Point72 Asset Management L.P. Trims Holdings in Griffon Co. (NYSE:GFF)

Point72 Asset Management L.P. lowered its position in Griffon Co. (NYSE:GFF - Free Report) by 42.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 272,065 shares of the conglomerate's stock after selling 201,425 shares during the period. Point72 Asset Management L.P. owned 0.57% of Griffon worth $19,390,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GFF. Fuller & Thaler Asset Management Inc. raised its holdings in Griffon by 95,382.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 624,457 shares of the conglomerate's stock worth $44,505,000 after purchasing an additional 623,803 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Griffon in the 4th quarter worth about $43,325,000. Norges Bank purchased a new position in Griffon during the 4th quarter valued at about $21,451,000. Invesco Ltd. boosted its stake in Griffon by 36.0% during the fourth quarter. Invesco Ltd. now owns 892,124 shares of the conglomerate's stock worth $63,582,000 after acquiring an additional 236,179 shares in the last quarter. Finally, abrdn plc purchased a new stake in Griffon in the fourth quarter worth about $12,842,000. Hedge funds and other institutional investors own 73.22% of the company's stock.

Griffon Stock Performance

GFF traded down $0.53 during midday trading on Thursday, hitting $67.64. 249,010 shares of the company traded hands, compared to its average volume of 441,162. The company's 50-day moving average is $70.10 and its 200 day moving average is $73.38. Griffon Co. has a 52 week low of $55.01 and a 52 week high of $86.73. The firm has a market capitalization of $3.18 billion, a PE ratio of 13.80 and a beta of 1.17. The company has a quick ratio of 1.34, a current ratio of 2.51 and a debt-to-equity ratio of 6.44.

Griffon (NYSE:GFF - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The conglomerate reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.10. Griffon had a net margin of 9.13% and a return on equity of 120.61%. The company had revenue of $611.75 million for the quarter, compared to the consensus estimate of $618.23 million. During the same quarter in the prior year, the firm earned $1.35 earnings per share. The firm's revenue for the quarter was down 9.1% compared to the same quarter last year. On average, research analysts expect that Griffon Co. will post 5.55 EPS for the current year.

Griffon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Friday, May 30th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, May 30th. Griffon's payout ratio is currently 14.91%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GFF. Deutsche Bank Aktiengesellschaft began coverage on Griffon in a research report on Tuesday, April 1st. They set a "buy" rating and a $91.00 price objective for the company. Wall Street Zen raised Griffon from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 9th. Stephens raised their price objective on shares of Griffon from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, February 6th. Raymond James reaffirmed a "strong-buy" rating and issued a $100.00 target price (up from $95.00) on shares of Griffon in a report on Friday, May 9th. Finally, Loop Capital upgraded shares of Griffon to a "strong-buy" rating in a report on Friday, February 14th. Three research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Strong Buy" and a consensus target price of $98.20.

Griffon 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.