Teachers Retirement System of The State of Kentucky boosted its holdings in Griffon Corporation (NYSE:GFF – Free Report) by 165.9% in the first quarter, HoldingsChannel.com reports. The firm owned 26,137 shares of the conglomerate’s stock after buying an additional 16,307 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Griffon were worth $1,899,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the stock. Voss Capital LP lifted its position in shares of Griffon by 13.7% during the 3rd quarter. Voss Capital LP now owns 1,535,000 shares of the conglomerate’s stock worth $116,890,000 after buying an additional 185,000 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Griffon by 396.8% in the 4th quarter. SG Americas Securities LLC now owns 66,088 shares of the conglomerate’s stock valued at $4,867,000 after buying an additional 52,786 shares during the last quarter. Moran Wealth Management LLC raised its stake in Griffon by 97.4% during the 4th quarter. Moran Wealth Management LLC now owns 52,258 shares of the conglomerate’s stock worth $3,849,000 after acquiring an additional 25,790 shares in the last quarter. Louisiana State Employees Retirement System acquired a new stake in Griffon during the 1st quarter worth $1,265,000. Finally, JPMorgan Chase & Co. lifted its position in Griffon by 6.4% in the third quarter. JPMorgan Chase & Co. now owns 427,674 shares of the conglomerate’s stock valued at $32,567,000 after acquiring an additional 25,681 shares during the last quarter. 73.22% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have issued reports on GFF. Zacks Research upgraded shares of Griffon from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Wall Street Zen downgraded Griffon from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings cut Griffon from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 11th. Finally, Robert W. Baird set a $115.00 price target on Griffon in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.00.
Insider Buying and Selling at Griffon
In other Griffon news, COO Robert F. Mehmel sold 4,166 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $97.76, for a total value of $407,268.16. Following the transaction, the chief operating officer directly owned 785,900 shares of the company’s stock, valued at approximately $76,829,584. The trade was a 0.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald J. Kramer sold 100,000 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $94.92, for a total transaction of $9,492,000.00. Following the transaction, the chief executive officer owned 1,784,297 shares of the company’s stock, valued at approximately $169,365,471.24. The trade was a 5.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 129,389 shares of company stock valued at $12,309,525. Corporate insiders own 10.20% of the company’s stock.
Griffon Stock Performance
Shares of GFF stock opened at $91.84 on Thursday. The stock has a market capitalization of $4.21 billion, a PE ratio of 706.55 and a beta of 1.41. Griffon Corporation has a 52-week low of $65.01 and a 52-week high of $98.36. The stock’s 50-day moving average price is $89.34 and its 200 day moving average price is $84.37. The company has a quick ratio of 2.43, a current ratio of 2.86 and a debt-to-equity ratio of 14.77.
Griffon (NYSE:GFF – Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The conglomerate reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. Griffon had a return on equity of 298.42% and a net margin of 0.31%.The company had revenue of $421.86 million during the quarter, compared to analysts’ expectations of $414.63 million. During the same period last year, the firm earned $1.23 EPS. The firm’s revenue for the quarter was down 31.0% on a year-over-year basis. As a group, equities research analysts forecast that Griffon Corporation will post 5.17 EPS for the current year.
Griffon Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 29th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, May 29th. Griffon’s dividend payout ratio is 676.92%.
Griffon Company Profile
Griffon Corporation (NYSE:GFF) is a diversified management and holding company whose subsidiaries design, manufacture and market products for residential, commercial and defense applications. Operating through three primary platforms—Home & Building Products, Defense Electronics and Specialty Industrial—Griffon’s portfolio spans consumer and industrial brands with a focus on long-lived products and recurring aftermarket opportunities.
In the Home & Building Products segment, Griffon’s Clopay Building Products division is a leading North American manufacturer of residential and commercial garage doors, specializing in steel, fiberglass and composite designs as well as decorative carriage-house styles.
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