Teacher Retirement System of Texas trimmed its stake in Griffon Corporation (NYSE:GFF - Free Report) by 84.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,836 shares of the conglomerate's stock after selling 30,609 shares during the quarter. Teacher Retirement System of Texas' holdings in Griffon were worth $417,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of GFF. Norges Bank bought a new stake in shares of Griffon in the 4th quarter valued at approximately $21,451,000. Kavar Capital Partners Group LLC lifted its position in Griffon by 20.5% during the 1st quarter. Kavar Capital Partners Group LLC now owns 20,829 shares of the conglomerate's stock worth $1,489,000 after acquiring an additional 3,545 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Griffon by 7.7% in the 4th quarter. Wells Fargo & Company MN now owns 59,704 shares of the conglomerate's stock valued at $4,255,000 after buying an additional 4,251 shares during the period. Assenagon Asset Management S.A. purchased a new position in Griffon during the first quarter worth approximately $1,443,000. Finally, Prosperity Wealth Management Inc. acquired a new position in shares of Griffon during the first quarter valued at approximately $350,000. 73.22% of the stock is owned by institutional investors.
Griffon Price Performance
Shares of NYSE:GFF opened at $77.59 on Friday. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 16.06, a PEG ratio of 0.84 and a beta of 1.14. Griffon Corporation has a 12 month low of $55.01 and a 12 month high of $86.73. The stock's 50 day moving average price is $71.98 and its 200 day moving average price is $72.15. The company has a debt-to-equity ratio of 7.12, a current ratio of 2.78 and a quick ratio of 1.48.
Griffon (NYSE:GFF - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The conglomerate reported $1.23 EPS for the quarter, beating the consensus estimate of $1.13 by $0.10. The company had revenue of $611.75 million for the quarter, compared to the consensus estimate of $618.23 million. Griffon had a return on equity of 114.46% and a net margin of 9.06%. The company's revenue for the quarter was down 9.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.35 earnings per share. Equities research analysts anticipate that Griffon Corporation will post 5.55 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 18th. Shareholders of record on Friday, May 30th were paid a $0.18 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.72 dividend on an annualized basis and a yield of 0.93%. Griffon's payout ratio is presently 14.91%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on GFF. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $100.00 price objective (up from $95.00) on shares of Griffon in a research note on Friday, May 9th. Deutsche Bank Aktiengesellschaft initiated coverage on Griffon in a research report on Tuesday, April 1st. They issued a "buy" rating and a $91.00 price target on the stock. Finally, Wall Street Zen upgraded Griffon from a "buy" rating to a "strong-buy" rating in a report on Friday, May 9th. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Strong Buy" and an average price target of $98.20.
View Our Latest Research Report on Griffon
About Griffon
(
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.
Further Reading
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