State Street Corp Acquires 37,206 Shares of Simpson Manufacturing Company, Inc. $SSD

Key Points

• State Street increased its Simpson Manufacturing stake by 2.9% in the second quarter, purchasing 37,206 shares and bringing its holdings to 1.31 million shares, or 3.18% of the company. Institutional investors collectively own 93.68% of SSD.
• Simpson Manufacturing reported strong quarterly results, with earnings of $3.09 per share and revenue of $671.08 million, beating estimates; revenue increased 6.3% year over year.
• The company declared a quarterly dividend of $0.30 per share, equal to a $1.20 annualized payout and a 0.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $216.25, versus the reported share price of $175.21.

State Street Corp raised its stake in shares of Simpson Manufacturing Company, Inc. (NYSE:SSD - Free Report) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,308,394 shares of the construction company's stock after purchasing an additional 37,206 shares during the quarter. State Street Corp owned 3.18% of Simpson Manufacturing worth $273,910,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its stake in Simpson Manufacturing by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 203,524 shares of the construction company's stock worth $42,608,000 after acquiring an additional 3,981 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Simpson Manufacturing by 10.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 1,319 shares of the construction company's stock valued at $276,000 after purchasing an additional 127 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Simpson Manufacturing by 112.9% in the 2nd quarter. Tidal Investments LLC now owns 6,043 shares of the construction company's stock worth $1,265,000 after purchasing an additional 3,204 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Simpson Manufacturing in the 2nd quarter worth about $661,000. Finally, NewEdge Advisors LLC increased its position in shares of Simpson Manufacturing by 3.8% during the 2nd quarter. NewEdge Advisors LLC now owns 1,679 shares of the construction company's stock worth $351,000 after purchasing an additional 62 shares in the last quarter. 93.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Simpson Manufacturing Trading Down 0.8%

Shares of NYSE SSD opened at $175.21 on Thursday. Simpson Manufacturing Company, Inc. has a 1-year low of $156.32 and a 1-year high of $213.49. The company has a market cap of $7.21 billion, a PE ratio of 19.15 and a beta of 1.31. The company has a current ratio of 3.29, a quick ratio of 2.14 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $185.51 and a two-hundred day moving average of $185.41.

Simpson Manufacturing (NYSE:SSD - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The construction company reported $3.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.72 by $0.37. Simpson Manufacturing had a net margin of 15.65% and a return on equity of 18.45%. The business had revenue of $671.08 million during the quarter, compared to analyst estimates of $658.76 million. During the same quarter last year, the business posted $2.47 earnings per share. Simpson Manufacturing's revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, equities analysts expect that Simpson Manufacturing Company, Inc. will post 9.14 earnings per share for the current fiscal year.

Simpson Manufacturing Announces Dividend

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 paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, October 1st. Simpson Manufacturing's dividend payout ratio is 13.11%.

Insider Transactions at Simpson Manufacturing

In related news, CEO Michael Olosky sold 3,502 shares of Simpson Manufacturing stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $172.84, for a total value of $605,285.68. Following the completion of the sale, the chief executive officer directly owned 51,398 shares in the company, valued at $8,883,630.32. This trade represents a 6.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is currently owned by corporate insiders.

About Simpson Manufacturing

Simpson Manufacturing Co, Inc develops, manufactures and sells engineered structural solutions for residential, commercial and industrial construction. Its products are designed to connect and reinforce wood, concrete and other building materials, supporting applications such as new construction, remodeling, seismic strengthening and infrastructure projects.

The company's product portfolio includes structural connectors, fasteners, anchors, adhesives, truss plates, reinforcing systems and related construction products.

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