Tribune Investment Group LP Buys Shares of 75,000 Griffon Corporation $GFF

Key Points

• Tribune Investment Group LP has acquired a new stake in Griffon Corporation, purchasing 75,000 shares valued at approximately $5.36 million, representing 2.3% of its holdings.
• Several other institutional investors, including Voss Capital LP and Fuller & Thaler Asset Management Inc., have also increased their positions in Griffon, contributing to a 73.22% institutional ownership of the stock.
• Griffon recently reported earnings of $1.50 per share for the last quarter, meeting analysts' expectations, but noted a revenue decline of 5.3% year-over-year.

Tribune Investment Group LP purchased a new position in shares of Griffon Corporation (NYSE:GFF - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 75,000 shares of the conglomerate's stock, valued at approximately $5,362,000. Griffon accounts for 2.3% of Tribune Investment Group LP's investment portfolio, making the stock its 23rd biggest position. Tribune Investment Group LP owned approximately 0.16% of Griffon as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. McIlrath & Eck LLC increased its holdings in Griffon by 116.1% during the 4th quarter. McIlrath & Eck LLC now owns 376 shares of the conglomerate's stock worth $27,000 after purchasing an additional 202 shares during the period. Signaturefd LLC increased its holdings in shares of Griffon by 72.9% in the 1st quarter. Signaturefd LLC now owns 555 shares of the conglomerate's stock valued at $40,000 after acquiring an additional 234 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of Griffon by 11,460.0% in the 1st quarter. Brooklyn Investment Group now owns 578 shares of the conglomerate's stock valued at $41,000 after acquiring an additional 573 shares during the last quarter. CWM LLC increased its holdings in shares of Griffon by 26.1% in the 1st quarter. CWM LLC now owns 2,000 shares of the conglomerate's stock valued at $143,000 after acquiring an additional 414 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Griffon by 153.1% in the 1st quarter. GAMMA Investing LLC now owns 2,718 shares of the conglomerate's stock valued at $194,000 after acquiring an additional 1,644 shares during the last quarter. Hedge funds and other institutional investors own 73.22% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on GFF shares. Raymond James Financial restated a "strong-buy" rating and set a $100.00 price objective (up previously from $95.00) on shares of Griffon in a research report on Friday, May 9th. Robert W. Baird boosted their price objective on shares of Griffon from $92.00 to $100.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Finally, Wall Street Zen downgraded shares of Griffon from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $98.20.

Griffon Stock Performance

NYSE:GFF traded up $3.36 during mid-day trading on Friday, reaching $75.63. 395,694 shares of the stock were exchanged, compared to its average volume of 537,606. The company has a 50 day simple moving average of $75.47 and a 200-day simple moving average of $72.46. The stock has a market capitalization of $3.52 billion, a P/E ratio of 56.44, a P/E/G ratio of 1.15 and a beta of 1.09. The company has a quick ratio of 1.38, a current ratio of 2.70 and a debt-to-equity ratio of 22.58. Griffon Corporation has a 1 year low of $60.97 and a 1 year high of $86.73.

Griffon (NYSE:GFF - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.50. The firm had revenue of $613.63 million for the quarter, compared to the consensus estimate of $649.95 million. Griffon had a return on equity of 144.21% and a net margin of 2.78%.The firm's quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.24 EPS. Analysts anticipate that Griffon Corporation will post 5.55 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 29th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, August 29th. Griffon's dividend payout ratio (DPR) is currently 53.73%.

Griffon Company Profile

Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. The company operates through two segments: Home and Building Products, and Consumer and Professional Products. The Home and Building Products segment manufactures and markets residential and commercial sectional garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers for the use in commercial construction and repair, and home remodeling applications.