Flputnam Investment Management Co. Takes $5.33 Million Position in Griffon Corporation $GFF

Key Points

• Flputnam Investment Management acquired 54,667 Griffon shares worth approximately $5.33 million, while institutional investors collectively own 73.22% of the company.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and $122.50 price target. Griffon also exceeded quarterly expectations, reporting $1.51 EPS versus the $1.34 consensus and $481.37 million in revenue.
• Griffon insiders sold 298,757 shares worth about $29.8 million over the past 90 days, while the company declared a quarterly dividend of $0.22 per share, equivalent to a 0.8% annualized yield.

Flputnam Investment Management Co. purchased a new position 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 54,667 shares of the conglomerate's stock, valued at approximately $5,332,000. Flputnam Investment Management Co. owned about 0.12% of Griffon as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Hantz Financial Services Inc. grew its position in shares of Griffon by 149.6% during the fourth quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate's stock worth $26,000 after acquiring an additional 211 shares during the last quarter. Scarborough Advisors LLC purchased a new stake in shares of Griffon in the first quarter valued at about $29,000. Hilton Head Capital Partners LLC acquired a new position in Griffon during the 4th quarter worth approximately $34,000. Caitong International Asset Management Co. Ltd boosted 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 in the last quarter. Finally, Osterweis Capital Management Inc. purchased a new position in shares of Griffon in the 2nd quarter valued at about $37,000. Institutional investors and hedge funds own 73.22% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Transactions at Griffon

In related news, CEO Ronald J. Kramer sold 100,000 shares of the firm'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 value of $9,492,000.00. Following the transaction, the chief executive officer owned 1,784,297 shares in the company, valued at approximately $169,365,471.24. This trade represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Robert F. Mehmel sold 22,209 shares of Griffon 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 transaction, the chief operating officer directly owned 763,691 shares in the company, valued at approximately $77,957,577.28. This trade represents a 2.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 298,757 shares of company stock worth $29,818,460. Company insiders own 10.20% of the company's stock.

Griffon Price Performance

GFF opened at $104.17 on Monday. Griffon Corporation has a 1 year low of $65.01 and a 1 year high of $108.57. The company's 50 day simple moving average is $93.89 and its 200 day simple moving average is $86.83. The stock has a market capitalization of $4.72 billion, a PE ratio of 26.57 and a beta of 1.44. 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 (NYSE:GFF - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.17. The company had revenue of $481.37 million for the quarter, compared to the consensus estimate of $457.70 million. Griffon had a net margin of 8.08% and a return on equity of 249.31%. Griffon's revenue was down 21.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.50 earnings per share. As a group, sell-side analysts expect that Griffon Corporation will post 5.41 EPS for the current year.

Griffon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, August 31st. This represents a $0.88 annualized dividend and a yield of 0.8%. Griffon's dividend payout ratio is currently 22.45%.

Griffon Profile

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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