Deutsche Bank AG Invests $4.17 Million in Griffon Corporation $GFF

Key Points

• Deutsche Bank acquired a new 42,751-share stake in Griffon valued at approximately $4.17 million, while institutional investors collectively own 73.22% of the company.
• Griffon exceeded quarterly expectations, reporting $1.51 in EPS versus the $1.34 consensus and revenue of $481.37 million, although revenue declined 21.5% year over year.
• The company declared a quarterly dividend of $0.22 per share, while analysts maintain a consensus “Buy” rating with an average price target of $122.50; insiders have sold nearly $29.8 million of shares over the past 90 days.

Deutsche Bank AG purchased a new stake in shares of Griffon Corporation (NYSE:GFF - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 42,751 shares of the conglomerate's stock, valued at approximately $4,170,000. Deutsche Bank AG owned about 0.09% of Griffon at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Louisiana State Employees Retirement System bought a new position in Griffon in the 1st quarter valued at $1,265,000. SummitTX Capital L.P. raised its position in shares of Griffon by 42.9% during the first quarter. SummitTX Capital L.P. now owns 415,531 shares of the conglomerate's stock worth $30,201,000 after acquiring an additional 124,750 shares during the last quarter. OP Asset Management Ltd acquired a new position in shares of Griffon during the first quarter valued at $1,547,000. California State Teachers Retirement System boosted its holdings in Griffon by 29.0% in the first quarter. California State Teachers Retirement System now owns 44,910 shares of the conglomerate's stock valued at $3,264,000 after acquiring an additional 10,094 shares during the last quarter. Finally, Flputnam Investment Management Co. bought a new position in Griffon in the second quarter valued at about $5,332,000. Institutional investors and hedge funds own 73.22% of the company's stock.

Griffon Trading Up 0.1%

NYSE GFF opened at $101.48 on Wednesday. Griffon Corporation has a 12 month low of $65.01 and a 12 month high of $108.57. The stock has a 50-day simple moving average of $95.13 and a 200 day simple moving average of $87.77. The company has a current ratio of 2.41, a quick ratio of 1.79 and a debt-to-equity ratio of 9.75. The company has a market capitalization of $4.60 billion, a PE ratio of 25.89 and a beta of 1.44.

Griffon (NYSE:GFF - Get Free Report) last issued its 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. The firm had revenue of $481.37 million for the quarter, compared to analysts' expectations of $457.70 million. Griffon had a return on equity of 249.31% and a net margin of 8.08%.The company's revenue was down 21.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.50 earnings per share. Research analysts forecast that Griffon Corporation will post 5.41 EPS for the current year.

Griffon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Monday, August 31st will be paid a dividend of $0.22 per share. 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 (DPR) is presently 22.45%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Griffon in a report on Friday, August 7th. Wall Street Zen lowered shares of Griffon from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Stephens lifted 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. Zacks Research raised shares of Griffon from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. Finally, Robert W. Baird set a $125.00 price objective on shares of Griffon in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $122.50.

Insider Buying and Selling

In related news, COO Robert F. Mehmel sold 22,209 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chief operating officer owned 763,691 shares in the company, valued at approximately $77,957,577.28. The trade was a 2.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald J. Kramer sold 100,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $94.92, for a total transaction of $9,492,000.00. Following the completion of the sale, the chief executive officer directly owned 1,784,297 shares of the company's stock, valued at $169,365,471.24. The trade was a 5.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 298,757 shares of company stock valued at $29,818,460. Corporate insiders own 10.20% of the company's stock.

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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