Renaissance Technologies LLC Increases Stock Holdings in Griffon Corporation $GFF

Key Points

• Renaissance Technologies increased its Griffon stake by 18.9% in the first quarter to 547,351 shares, worth approximately $39.8 million. Institutional investors collectively own 73.22% of Griffon’s outstanding stock.
• Griffon reported quarterly EPS of $1.05, beating estimates of $0.99, while revenue fell 31% year over year to $421.9 million. The stock opened at $93.06 and remains near its 52-week high of $98.36.
• The company paid a quarterly dividend of $0.22, equating to an annualized yield of 0.9%; meanwhile, insiders sold roughly $12.3 million of shares during the quarter. Analysts maintain a “Moderate Buy” consensus with a $115 price target.

Renaissance Technologies LLC grew its stake in shares of Griffon Corporation (NYSE:GFF - Free Report) by 18.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 547,351 shares of the conglomerate's stock after purchasing an additional 87,100 shares during the quarter. Renaissance Technologies LLC owned approximately 1.19% of Griffon worth $39,781,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Fuller & Thaler Asset Management Inc. grew its position in shares of Griffon by 41.4% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,002,513 shares of the conglomerate's stock valued at $73,835,000 after buying an additional 293,278 shares during the last quarter. SEB Asset Management AB purchased a new stake in Griffon in the first quarter valued at $21,070,000. Voss Capital LP lifted its position in Griffon by 14.7% in the fourth quarter. Voss Capital LP now owns 1,760,000 shares of the conglomerate's stock valued at $129,624,000 after acquiring an additional 225,000 shares during the last quarter. Millennium Management LLC boosted its stake in Griffon by 166.4% in the third quarter. Millennium Management LLC now owns 324,553 shares of the conglomerate's stock valued at $24,715,000 after acquiring an additional 202,714 shares in the last quarter. Finally, Congruence Capital LLC purchased a new position in shares of Griffon during the fourth quarter worth about $11,985,000. Hedge funds and other institutional investors own 73.22% of the company's stock.

Griffon Stock Up 2.7%

Griffon stock opened at $93.06 on Tuesday. The stock has a 50 day moving average of $90.21 and a two-hundred day moving average of $85.26. Griffon Corporation has a twelve month low of $65.01 and a twelve month high of $98.36. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of 715.87 and a beta of 1.41. The company has a current ratio of 2.86, a quick ratio of 2.43 and a debt-to-equity ratio of 14.77.

Griffon (NYSE:GFF - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The conglomerate reported $1.05 EPS for the quarter, topping the consensus estimate of $0.99 by $0.06. Griffon had a return on equity of 298.42% and a net margin of 0.31%.The business had revenue of $421.86 million during the quarter, compared to analysts' expectations of $414.63 million. During the same quarter in the prior year, the business earned $1.23 earnings per share. The company's quarterly revenue was down 31.0% compared to the same quarter last year. As a group, research analysts expect that Griffon Corporation will post 5.17 earnings per share for the current year.

Griffon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 29th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.88 annualized dividend and a dividend yield of 0.9%. Griffon's payout ratio is presently 676.92%.

Insider Transactions at Griffon

In related news, CEO Ronald J. Kramer sold 100,000 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $94.92, for a total transaction of $9,492,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,784,297 shares of the company's stock, valued at $169,365,471.24. This represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Robert F. Mehmel sold 7,873 shares of the firm's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $96.02, for a total transaction of $755,965.46. Following the completion of the sale, the chief operating officer owned 790,352 shares of the company's stock, valued at approximately $75,889,599.04. The trade was a 0.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 129,389 shares of company stock worth $12,309,525. Company insiders own 10.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Wall Street Zen cut Griffon from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Zacks Research raised Griffon from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. Weiss Ratings lowered shares of Griffon from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. Finally, Robert W. Baird set a $115.00 price target on shares of Griffon in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $115.00.

Griffon Profile

Griffon Corporation NYSE: GFF is a diversified management and holding company whose subsidiaries design, manufacture and market products for residential, commercial and defense applications. Operating through three primary platforms—Home & Building Products, Defense Electronics and Specialty Industrial—Griffon's portfolio spans consumer and industrial brands with a focus on long-lived products and recurring aftermarket opportunities.

In the Home & Building Products segment, Griffon's Clopay Building Products division is a leading North American manufacturer of residential and commercial garage doors, specializing in steel, fiberglass and composite designs as well as decorative carriage-house styles.

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