Griffon (NYSE:GFF – Get Free Report) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.
A number of other research analysts have also issued reports on the company. Robert W. Baird set a $125.00 price target on Griffon in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Griffon from a “hold (c-)” rating to a “buy (b)” rating in a research note on Tuesday, September 22nd. Finally, Stephens upped their price objective on shares of Griffon from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $122.50.
Get Our Latest Stock Report on GFF
Griffon Stock Up 2.9%
Griffon (NYSE:GFF – Get Free Report) last released its earnings results on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.17. Griffon had a net margin of 8.08% and a return on equity of 249.31%. The firm had revenue of $481.37 million during the quarter, compared to analyst estimates of $457.70 million. During the same quarter in the previous year, the firm earned $1.50 earnings per share. The firm’s revenue for the quarter was down 21.5% compared to the same quarter last year. Sell-side analysts predict that Griffon will post 5.41 EPS for the current fiscal year.
Insider Activity
In related news, Director Cheryl L. Turnbull sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $106.12, for a total transaction of $318,360.00. Following the completion of the sale, the director directly owned 30,039 shares in the company, valued at approximately $3,187,738.68. This trade represents a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kevin F. Sullivan sold 3,500 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $105.59, for a total transaction of $369,565.00. Following the transaction, the director owned 40,602 shares in the company, valued at approximately $4,287,165.18. This represents a 7.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 169,368 shares of company stock valued at $17,508,936. 10.20% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Griffon
A number of large investors have recently bought and sold shares of GFF. GAMMA Investing LLC boosted its holdings in shares of Griffon by 15.6% during the 3rd quarter. GAMMA Investing LLC now owns 3,522 shares of the conglomerate’s stock worth $328,000 after buying an additional 476 shares during the period. Farther Finance Advisors LLC boosted its holdings in Griffon by 107.6% during the third quarter. Farther Finance Advisors LLC now owns 708 shares of the conglomerate’s stock valued at $66,000 after acquiring an additional 367 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Griffon by 5.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 8,694 shares of the conglomerate’s stock worth $848,000 after purchasing an additional 487 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of Griffon by 15.7% in the second quarter. Sequoia Financial Advisors LLC now owns 4,216 shares of the conglomerate’s stock worth $411,000 after purchasing an additional 572 shares during the period. Finally, WINTON GROUP Ltd acquired a new position in shares of Griffon during the 2nd quarter worth about $361,000. 73.22% of the stock is currently owned by institutional investors.
Griffon Company Profile
Griffon Corporation is a diversified holding company that primarily operates in the home and building products industry. Through its Clopay Building Products business, the company manufactures and markets residential garage doors, commercial sectional doors, rolling steel doors, security grilles and related access products.
Its products are sold under brands including Clopay, Holmes, Ideal Door, Cornell and Cookson. Griffon serves residential, commercial, industrial and institutional customers through distribution networks, dealers, builders and other sales channels in North America and selected international markets.
Griffon has historically operated additional businesses, including the AMES Companies, a manufacturer of lawn and garden tools, and Telephonics Corporation, a defense electronics provider.
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