BlackRock Inc. Takes Position in Griffon Corporation $GFF

Key Points

• BlackRock acquired 6.06 million Griffon shares worth approximately $590.6 million, giving it a 13.2% stake; institutional investors collectively own 73.22% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and a $122.50 target price. Griffon also exceeded quarterly earnings and revenue expectations, reporting $1.51 in EPS versus the $1.34 consensus estimate.
• Two directors sold shares in August, while insiders sold nearly 298,757 shares worth $29.8 million over the past quarter. Griffon announced a quarterly dividend of $0.22 per share, equivalent to a 0.9% annualized yield.

BlackRock Inc. purchased a new stake in Griffon Corporation (NYSE:GFF - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,055,910 shares of the conglomerate's stock, valued at approximately $590,633,000. BlackRock Inc. owned 13.20% of Griffon as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Corient Private Wealth LLC lifted its holdings in shares of Griffon by 3.4% in the 4th quarter. Corient Private Wealth LLC now owns 3,546 shares of the conglomerate's stock worth $261,000 after buying an additional 115 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Griffon by 1.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 10,299 shares of the conglomerate's stock valued at $759,000 after buying an additional 132 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of Griffon by 1.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 8,929 shares of the conglomerate's stock valued at $658,000 after buying an additional 136 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Griffon by 30.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 585 shares of the conglomerate's stock valued at $43,000 after acquiring an additional 137 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Griffon by 33.0% in the second quarter. EverSource Wealth Advisors LLC now owns 572 shares of the conglomerate's stock worth $41,000 after acquiring an additional 142 shares during the period. Institutional investors own 73.22% of the company's stock.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Griffon news, Director Cheryl L. Turnbull sold 3,000 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $106.12, for a total value of $318,360.00. Following the completion of the sale, the director owned 30,039 shares of the company's stock, valued at approximately $3,187,738.68. This trade represents a 9.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin F. Sullivan sold 3,500 shares of the business's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $105.59, for a total value of $369,565.00. Following the sale, the director owned 40,602 shares in the company, valued at $4,287,165.18. The trade was a 7.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 298,757 shares of company stock worth $29,818,460 over the last quarter. Company insiders own 10.20% of the company's stock.

Griffon Stock Down 0.0%

NYSE:GFF opened at $100.52 on Monday. The company's 50-day simple moving average is $94.84 and its 200-day simple moving average is $87.53. 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. The stock has a market capitalization of $4.55 billion, a P/E ratio of 25.64 and a beta of 1.44.

Griffon (NYSE:GFF - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The conglomerate reported $1.51 EPS for the quarter, topping 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 analyst estimates of $457.70 million. During the same quarter in the previous year, the business posted $1.50 EPS. Griffon's revenue was down 21.5% on a year-over-year basis. On average, equities analysts anticipate that Griffon Corporation will post 5.41 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Monday, August 31st will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.9%. Griffon's dividend payout ratio (DPR) is presently 22.45%.

About Griffon

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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