Steamboat Capital Partners LLC Buys 14,465 Shares of Griffon Corporation $GFF

Key Points

• Steamboat Capital Partners LLC significantly increased its stake in Griffon Corporation by 96.8%, acquiring a total of 29,408 shares valued at approximately $2.1 million.
• Griffon has seen mixed analyst sentiments, with Raymond James reaffirming a "strong-buy" rating and setting a new price target of $100, while Wall Street analysts overall maintain an average rating of "buy."
• The company reported $1.50 EPS for its latest quarter, meeting expectations, but has seen a 5.3% decline in revenue year-over-year, prompting sell-side analysts to project 5.55 EPS for the current year.

Steamboat Capital Partners LLC increased its holdings in shares of Griffon Corporation (NYSE:GFF - Free Report) by 96.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,408 shares of the conglomerate's stock after acquiring an additional 14,465 shares during the period. Steamboat Capital Partners LLC owned about 0.06% of Griffon worth $2,103,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Baird Financial Group Inc. boosted its position in shares of Griffon by 23.8% during the 1st quarter. Baird Financial Group Inc. now owns 5,204 shares of the conglomerate's stock valued at $372,000 after acquiring an additional 1,001 shares in the last quarter. State of Wyoming boosted its position in Griffon by 19.5% in the first quarter. State of Wyoming now owns 5,513 shares of the conglomerate's stock valued at $394,000 after buying an additional 898 shares in the last quarter. Ieq Capital LLC boosted its position in Griffon by 43.5% in the first quarter. Ieq Capital LLC now owns 5,549 shares of the conglomerate's stock valued at $397,000 after buying an additional 1,683 shares in the last quarter. Rafferty Asset Management LLC acquired a new position in Griffon in the first quarter valued at about $822,000. Finally, Corebridge Financial Inc. boosted its position in Griffon by 2.4% in the first quarter. Corebridge Financial Inc. now owns 20,568 shares of the conglomerate's stock valued at $1,471,000 after buying an additional 474 shares in the last quarter. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GFF has been the subject of a number of research analyst reports. Robert W. Baird boosted their target price on shares of Griffon from $92.00 to $100.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $100.00 target price (up from $95.00) on shares of Griffon in a research note on Friday, May 9th. Finally, Wall Street Zen downgraded shares of Griffon from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $98.20.

Griffon Stock Up 3.4%

Shares of Griffon stock traded up $2.63 on Thursday, hitting $79.62. The company had a trading volume of 302,009 shares, compared to its average volume of 394,497. The firm has a market capitalization of $3.71 billion, a P/E ratio of 59.42, a P/E/G ratio of 1.16 and a beta of 1.15. Griffon Corporation has a twelve month low of $60.97 and a twelve month high of $86.73. The company has a debt-to-equity ratio of 22.58, a current ratio of 2.70 and a quick ratio of 1.38. The stock has a 50-day moving average of $76.68 and a 200-day moving average of $72.41.

Griffon (NYSE:GFF - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The conglomerate reported $1.50 earnings per share for the quarter, meeting the consensus estimate of $1.50. Griffon had a net margin of 2.78% and a return on equity of 144.21%. The company had revenue of $613.63 million during the quarter, compared to analysts' expectations of $649.95 million. During the same quarter in the prior year, the company earned $1.24 earnings per share. The business's quarterly revenue was down 5.3% compared to the same quarter last year. Research analysts predict that Griffon Corporation will post 5.55 earnings per share for the current year.

Griffon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 29th will be paid a $0.18 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.72 dividend on an annualized basis and a yield of 0.9%. Griffon's dividend payout ratio (DPR) is currently 53.73%.

Griffon Company 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.