Dynamic Technology Lab Private Ltd bought a new position in shares of Griffon Co. (NYSE:GFF) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 19,215 shares of the conglomerate’s stock, valued at approximately $342,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of GFF. Piedmont Investment Advisors LLC acquired a new position in Griffon during the second quarter worth about $139,000. Acadian Asset Management LLC bought a new stake in shares of Griffon during the second quarter worth about $150,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Griffon during the second quarter worth about $196,000. SG Americas Securities LLC bought a new stake in shares of Griffon during the second quarter worth about $256,000. Finally, Comerica Bank grew its holdings in shares of Griffon by 12.2% during the second quarter. Comerica Bank now owns 35,568 shares of the conglomerate’s stock worth $658,000 after purchasing an additional 3,871 shares during the last quarter. 64.38% of the stock is owned by institutional investors.
GFF has been the topic of several research reports. TheStreet cut Griffon from a “b-” rating to a “c+” rating in a report on Friday, June 29th. Deutsche Bank assumed coverage on Griffon in a report on Friday, September 21st. They issued a “hold” rating and a $18.00 target price on the stock. Robert W. Baird assumed coverage on Griffon in a report on Thursday, September 13th. They issued a “neutral” rating and a $20.00 target price on the stock. ValuEngine upgraded Griffon from a “sell” rating to a “hold” rating in a report on Saturday, July 14th. Finally, Goldman Sachs Group initiated coverage on Griffon in a report on Tuesday, October 2nd. They issued a “neutral” rating and a $18.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $18.67.
Griffon (NYSE:GFF) last issued its earnings results on Wednesday, August 1st. The conglomerate reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Griffon had a return on equity of 7.23% and a net margin of 6.18%. The company had revenue of $516.55 million for the quarter. Research analysts predict that Griffon Co. will post 0.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Stockholders of record on Thursday, August 23rd were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Wednesday, August 22nd. Griffon’s payout ratio is 32.18%.
Griffon declared that its Board of Directors has initiated a share repurchase plan on Wednesday, August 1st that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the conglomerate to buy up to 6.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Henry A. Alpert purchased 5,000 shares of the stock in a transaction that occurred on Friday, August 3rd. The stock was acquired at an average cost of $18.09 per share, with a total value of $90,450.00. Following the transaction, the director now owns 64,741 shares of the company’s stock, valued at approximately $1,171,164.69. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 24.80% of the company’s stock.
Griffon Corporation, through its wholly-owned subsidiaries, engages in home and building, telephonics, and plastic products businesses worldwide. Its Home & Building Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; and residential and commercial garage doors to professional dealers and home center retail chains.
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