SG Americas Securities LLC Acquires 51,004 Shares of Griffon Corporation $GFF

Key Points

• SG Americas Securities LLC increased its stake in Griffon Corporation by 77.2% in the first quarter, buying an additional 51,004 shares and bringing its total holding to 117,092 shares worth about $8.51 million.
• Griffon reported better-than-expected quarterly results, with EPS of $1.05 versus estimates of $0.99 and revenue of $421.86 million versus expectations of $414.63 million, though revenue was still down 31% from a year earlier.
• The company recently paid a quarterly dividend of $0.22 per share, while insiders have been selling stock, including CEO Ronald J. Kramer and COO Robert F. Mehmel, and analysts currently rate the stock a Moderate Buy with a $115 price target.

SG Americas Securities LLC boosted its holdings in Griffon Corporation (NYSE:GFF - Free Report) by 77.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 117,092 shares of the conglomerate's stock after purchasing an additional 51,004 shares during the quarter. SG Americas Securities LLC owned about 0.25% of Griffon worth $8,510,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hantz Financial Services Inc. boosted its position in shares of 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 in the last quarter. Huntington National Bank increased its position in Griffon by 645.0% during the 3rd quarter. Huntington National Bank now owns 447 shares of the conglomerate's stock valued at $34,000 after buying an additional 387 shares in the last quarter. Hilton Head Capital Partners LLC bought a new position in Griffon during the 4th quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd raised its stake in Griffon by 362.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 495 shares of the conglomerate's stock valued at $36,000 after buying an additional 388 shares during the last quarter. Finally, Osterweis Capital Management Inc. purchased a new position in Griffon during the second quarter valued at $37,000. Institutional investors own 73.22% of the company's stock.

Griffon Stock Performance

Shares of GFF opened at $96.56 on Friday. The business's fifty day simple moving average is $88.87 and its two-hundred day simple moving average is $82.80. 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 Corporation has a 12 month low of $65.01 and a 12 month high of $97.70. The company has a market cap of $4.43 billion, a price-to-earnings ratio of 742.86 and a beta of 1.42.

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

Griffon Announces Dividend

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

Insider Transactions at Griffon

In other news, COO Robert F. Mehmel sold 7,873 shares of Griffon stock in a transaction that occurred on 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 in the company, valued at $75,889,599.04. The trade was a 0.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald J. Kramer sold 100,000 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 1,784,297 shares of the company's stock, valued at $169,365,471.24. The trade was a 5.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 124,937 shares of company stock valued at $11,874,898. 10.20% of the stock is owned by insiders.

Analysts Set New Price Targets

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

About Griffon

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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