Griffon Corporation $GFF Shares Sold by Livforsakringsbolaget Skandia Omsesidigt

Key Points

• Livforsakringsbolaget Skandia Omsesidigt has reduced its holdings in Griffon Corporation by 58.5%, selling over 28,000 shares, and now owns 20,400 shares worth approximately $1.48 million.
• Several institutional investors increased their stakes in Griffon, with notable increases from McIlrath & Eck LLC (116.1%) and Brooklyn Investment Group (11,460%).
• Griffon reported earnings of $1.50 per share for the quarter, matching consensus estimates, but its revenue fell 5.3% compared to the previous year.

Livforsakringsbolaget Skandia Omsesidigt cut its position in shares of Griffon Corporation (NYSE:GFF - Free Report) by 58.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,400 shares of the conglomerate's stock after selling 28,709 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Griffon were worth $1,476,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. raised its stake in Griffon by 2.3% during the first quarter. Principal Financial Group Inc. now owns 234,035 shares of the conglomerate's stock worth $16,734,000 after purchasing an additional 5,243 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Griffon by 118.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,420 shares of the conglomerate's stock valued at $602,000 after acquiring an additional 4,568 shares during the period. Arcadia Investment Management Corp MI raised its stake in shares of Griffon by 26.6% in the 1st quarter. Arcadia Investment Management Corp MI now owns 29,811 shares of the conglomerate's stock valued at $2,131,000 after acquiring an additional 6,260 shares during the period. Jefferies Financial Group Inc. purchased a new stake in shares of Griffon in the 1st quarter valued at approximately $53,994,000. Finally, Inspire Investing LLC raised its stake in shares of Griffon by 178.4% in the 1st quarter. Inspire Investing LLC now owns 15,628 shares of the conglomerate's stock valued at $1,117,000 after acquiring an additional 10,015 shares during the period. 73.22% of the stock is owned by hedge funds and other institutional investors.

Griffon Stock Down 1.1%

NYSE GFF traded down $0.81 on Friday, hitting $75.78. 701,687 shares of the stock were exchanged, compared to its average volume of 390,546. The company has a quick ratio of 1.38, a current ratio of 2.70 and a debt-to-equity ratio of 22.58. Griffon Corporation has a fifty-two week low of $62.26 and a fifty-two week high of $86.73. The company has a market cap of $3.53 billion, a PE ratio of 56.55, a PEG ratio of 1.16 and a beta of 1.15. The company has a 50-day moving average price of $77.22 and a 200-day moving average price of $72.79.

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

Griffon Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Griffon from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Robert W. Baird boosted their price target on shares of Griffon from $92.00 to $100.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $98.20.

Griffon Company Profile

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.