Simpson Manufacturing (NYSE:SSD) Given New $185.00 Price Target at DA Davidson

Key Points

• DA Davidson has raised their price target for Simpson Manufacturing from $180.00 to $185.00, indicating a potential upside of 2.30% from the previous close.
• Simpson Manufacturing reported Q2 earnings of $2.47 per share, surpassing estimates by $0.08, with a revenue of $631.06 million, which is a 5.7% increase from the previous year.
• Institutional investors hold 93.68% of Simpson Manufacturing's stock, with several firms increasing their stakes in the company in recent quarters.

Simpson Manufacturing (NYSE:SSD - Get Free Report) had its price objective increased by stock analysts at DA Davidson from $180.00 to $185.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the construction company's stock. DA Davidson's price target would indicate a potential upside of 2.30% from the company's previous close.

Simpson Manufacturing Stock Performance

Shares of NYSE SSD traded up $14.83 during midday trading on Tuesday, hitting $180.84. 425,380 shares of the stock traded hands, compared to its average volume of 271,432. The firm has a 50-day moving average of $158.97 and a two-hundred day moving average of $159.60. The firm has a market capitalization of $7.56 billion, a P/E ratio of 23.54 and a beta of 1.28. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.54 and a current ratio of 3.17. Simpson Manufacturing has a one year low of $137.35 and a one year high of $197.82.

Simpson Manufacturing (NYSE:SSD - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The construction company reported $2.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.39 by $0.08. Simpson Manufacturing had a return on equity of 17.80% and a net margin of 14.49%. The business had revenue of $631.06 million during the quarter, compared to analyst estimates of $601.80 million. During the same quarter in the prior year, the business posted $2.31 EPS. Simpson Manufacturing's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts forecast that Simpson Manufacturing will post 8.29 EPS for the current fiscal year.

Institutional Trading of Simpson Manufacturing

Several institutional investors have recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC increased its holdings in Simpson Manufacturing by 0.9% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,534,724 shares of the construction company's stock valued at $712,314,000 after buying an additional 40,461 shares during the period. JPMorgan Chase & Co. increased its holdings in Simpson Manufacturing by 1.8% during the first quarter. JPMorgan Chase & Co. now owns 1,747,872 shares of the construction company's stock valued at $274,556,000 after buying an additional 30,614 shares during the period. Baker Avenue Asset Management LP increased its holdings in Simpson Manufacturing by 4.6% during the fourth quarter. Baker Avenue Asset Management LP now owns 1,399,918 shares of the construction company's stock valued at $232,148,000 after buying an additional 62,165 shares during the period. Geode Capital Management LLC increased its holdings in Simpson Manufacturing by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 710,166 shares of the construction company's stock valued at $117,804,000 after buying an additional 2,502 shares during the period. Finally, Burgundy Asset Management Ltd. increased its holdings in Simpson Manufacturing by 6.8% during the first quarter. Burgundy Asset Management Ltd. now owns 673,535 shares of the construction company's stock valued at $105,799,000 after buying an additional 43,099 shares during the period. Institutional investors own 93.68% of the company's stock.

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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