Balboa Wealth Partners has decreased its holdings in Simpson Manufacturing Company, Inc. (NYSE:SSD) by 8.1% in the second quarter of 2023, according to the firm’s recent 13F filing with the Securities and Exchange Commission. The financial institution now owns 2,491 shares of the construction company, having sold 221 shares during this period. As of the end of June 2023, these holdings were valued at approximately $387,000.
Several other institutional investors also adjusted their positions in Simpson Manufacturing during the same quarter. Notable changes include an increase of 163.7% in holdings by GAMMA Investing LLC, which now owns 1,171 shares valued at $184,000. In a significant move, Wealth Enhancement Advisory Services LLC boosted its stake by 708.0%, acquiring an additional 11,908 shares to reach a total of 13,590 shares worth $2,135,000.
The State of Alaska Department of Revenue added 135 shares to its position, resulting in a total of 4,944 shares valued at $776,000. Blue Trust Inc. experienced a remarkable increase of 1,070.0% in its shares, now owning 351 shares worth $55,000, while Illumine Investment Management LLC lifted its stake by 29.6%, bringing its total to 4,649 shares valued at $730,000. Institutional investors now hold 93.68% of Simpson Manufacturing’s stock.
Analysts Adjust Price Targets for Simpson Manufacturing
Recent analyst reports indicate a modestly optimistic outlook for Simpson Manufacturing. DA Davidson raised its price target for the stock from $185.00 to $190.00, maintaining a “neutral” rating in a research note dated September 25, 2023. Weiss Ratings reaffirmed a “hold (c+)” rating in a report released on October 8, 2023. Currently, one analyst has issued a Buy rating, while two analysts have assigned a Hold rating. According to data from MarketBeat, the consensus rating for Simpson Manufacturing stands at “Hold” with a price target of $191.00.
As of Tuesday, shares of Simpson Manufacturing opened at $176.08 and have a market capitalization of $7.33 billion. The company features a PE ratio of 22.46 and a beta of 1.28. Over the past year, the stock has experienced a low of $137.35 and a high of $197.82. The firm’s debt-to-equity ratio is 0.18, with quick and current ratios of 1.80 and 3.37, respectively.
Simpson Manufacturing reported its latest earnings results on July 28, 2023. The construction company achieved earnings per share (EPS) of $2.47, surpassing analysts’ estimates of $2.39 by $0.08. Revenue for the quarter totaled $631.06 million, exceeding analyst expectations of $601.80 million. The company noted a net margin of 14.53% and a return on equity of 17.72%. Quarterly revenue rose by 5.7% compared to the same quarter of the previous year, where EPS stood at $2.31.
Dividend Announcement and Insider Transactions
In addition to these financial updates, Simpson Manufacturing recently declared a quarterly dividend of $0.29 per share, payable on October 23, 2023. Shareholders of record on October 2, 2023, will be eligible for this dividend, which translates to an annualized dividend of $1.16 and a yield of 0.7%. The company maintains a dividend payout ratio (DPR) of 14.80%.
Insider trading activity has also been noteworthy. On August 25, 2023, Executive Vice President Michael Andersen sold 1,000 shares at an average price of $196.13, totaling $196,130.00. Following this transaction, Andersen’s ownership decreased by 11.35%, leaving him with 7,810 shares valued at approximately $1,531,775.30. Another insider, EVP Jeremy Gilstrap, sold 2,500 shares on August 1, 2023, for $445,675.00, marking a 24.29% reduction in ownership.
Simpson Manufacturing Company, Inc. specializes in designing, engineering, manufacturing, and selling structural solutions for wood, concrete, and steel connections. Their diverse product range includes wood construction products such as connectors and fastening systems, as well as concrete construction products like adhesives and mechanical anchors.
For those interested in further insights into institutional holdings and insider trades for Simpson Manufacturing, resources such as HoldingsChannel.com provide extensive data and analysis.
