Bank of New York Mellon Corp Reduces Position in Griffon Corporation (NYSE:GFF)

Bank of New York Mellon Corp reduced its stake in shares of Griffon Corporation (NYSE:GFF - Free Report) by 3.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 360,792 shares of the conglomerate's stock after selling 12,489 shares during the period. Bank of New York Mellon Corp owned approximately 0.75% of Griffon worth $25,797,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. McIlrath & Eck LLC raised its holdings in shares of Griffon by 116.1% in the fourth quarter. McIlrath & Eck LLC now owns 376 shares of the conglomerate's stock valued at $27,000 after purchasing an additional 202 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of Griffon in the fourth quarter valued at about $30,000. Headlands Technologies LLC acquired a new position in shares of Griffon in the fourth quarter valued at about $64,000. Vestcor Inc acquired a new position in shares of Griffon in the fourth quarter valued at about $136,000. Finally, GAMMA Investing LLC grew its stake in Griffon by 153.1% during the first quarter. GAMMA Investing LLC now owns 2,718 shares of the conglomerate's stock worth $194,000 after buying an additional 1,644 shares in the last quarter. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Griffon Stock Performance

Griffon stock traded up $1.10 during midday trading on Thursday, reaching $77.59. The stock had a trading volume of 288,154 shares, compared to its average volume of 409,636. Griffon Corporation has a 12 month low of $55.01 and a 12 month high of $86.73. The firm's 50-day moving average price is $71.84 and its 200 day moving average price is $72.10. The firm has a market capitalization of $3.65 billion, a PE ratio of 16.06, a P/E/G ratio of 0.84 and a beta of 1.14. The company has a quick ratio of 1.48, a current ratio of 2.78 and a debt-to-equity ratio of 7.12.

Griffon (NYSE:GFF - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The conglomerate reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.10. The firm had revenue of $611.75 million for the quarter, compared to analysts' expectations of $618.23 million. Griffon had a return on equity of 114.46% and a net margin of 9.06%. The company's revenue was down 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.35 earnings per share. As a group, research analysts predict that Griffon Corporation will post 5.55 earnings per share for the current fiscal year.

Griffon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Friday, May 30th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend was Friday, May 30th. Griffon's dividend payout ratio (DPR) is presently 14.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GFF. Raymond James Financial reiterated a "strong-buy" rating and set a $100.00 price objective (up from $95.00) on shares of Griffon in a research note on Friday, May 9th. Wall Street Zen upgraded shares of Griffon from a "buy" rating to a "strong-buy" rating in a report on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Griffon in a report on Tuesday, April 1st. They set a "buy" rating and a $91.00 price target for the company. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, Griffon has an average rating of "Strong Buy" and an average target price of $98.20.

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.