Invesco Ltd. Has $57.80 Million Stock Position in Griffon Corporation $GFF

Key Points

• Invesco Ltd. reduced its position in Griffon Corporation by 9.4%, owning approximately 808,372 shares valued at about $57.8 million.
• Griffon Corporation announced a quarterly dividend of $0.18 per share, representing a dividend yield of 1.0% and a payout ratio of 53.73%.
• The company's recent earnings report showed a 5.3% decline in revenue year-over-year, reporting revenue of $613.63 million and earnings per share of $1.50, meeting analysts' estimates.

Invesco Ltd. lowered its stake in shares of Griffon Corporation (NYSE:GFF - Free Report) by 9.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 808,372 shares of the conglomerate's stock after selling 83,752 shares during the period. Invesco Ltd. owned 1.68% of Griffon worth $57,799,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Wells Fargo & Company MN increased its holdings in shares of Griffon by 7.7% during the 4th quarter. Wells Fargo & Company MN now owns 59,704 shares of the conglomerate's stock worth $4,255,000 after acquiring an additional 4,251 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Griffon by 6.0% during the 4th quarter. Bank of Montreal Can now owns 5,720 shares of the conglomerate's stock worth $408,000 after acquiring an additional 322 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Griffon by 4.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,934 shares of the conglomerate's stock worth $280,000 after acquiring an additional 154 shares during the last quarter. Barclays PLC increased its holdings in shares of Griffon by 19.0% during the 4th quarter. Barclays PLC now owns 192,130 shares of the conglomerate's stock worth $13,693,000 after acquiring an additional 30,692 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of Griffon by 5.9% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,620 shares of the conglomerate's stock worth $1,042,000 after acquiring an additional 811 shares during the last quarter. Institutional investors own 73.22% of the company's stock.

Analyst Ratings Changes

GFF has been the topic of a number of recent analyst reports. Robert W. Baird boosted their target price on Griffon from $92.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $100.00 price objective (up from $95.00) on shares of Griffon in a report on Friday, May 9th. Finally, Wall Street Zen lowered Griffon from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $98.20.

Griffon Stock Performance

NYSE GFF traded up $0.0960 on Thursday, reaching $72.2260. The stock had a trading volume of 301,079 shares, compared to its average volume of 535,634. The company has a debt-to-equity ratio of 22.58, a current ratio of 2.70 and a quick ratio of 1.38. The firm has a fifty day moving average of $75.31 and a two-hundred day moving average of $72.51. Griffon Corporation has a 1-year low of $60.97 and a 1-year high of $86.73. The company has a market cap of $3.36 billion, a P/E ratio of 53.90, a price-to-earnings-growth ratio of 1.10 and a beta of 1.09.

Griffon (NYSE:GFF - Get Free Report) last released its earnings results on Wednesday, August 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.50. The company had revenue of $613.63 million for the quarter, compared to analyst estimates of $649.95 million. Griffon had a return on equity of 144.21% and a net margin of 2.78%.Griffon's quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.24 EPS. On average, equities research analysts anticipate that Griffon Corporation will post 5.55 EPS for the current year.

Griffon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, August 29th. Griffon's dividend payout ratio is 53.73%.

About Griffon

Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. The company operates through two segments: Home and Building Products, and Consumer and Professional Products. The Home and Building Products segment manufactures and markets residential and commercial sectional garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers for the use in commercial construction and repair, and home remodeling applications.