Griffon Corporation $GFF Shares Bought by SummitTX Capital L.P.

SummitTX Capital L.P. lifted its holdings in shares of Griffon Corporation (NYSE:GFF - Free Report) by 42.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 415,531 shares of the conglomerate's stock after acquiring an additional 124,750 shares during the period. Griffon makes up about 0.9% of SummitTX Capital L.P.'s investment portfolio, making the stock its 7th biggest position. SummitTX Capital L.P. owned 0.91% of Griffon worth $30,201,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Fuller & Thaler Asset Management Inc. raised its position in Griffon by 41.4% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,002,513 shares of the conglomerate's stock worth $73,835,000 after purchasing an additional 293,278 shares in the last quarter. SEB Asset Management AB bought a new stake in shares of Griffon in the 1st quarter valued at approximately $21,070,000. Voss Capital LP lifted its position in shares of Griffon by 14.7% during the 4th quarter. Voss Capital LP now owns 1,760,000 shares of the conglomerate's stock worth $129,624,000 after buying an additional 225,000 shares during the period. Millennium Management LLC boosted its stake in Griffon by 166.4% in the 3rd quarter. Millennium Management LLC now owns 324,553 shares of the conglomerate's stock valued at $24,715,000 after buying an additional 202,714 shares in the last quarter. Finally, Congruence Capital LLC bought a new stake in Griffon in the fourth quarter valued at $11,985,000. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Griffon Stock Performance

Griffon stock opened at $90.62 on Monday. The stock has a 50-day simple moving average of $90.01 and a 200 day simple moving average of $85.14. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of 697.11 and a beta of 1.41. The company has a quick ratio of 2.43, a current ratio of 2.86 and a debt-to-equity ratio of 14.77. Griffon Corporation has a 12-month low of $65.01 and a 12-month high of $98.36.

Griffon (NYSE:GFF - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The conglomerate reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.06. The firm had revenue of $421.86 million for the quarter, compared to analyst estimates of $414.63 million. Griffon had a net margin of 0.31% and a return on equity of 298.42%. The company's revenue was down 31.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.23 EPS. On average, research analysts anticipate that Griffon Corporation will post 5.17 earnings per share for the current fiscal year.

Griffon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 29th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, May 29th. Griffon's dividend payout ratio is 676.92%.

Insider Activity at Griffon

In related news, COO Robert F. Mehmel sold 4,166 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $97.76, for a total value of $407,268.16. Following the completion of the sale, the chief operating officer owned 785,900 shares of the company's stock, valued at $76,829,584. This trade represents a 0.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald J. Kramer sold 100,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 1,784,297 shares of the company's stock, valued at $169,365,471.24. This trade represents a 5.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 129,389 shares of company stock worth $12,309,525 over the last three months. 10.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Zacks Research upgraded Griffon from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Weiss Ratings lowered shares of Griffon from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, May 11th. Wall Street Zen lowered shares of Griffon from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Finally, Robert W. Baird set a $115.00 price target on shares of Griffon in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $115.00.

Griffon Company 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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