Allspring Global Investments Holdings LLC Reduces Stock Position in Griffon Corporation $GFF

Allspring Global Investments Holdings LLC lessened its stake in Griffon Corporation (NYSE:GFF - Free Report) by 80.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,702 shares of the conglomerate's stock after selling 48,795 shares during the period. Allspring Global Investments Holdings LLC's holdings in Griffon were worth $889,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GFF. Signaturefd LLC grew its holdings in Griffon by 72.9% during the 1st quarter. Signaturefd LLC now owns 555 shares of the conglomerate's stock worth $40,000 after acquiring an additional 234 shares in the last quarter. Optimist Retirement Group LLC grew its stake in Griffon by 8.4% in the first quarter. Optimist Retirement Group LLC now owns 3,894 shares of the conglomerate's stock worth $278,000 after purchasing an additional 302 shares in the last quarter. Cetera Investment Advisers grew its stake in Griffon by 6.5% in the first quarter. Cetera Investment Advisers now owns 5,503 shares of the conglomerate's stock worth $393,000 after purchasing an additional 335 shares in the last quarter. CWM LLC increased its holdings in Griffon by 26.1% in the first quarter. CWM LLC now owns 2,000 shares of the conglomerate's stock valued at $143,000 after buying an additional 414 shares during the last quarter. Finally, IFP Advisors Inc raised its stake in Griffon by 8,720.0% during the second quarter. IFP Advisors Inc now owns 441 shares of the conglomerate's stock valued at $32,000 after buying an additional 436 shares in the last quarter. 73.22% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on GFF shares. Wall Street Zen lowered Griffon from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Zacks Research cut Griffon from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Griffon in a research note on Tuesday, October 14th. Finally, Robert W. Baird raised their price target 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. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Griffon has an average rating of "Moderate Buy" and an average price target of $98.20.

Griffon Stock Performance

GFF stock opened at $75.46 on Thursday. Griffon Corporation has a 1 year low of $62.26 and a 1 year high of $86.73. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 56.32, a PEG ratio of 1.05 and a beta of 1.11. The company has a debt-to-equity ratio of 22.58, a quick ratio of 1.38 and a current ratio of 2.70. The stock's fifty day moving average is $76.21 and its two-hundred day moving average is $73.60.

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

Griffon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Friday, August 29th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, August 29th. Griffon's payout ratio is 53.73%.

About Griffon

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.

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