Bank of America Corp DE Has $11.97 Million Position in Griffon Corporation $GFF

Bank of America Corp DE grew its holdings in shares of Griffon Corporation (NYSE:GFF - Free Report) by 8.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,673 shares of the conglomerate's stock after buying an additional 12,642 shares during the quarter. Bank of America Corp DE owned approximately 0.36% of Griffon worth $11,968,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of GFF. Royal Bank of Canada lifted its stake in Griffon by 20.2% in the 1st quarter. Royal Bank of Canada now owns 94,955 shares of the conglomerate's stock valued at $6,790,000 after purchasing an additional 15,925 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Griffon by 9.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,447 shares of the conglomerate's stock valued at $1,676,000 after buying an additional 2,047 shares during the period. NewEdge Advisors LLC bought a new stake in Griffon in the first quarter valued at approximately $49,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Griffon by 21.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,035 shares of the conglomerate's stock worth $6,080,000 after acquiring an additional 14,764 shares during the period. Finally, Strs Ohio bought a new position in shares of Griffon during the 1st quarter worth approximately $57,000. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Griffon Stock Performance

NYSE:GFF opened at $100.52 on Friday. The stock has a fifty day moving average price of $94.84 and a 200-day moving average price of $87.48. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 25.64 and a beta of 1.44. The company has a debt-to-equity ratio of 9.75, a quick ratio of 1.79 and a current ratio of 2.41. Griffon Corporation has a fifty-two week low of $65.01 and a fifty-two week high of $108.57.

Griffon (NYSE:GFF - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The conglomerate reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.17. Griffon had a return on equity of 249.31% and a net margin of 8.08%.The business had revenue of $481.37 million during the quarter, compared to the consensus estimate of $457.70 million. During the same quarter in the previous year, the firm earned $1.50 earnings per share. Griffon's revenue for the quarter was down 21.5% compared to the same quarter last year. As a group, equities analysts anticipate that Griffon Corporation will post 5.41 EPS for the current fiscal year.

Griffon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Monday, August 31st will be given a dividend of $0.22 per share. The ex-dividend date is Monday, August 31st. This represents a $0.88 annualized dividend and a dividend yield of 0.9%. Griffon's dividend payout ratio (DPR) is currently 22.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GFF shares. Wall Street Zen cut Griffon from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Robert W. Baird set a $125.00 price objective on shares of Griffon in a research report on Thursday, August 6th. Zacks Research upgraded shares of Griffon from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. Weiss Ratings reissued a "hold (c-)" rating on shares of Griffon in a research report on Friday, August 7th. Finally, Stephens raised their target price on shares of Griffon from $115.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $122.50.

Insider Buying and Selling

In other news, CEO Ronald J. Kramer sold 100,000 shares of Griffon stock in a transaction on Friday, June 12th. The stock was sold at an average price of $94.92, for a total value of $9,492,000.00. Following 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Robert F. Mehmel sold 22,209 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $102.08, for a total value of $2,267,094.72. Following the transaction, the chief operating officer directly owned 763,691 shares of the company's stock, valued at $77,957,577.28. This trade represents a 2.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 298,757 shares of company stock worth $29,818,460 over the last three months. 10.20% of the stock is currently owned by insiders.

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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