Principal Financial Group Inc. raised its stake in Griffon Corporation (NYSE:GFF - Free Report) by 2.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 234,035 shares of the conglomerate's stock after buying an additional 5,243 shares during the quarter. Principal Financial Group Inc. owned about 0.49% of Griffon worth $16,734,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. Summit Investment Advisors Inc. lifted its position in shares of Griffon by 4.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,934 shares of the conglomerate's stock worth $280,000 after purchasing an additional 154 shares in the last quarter. Pictet Asset Management Holding SA lifted its position in shares of Griffon by 4.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 4,977 shares of the conglomerate's stock worth $355,000 after purchasing an additional 198 shares in the last quarter. McIlrath & Eck LLC lifted its position in shares of Griffon by 116.1% in the fourth quarter. McIlrath & Eck LLC now owns 376 shares of the conglomerate's stock worth $27,000 after purchasing an additional 202 shares in the last quarter. Keeley Teton Advisors LLC lifted its position in shares of Griffon by 5.8% in the fourth quarter. Keeley Teton Advisors LLC now owns 5,500 shares of the conglomerate's stock worth $392,000 after purchasing an additional 300 shares in the last quarter. Finally, Axxcess Wealth Management LLC lifted its position in shares of Griffon by 5.9% in the fourth quarter. Axxcess Wealth Management LLC now owns 5,701 shares of the conglomerate's stock worth $406,000 after purchasing an additional 319 shares in the last quarter. Institutional investors own 73.22% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on GFF shares. Raymond James Financial restated a "strong-buy" rating and set a $100.00 target price (up from $95.00) on shares of Griffon in a report on Friday, May 9th. Wall Street Zen raised shares of Griffon from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Griffon in a research report on Tuesday, April 1st. They issued a "buy" rating and a $91.00 price objective for the company. Three analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Strong Buy" and an average price target of $98.20.
Get Our Latest Research Report on GFF
Griffon Stock Performance
Shares of GFF traded down $1.34 during midday trading on Friday, reaching $78.28. The stock had a trading volume of 253,933 shares, compared to its average volume of 411,784. The firm has a 50 day simple moving average of $71.39 and a 200-day simple moving average of $71.99. Griffon Corporation has a one year low of $55.01 and a one year high of $86.73. The firm has a market cap of $3.68 billion, a PE ratio of 16.21, a P/E/G ratio of 0.86 and a beta of 1.14. The company has a current ratio of 2.78, a quick ratio of 1.48 and a debt-to-equity ratio of 7.12.
Griffon (NYSE:GFF - Get Free Report) last announced its earnings results on Thursday, May 8th. The conglomerate reported $1.23 EPS for the quarter, topping the consensus estimate of $1.13 by $0.10. The business had revenue of $611.75 million during the quarter, compared to the consensus estimate of $618.23 million. Griffon had a net margin of 9.06% and a return on equity of 114.46%. Griffon's revenue was down 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.35 EPS. As a group, sell-side analysts anticipate that Griffon Corporation will post 5.55 EPS for the current year.
Griffon Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Friday, May 30th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend was Friday, May 30th. Griffon's payout ratio is 14.91%.
About Griffon
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Free Report)
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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