Simpson Manufacturing (NYSE:SSD) Shares Gap Up Following Better-Than-Expected Earnings

Simpson Manufacturing Company, Inc. (NYSE:SSD)’s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $166.01, but opened at $179.99. Simpson Manufacturing shares last traded at $177.88, with a volume of 62,905 shares changing hands.

The construction company reported $2.47 EPS for the quarter, beating the consensus estimate of $2.39 by $0.08. Simpson Manufacturing had a net margin of 14.53% and a return on equity of 17.72%. The business had revenue of $631.06 million for the quarter, compared to the consensus estimate of $601.80 million. During the same period in the prior year, the firm earned $2.31 earnings per share. The company’s revenue was up 5.7% compared to the same quarter last year.

Simpson Manufacturing Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 23rd. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Thursday, October 2nd. Simpson Manufacturing’s dividend payout ratio is presently 15.10%.

Analyst Ratings Changes

Separately, DA Davidson upped their price objective on shares of Simpson Manufacturing from $180.00 to $185.00 and gave the stock a “neutral” rating in a research report on Tuesday.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Simpson Manufacturing by 3.1% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 48,109 shares of the construction company’s stock valued at $7,472,000 after buying an additional 1,461 shares during the last quarter. Whittier Trust Co. grew its holdings in shares of Simpson Manufacturing by 2.3% in the second quarter. Whittier Trust Co. now owns 87,337 shares of the construction company’s stock worth $13,564,000 after purchasing an additional 1,979 shares during the last quarter. Klingman & Associates LLC bought a new position in shares of Simpson Manufacturing in the second quarter worth approximately $277,000. Mutual of America Capital Management LLC grew its holdings in shares of Simpson Manufacturing by 120.9% in the second quarter. Mutual of America Capital Management LLC now owns 47,925 shares of the construction company’s stock worth $7,443,000 after purchasing an additional 26,225 shares during the last quarter. Finally, Moran Wealth Management LLC grew its holdings in shares of Simpson Manufacturing by 1.9% in the second quarter. Moran Wealth Management LLC now owns 30,748 shares of the construction company’s stock worth $4,775,000 after purchasing an additional 577 shares during the last quarter. 93.68% of the stock is currently owned by institutional investors.

Simpson Manufacturing Price Performance

The company has a quick ratio of 1.54, a current ratio of 3.37 and a debt-to-equity ratio of 0.18. The stock has a market cap of $7.69 billion, a P/E ratio of 23.44 and a beta of 1.28. The firm’s fifty day moving average price is $159.98 and its 200-day moving average price is $159.94.

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.