of the construction company's stock worth $1,128,000 after purchasing an additional 152 shares during the last quarter. Finally, First Hawaiian Bank grew its stake in shares of Simpson Manufacturing by 7.2% in the first quarter. First Hawaiian Bank now owns 1,527 shares of the construction company's stock worth $240,000 after purchasing an additional 102 shares during the last quarter. 93.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, DA Davidson raised their price objective on shares of Simpson Manufacturing from $185.00 to $190.00 and gave the stock a "neutral" rating in a report on Thursday. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $191.00.

Insiders Place Their Bets

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

Simpson Manufacturing Price Performance

Shares of SSD opened at $172.80 on Friday. The company has a market capitalization of $7.19 billion, a P/E ratio of 22.04 and a beta of 1.30. The company has a quick ratio of 1.80, a current ratio of 3.37 and a debt-to-equity ratio of 0.18. The firm has a 50 day moving average of $183.68 and a 200 day moving average of $165.65. Simpson Manufacturing Company, Inc. has a twelve month low of $137.35 and a twelve month high of $197.82.

Simpson Manufacturing (NYSE:SSD - Get Free Report) last announced 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. The company had revenue of $631.06 million during the quarter, compared to the consensus estimate of $601.80 million. Simpson Manufacturing had a net margin of 14.53% and a return on equity of 17.72%. The firm's quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.31 earnings per share. As a group, equities research analysts anticipate that Simpson Manufacturing Company, Inc. will post 8.29 earnings per share for the current fiscal year.

Simpson Manufacturing Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 23rd. Shareholders of record on Thursday, October 2nd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, October 2nd. Simpson Manufacturing's payout ratio is 14.80%.

About Simpson Manufacturing

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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