15,615 Shares in Griffon Corporation $GFF Purchased by Walleye Capital LLC

Key Points

• Walleye Capital LLC initiated a new position in Griffon Corporation, buying 15,615 shares worth about $1.135 million in the first quarter.
• Several other institutional investors also adjusted their stakes, and institutions now own 73.22% of Griffon’s stock, highlighting continued hedge fund interest in the company.
• Griffon reported Q1 earnings of $1.05 per share, topping estimates, while the company also paid a quarterly dividend of $0.22 per share, implying a 1.0% annual yield.

Walleye Capital LLC purchased a new position in Griffon Corporation (NYSE:GFF - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 15,615 shares of the conglomerate's stock, valued at approximately $1,135,000.

Other large investors also recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. increased its position in shares of Griffon by 41.4% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,002,513 shares of the conglomerate's stock valued at $73,835,000 after purchasing an additional 293,278 shares during the last quarter. SEB Asset Management AB purchased a new stake in shares of Griffon in the first quarter worth $21,070,000. Voss Capital LP raised its holdings in Griffon by 14.7% during the fourth quarter. Voss Capital LP now owns 1,760,000 shares of the conglomerate's stock valued at $129,624,000 after acquiring an additional 225,000 shares during the period. Millennium Management LLC raised its stake in Griffon by 166.4% during the 3rd quarter. Millennium Management LLC now owns 324,553 shares of the conglomerate's stock valued at $24,715,000 after purchasing an additional 202,714 shares during the period. Finally, Congruence Capital LLC bought a new stake in shares of Griffon during the fourth quarter valued at approximately $11,985,000. Institutional investors own 73.22% of the company's stock.

Analyst Upgrades and Downgrades

GFF has been the subject of several research reports. Zacks Research raised shares of Griffon from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. Weiss Ratings cut shares of Griffon from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. Wall Street Zen cut Griffon from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, Robert W. Baird set a $115.00 price target on shares of Griffon in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $115.00.

Insider Buying and Selling

In other Griffon news, COO Robert F. Mehmel sold 4,166 shares of the business's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $97.76, for a total transaction of $407,268.16. Following the sale, the chief operating officer owned 785,900 shares in the company, valued at approximately $76,829,584. The trade was a 0.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 1,784,297 shares in the company, valued at approximately $169,365,471.24. This trade represents a 5.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 129,389 shares of company stock valued at $12,309,525 over the last quarter. 10.20% of the stock is owned by company insiders.

Griffon Trading Up 1.9%

Shares of NYSE:GFF opened at $90.62 on Friday. The business's fifty day simple moving average is $90.01 and its 200-day simple moving average is $85.07. Griffon Corporation has a 12-month low of $65.01 and a 12-month high of $98.36. The company has a current ratio of 2.86, a quick ratio of 2.43 and a debt-to-equity ratio of 14.77. The company has a market capitalization of $4.16 billion, a PE ratio of 697.11 and a beta of 1.41.

Griffon (NYSE:GFF - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The conglomerate reported $1.05 EPS for the quarter, beating the consensus estimate of $0.99 by $0.06. The business had revenue of $421.86 million during the quarter, compared to analyst estimates of $414.63 million. Griffon had a net margin of 0.31% and a return on equity of 298.42%. The company's quarterly revenue was down 31.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.23 earnings per share. As a group, equities research analysts predict that Griffon Corporation will post 5.17 earnings per share for the current fiscal year.

Griffon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 29th were paid a $0.22 dividend. The ex-dividend date was Friday, May 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.0%. Griffon's dividend payout ratio (DPR) is 676.92%.

Griffon 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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