Bank of New York Mellon Corp Sells 12,489 Shares of Griffon Corporation (NYSE:GFF)

Bank of New York Mellon Corp reduced its position in Griffon Corporation (NYSE:GFF - Free Report) by 3.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 360,792 shares of the conglomerate's stock after selling 12,489 shares during the period. Bank of New York Mellon Corp owned about 0.75% of Griffon worth $25,797,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in GFF. OneDigital Investment Advisors LLC raised its position in shares of Griffon by 4.9% during the 1st quarter. OneDigital Investment Advisors LLC now owns 12,026 shares of the conglomerate's stock valued at $860,000 after buying an additional 559 shares in the last quarter. D.A. Davidson & CO. bought a new position in shares of Griffon during the first quarter valued at approximately $603,000. Principal Financial Group Inc. boosted its stake in shares of Griffon by 2.3% during the first quarter. Principal Financial Group Inc. now owns 234,035 shares of the conglomerate's stock valued at $16,734,000 after purchasing an additional 5,243 shares in the last quarter. Meritage Portfolio Management purchased a new position in Griffon in the first quarter worth $5,010,000. Finally, Kavar Capital Partners Group LLC grew its holdings in Griffon by 20.5% in the first quarter. Kavar Capital Partners Group LLC now owns 20,829 shares of the conglomerate's stock worth $1,489,000 after purchasing an additional 3,545 shares during the last quarter. 73.22% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on GFF shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Griffon in a research note on Tuesday, April 1st. They set a "buy" rating and a $91.00 target price for the company. Wall Street Zen raised shares of Griffon from a "buy" rating to a "strong-buy" rating in a research note on Friday, May 9th. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $100.00 price target (up previously from $95.00) on shares of Griffon in a research note on Friday, May 9th. Three analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Strong Buy" and an average target price of $98.20.

Griffon Trading Down 0.7%

Griffon stock traded down $0.56 during trading on Friday, reaching $76.97. The company had a trading volume of 249,859 shares, compared to its average volume of 409,652. Griffon Corporation has a 12-month low of $55.01 and a 12-month high of $86.73. The stock's 50 day moving average price is $72.15 and its two-hundred day moving average price is $72.19. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 0.84 and a beta of 1.14. The company has a debt-to-equity ratio of 7.12, a quick ratio of 1.48 and a current ratio of 2.78.

Griffon (NYSE:GFF - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The conglomerate reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.10. The business had revenue of $611.75 million for the quarter, compared to analysts' expectations of $618.23 million. Griffon had a net margin of 9.06% and a return on equity of 114.46%. The company's revenue for the quarter was down 9.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.35 EPS. As a group, equities analysts expect that Griffon Corporation will post 5.55 earnings per share for the current fiscal year.

Griffon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Friday, May 30th were paid a $0.18 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.72 annualized dividend and a dividend yield of 0.94%. Griffon's dividend payout ratio is presently 14.91%.

Griffon 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.