Moran Wealth Management LLC Makes New Investment in Griffon Corporation $GFF

Key Points

• Moran Wealth Management LLC has acquired a new position in Griffon Corporation, purchasing 28,295 shares valued at approximately $2,048,000 during Q2.
• Several institutional investors have significantly increased their holdings in Griffon, with ownership by these investors now at 73.22% of the company's stock.
• Griffon recently declared a quarterly dividend of $0.18 per share, representing an annualized dividend yield of 1.0%.

Moran Wealth Management LLC bought a new position in Griffon Corporation (NYSE:GFF - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 28,295 shares of the conglomerate's stock, valued at approximately $2,048,000. Moran Wealth Management LLC owned approximately 0.06% of Griffon at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. IFP Advisors Inc increased its holdings in shares of Griffon by 8,720.0% during the 2nd quarter. IFP Advisors Inc now owns 441 shares of the conglomerate's stock worth $32,000 after buying an additional 436 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Griffon by 72.9% during the 1st quarter. Signaturefd LLC now owns 555 shares of the conglomerate's stock worth $40,000 after buying an additional 234 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of Griffon by 11,460.0% during the 1st quarter. Brooklyn Investment Group now owns 578 shares of the conglomerate's stock worth $41,000 after buying an additional 573 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Griffon during the 1st quarter worth approximately $49,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Griffon during the 2nd quarter worth approximately $52,000. Institutional investors and hedge funds own 73.22% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Griffon in a report on Tuesday. Wall Street Zen downgraded shares of Griffon from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Zacks Research downgraded shares of Griffon from a "hold" rating to a "strong sell" rating in a report on Monday, October 6th. Finally, Robert W. Baird lifted their target price on shares of Griffon from $92.00 to $100.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $98.20.

Griffon Stock Up 1.1%

Griffon stock opened at $75.61 on Thursday. Griffon Corporation has a fifty-two week low of $62.26 and a fifty-two week high of $86.73. The company has a debt-to-equity ratio of 22.58, a quick ratio of 1.38 and a current ratio of 2.70. The firm has a 50 day moving average price of $75.79 and a 200 day moving average price of $73.46. The company has a market capitalization of $3.52 billion, a PE ratio of 56.43, a price-to-earnings-growth ratio of 1.02 and a beta of 1.11.

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. The business had revenue of $613.63 million during the quarter, compared to the consensus estimate of $649.95 million. Griffon had a net margin of 2.78% and a return on equity of 144.21%. The company's quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.24 earnings per share. Research analysts expect that Griffon Corporation will post 5.55 earnings per share for the current year.

Griffon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Friday, August 29th were paid 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 payout ratio is 53.73%.

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.

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