Corient Private Wealth LP Acquires 12,075 Shares of Griffon Corporation $GFF

Key Points

• Corient Private Wealth LP increased its Griffon stake by 316.8% in the second quarter, purchasing 12,075 additional shares for a total holding of 15,886 shares valued at approximately $1.55 million. Institutional investors and hedge funds collectively own 73.22% of GFF.
• Griffon exceeded quarterly expectations, reporting adjusted earnings of $1.51 per share versus the $1.34 consensus estimate and revenue of $481.37 million. However, revenue declined 21.5% year over year.
• Analyst sentiment remains strongly positive, with the stock receiving a consensus “Strong Buy” rating and an average price target of $122.50, compared with its reported opening price of $96.45.

Corient Private Wealth LP increased its holdings in Griffon Corporation (NYSE:GFF - Free Report) by 316.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,886 shares of the conglomerate's stock after purchasing an additional 12,075 shares during the period. Corient Private Wealth LP's holdings in Griffon were worth $1,549,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in GFF. BlackRock Inc. purchased a new stake in Griffon in the 2nd quarter valued at about $590,633,000. Voss Capital LP boosted its holdings 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 purchasing an additional 225,000 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Griffon by 18.9% during the 1st quarter. Renaissance Technologies LLC now owns 547,351 shares of the conglomerate's stock valued at $39,781,000 after buying an additional 87,100 shares during the period. SummitTX Capital L.P. grew its stake in shares of Griffon by 42.9% during the 1st quarter. SummitTX Capital L.P. now owns 415,531 shares of the conglomerate's stock valued at $30,201,000 after buying an additional 124,750 shares during the period. Finally, Primecap Management Co. CA acquired a new stake in shares of Griffon during the 2nd quarter worth $40,177,000. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Griffon news, CEO Ronald Kramer sold 100,000 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $102.42, for a total value of $10,242,000.00. Following the transaction, the chief executive officer owned 1,684,297 shares in the company, valued at $172,505,698.74. The trade was a 5.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cheryl Turnbull sold 3,000 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $106.12, for a total transaction of $318,360.00. Following the completion of the transaction, the director directly owned 30,039 shares of the company's stock, valued at approximately $3,187,738.68. The trade was a 9.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 173,534 shares of company stock worth $17,916,204. 10.20% of the stock is owned by corporate insiders.

Griffon Price Performance

GFF stock opened at $96.45 on Friday. 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 1 year low of $65.01 and a 1 year high of $108.57. The firm has a market cap of $4.37 billion, a P/E ratio of 24.61 and a beta of 1.45. The stock has a 50-day simple moving average of $96.87 and a 200-day simple moving average of $89.05.

Griffon (NYSE:GFF - Get Free Report) last released its quarterly earnings results 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 return on equity of 249.31% and a net margin of 8.08%.The firm had revenue of $481.37 million for the quarter, compared to analyst estimates of $457.70 million. During the same period in the previous year, the company posted $1.50 EPS. Griffon's revenue for the quarter was down 21.5% on a year-over-year basis. On average, equities analysts predict that Griffon Corporation will post 5.41 earnings per share for the current fiscal year.

Griffon Announces Dividend

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

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Zacks Research raised Griffon from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. Stephens boosted their price target on Griffon from $115.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Weiss Ratings upgraded Griffon from a "hold (c-)" rating to a "buy (b)" rating in a research note on Tuesday. Finally, Robert W. Baird set a $125.00 price objective on Griffon in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Strong Buy" and an average target price of $122.50.

Griffon Company Profile

Griffon Corporation NYSE: GFF is a diversified holding company that manufactures and distributes products for residential, commercial and industrial markets. Its operations are organized primarily around home and building products, as well as consumer and professional products, with sales in North America and international markets.

Through its building-products businesses, Griffon offers garage doors, rolling steel doors, security grilles, shutters and related access products. Its brands include Clopay, Cornell and Cookson, which serve residential, commercial and industrial customers through dealers, distributors, contractors and other channels.

Griffon's consumer and professional products operations include garden and landscaping tools, outdoor equipment and ceiling fans.

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