Bank of New York Mellon Corp Purchases New Holdings in Griffon Corporation $GFF

Key Points

• Bank of New York Mellon purchased 374,611 Griffon shares worth approximately $36.5 million, representing about 0.82% of the company. Institutional investors collectively own 73.22% of Griffon.
• Griffon exceeded quarterly earnings expectations, reporting $1.51 in EPS versus the $1.34 consensus estimate and revenue of $481.37 million, though revenue declined 21.5% year over year.
• The company declared a quarterly dividend of $0.22, or $0.88 annualized, yielding approximately 0.9%. Analysts maintain a consensus “Buy” rating with an average price target of $122.50, above the reported share price of $99.02.

Bank of New York Mellon Corp purchased a new position in shares of Griffon Corporation (NYSE:GFF - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 374,611 shares of the conglomerate's stock, valued at approximately $36,536,000. Bank of New York Mellon Corp owned about 0.82% of Griffon as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GFF. Voss Capital LP grew its position in shares of Griffon by 14.7% in the 4th 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. State Street Corp raised its holdings in shares of Griffon by 0.7% in the 4th quarter. State Street Corp now owns 1,535,473 shares of the conglomerate's stock valued at $113,088,000 after purchasing an additional 11,169 shares during the period. Fuller & Thaler Asset Management Inc. lifted its stake in Griffon by 41.4% in 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. LSV Asset Management lifted its stake in Griffon by 10.0% in the 4th quarter. LSV Asset Management now owns 867,195 shares of the conglomerate's stock valued at $63,869,000 after purchasing an additional 79,000 shares during the last quarter. Finally, Raymond James Financial Inc. grew its holdings in Griffon by 7.7% during the second quarter. Raymond James Financial Inc. now owns 719,046 shares of the conglomerate's stock worth $52,037,000 after purchasing an additional 51,354 shares during the period. Institutional investors own 73.22% of the company's stock.

Griffon Stock Down 0.2%

Shares of NYSE GFF opened at $99.02 on Friday. The firm has a market cap of $4.48 billion, a PE ratio of 25.26 and a beta of 1.44. Griffon Corporation has a 12-month low of $65.01 and a 12-month high of $108.57. The company's fifty day simple moving average is $95.68 and its 200 day simple moving average is $87.96. The company has a quick ratio of 1.79, a current ratio of 2.41 and a debt-to-equity ratio of 9.75.

Griffon (NYSE:GFF - Get Free Report) last posted its quarterly 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 the consensus estimate of $457.70 million. During the same period in the previous year, the firm posted $1.50 earnings per share. The business's revenue was down 21.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Griffon Corporation will post 5.41 earnings per share for the current fiscal year.

Griffon Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Zacks Research raised Griffon from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. Wall Street Zen cut Griffon from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Griffon in a research report on Friday, August 7th. Robert W. Baird set a $125.00 price objective on shares of Griffon in a research report on Thursday, August 6th. Finally, Stephens upped their target price on 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 issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $122.50.

Insider Transactions at Griffon

In other Griffon news, 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 completion of the sale, the director owned 40,602 shares in the company, valued at approximately $4,287,165.18. The trade was a 7.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Cheryl L. Turnbull sold 3,000 shares of the company's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $106.12, for a total transaction of $318,360.00. Following the transaction, the director owned 30,039 shares in the company, valued at approximately $3,187,738.68. The trade was a 9.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 298,757 shares of company stock worth $29,818,460. 10.20% of the stock is currently owned by insiders.

Griffon Company 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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