SEB Asset Management AB Invests $21.07 Million in Griffon Corporation $GFF

Key Points

• SEB Asset Management AB bought a new stake in Griffon Corporation in Q1, purchasing 289,896 shares valued at about $21.07 million. The fund now owns roughly 0.62% of the company.
• Griffon reported better-than-expected quarterly earnings, posting $1.05 EPS versus the $0.99 consensus and revenue of $421.86 million versus estimates of $414.63 million. However, revenue was still down 31% year over year.
• Company insiders have been selling shares, including CEO Ronald J. Kramer and COO Robert F. Mehmel, with 129,389 shares sold over the last 90 days. Analysts currently view the stock as a Moderate Buy with a consensus target price of $115.

SEB Asset Management AB purchased a new stake in Griffon Corporation (NYSE:GFF - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 289,896 shares of the conglomerate's stock, valued at approximately $21,070,000. SEB Asset Management AB owned approximately 0.62% of Griffon as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hantz Financial Services Inc. boosted its stake in Griffon by 149.6% in the 4th quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate's stock worth $26,000 after purchasing an additional 211 shares during the period. Hilton Head Capital Partners LLC bought a new stake in shares of Griffon during the fourth quarter valued at about $34,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Griffon by 362.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 495 shares of the conglomerate's stock worth $36,000 after buying an additional 388 shares in the last quarter. Osterweis Capital Management Inc. purchased a new stake in shares of Griffon in the second quarter worth about $37,000. Finally, Quarry LP boosted its position in shares of Griffon by 342.5% in the fourth quarter. Quarry LP now owns 531 shares of the conglomerate's stock valued at $39,000 after acquiring an additional 411 shares during the period. 73.22% of the stock is currently owned by institutional investors.

Griffon Trading Up 0.1%

Shares of GFF opened at $91.53 on Monday. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of 704.09 and a beta of 1.41. The company has a debt-to-equity ratio of 14.77, a quick ratio of 2.43 and a current ratio of 2.86. Griffon Corporation has a fifty-two week low of $65.01 and a fifty-two week high of $98.36. The firm has a 50 day moving average price of $89.47 and a 200-day moving average price of $84.61.

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

Griffon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 29th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, May 29th. Griffon's dividend payout ratio (DPR) is 676.92%.

Insider Transactions at Griffon

In other news, CEO Ronald J. Kramer sold 100,000 shares of Griffon stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $94.92, for a total value of $9,492,000.00. Following the transaction, the chief executive officer owned 1,784,297 shares in the company, valued at approximately $169,365,471.24. The trade was a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Robert F. Mehmel sold 7,873 shares of the business's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $96.02, for a total value of $755,965.46. Following the completion of the sale, the chief operating officer directly owned 790,352 shares of the company's stock, valued at approximately $75,889,599.04. This trade represents 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. Insiders have sold 129,389 shares of company stock worth $12,309,525 over the last ninety days. Insiders own 10.20% of the company's stock.

Analysts Set New Price Targets

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

Griffon Company 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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