Louisiana State Employees Retirement System Takes Position in Griffon Corporation $GFF

by · The Markets Daily

Louisiana State Employees Retirement System bought a new position in shares of Griffon Corporation (NYSE:GFF – Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 17,400 shares of the conglomerate’s stock, valued at approximately $1,265,000.

Several other institutional investors have also recently added to or reduced their stakes in GFF. Hilton Head Capital Partners LLC increased its stake in Griffon by 41.3% in the first quarter. Hilton Head Capital Partners LLC now owns 647 shares of the conglomerate’s stock valued at $47,000 after purchasing an additional 189 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Griffon by 18.8% during the 1st quarter. Blue Trust Inc. now owns 1,325 shares of the conglomerate’s stock worth $96,000 after buying an additional 210 shares during the last quarter. RFG Advisory LLC purchased a new stake in shares of Griffon during the 1st quarter worth approximately $849,000. OP Asset Management Ltd acquired a new position in shares of Griffon in the 1st quarter valued at $1,547,000. Finally, SG Americas Securities LLC grew its position in shares of Griffon by 77.2% in the 1st quarter. SG Americas Securities LLC now owns 117,092 shares of the conglomerate’s stock valued at $8,510,000 after buying an additional 51,004 shares during the last quarter. Hedge funds and other institutional investors own 73.22% of the company’s stock.

Griffon Stock Down 0.1%

Shares of NYSE:GFF opened at $92.74 on Friday. Griffon Corporation has a 1-year low of $65.01 and a 1-year high of $98.36. The company has a debt-to-equity ratio of 14.77, a current ratio of 2.86 and a quick ratio of 2.43. The stock has a market cap of $4.25 billion, a P/E ratio of 713.45 and a beta of 1.41. The firm has a fifty day moving average price of $89.44 and a 200 day moving average price of $83.48.

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

Griffon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 29th were given 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 payout ratio is 676.92%.

Wall Street Analysts Forecast Growth

GFF has been the topic of several research analyst reports. Wall Street Zen lowered 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 objective on shares of Griffon in a research note on Friday, May 8th. Weiss Ratings lowered Griffon from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Finally, Zacks Research raised Griffon from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $115.00.

Read Our Latest Analysis on Griffon

Insider Activity at Griffon

In other news, COO Robert F. Mehmel sold 4,166 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $97.76, for a total value of $407,268.16. Following the transaction, the chief operating officer owned 785,900 shares of the company’s stock, valued at approximately $76,829,584. The trade was a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald J. Kramer sold 100,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer owned 1,784,297 shares of the company’s stock, valued at $169,365,471.24. This trade represents a 5.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 129,389 shares of company stock valued at $12,309,525. 10.20% of the stock is owned by company insiders.

Griffon Company Profile

(Free Report)

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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