Corient Private Wealth LP acquired a new stake in shares of Griffon Corporation (NYSE:GFF - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 16,165 shares of the conglomerate's stock, valued at approximately $1,577,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Hantz Financial Services Inc. boosted its stake in Griffon by 149.6% in the fourth quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 211 shares during the period. Scarborough Advisors LLC acquired a new stake in shares of Griffon during the 1st quarter worth approximately $29,000. Hilton Head Capital Partners LLC acquired a new stake in shares of Griffon during the 4th quarter worth approximately $34,000. Caitong International Asset Management Co. Ltd raised its position in shares of Griffon by 362.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 495 shares of the conglomerate's stock worth $36,000 after purchasing an additional 388 shares during the period. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Griffon in the 2nd quarter worth approximately $37,000. Institutional investors and hedge funds own 73.22% of the company's stock.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the company. Zacks Research upgraded Griffon from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. Robert W. Baird set a $125.00 target price on Griffon in a research note on Thursday, August 6th. Wall Street Zen downgraded shares of Griffon from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Weiss Ratings reissued a "hold (c-)" rating on shares of Griffon in a report on Friday, August 7th. Finally, Stephens upped their price target on shares of Griffon from $115.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Griffon currently has an average rating of "Buy" and an average target price of $122.50.
Check Out Our Latest Report on Griffon
Griffon Stock Performance
Shares of GFF stock opened at $97.64 on Friday. Griffon Corporation has a 12-month low of $65.01 and a 12-month high of $108.57. The company has a debt-to-equity ratio of 9.75, a current ratio of 2.41 and a quick ratio of 1.79. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of 24.91 and a beta of 1.45. The business has a 50 day simple moving average of $95.98 and a 200 day simple moving average of $88.00.
Griffon (NYSE:GFF - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.17. Griffon had a return on equity of 249.31% and a net margin of 8.08%.The company 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 firm posted $1.50 EPS. The firm's quarterly revenue was down 21.5% on a year-over-year basis. On average, equities research analysts anticipate that Griffon Corporation will post 5.41 EPS for the current year.
Griffon Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Monday, August 31st will be issued a $0.22 dividend. The ex-dividend date of this dividend 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%.
Insider Transactions at Griffon
In other Griffon news, COO Robert Mehmel sold 22,209 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $102.08, for a total transaction of $2,267,094.72. Following the transaction, the chief operating officer owned 763,691 shares of the company's stock, valued at approximately $77,957,577.28. This trade represents a 2.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald Kramer sold 100,000 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $94.92, for a total transaction of $9,492,000.00. Following the sale, the chief executive officer owned 1,784,297 shares in the company, valued at $169,365,471.24. This trade represents a 5.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 298,757 shares of company stock valued at $29,818,460 in the last quarter. 10.20% of the stock is currently owned by insiders.
Griffon Company Profile
(
Free Report)
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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