Robert W. Baird Trims Griffon (NYSE:GFF) Target Price to $84.00

Griffon (NYSE:GFF) had its price target decreased by Robert W. Baird from $86.00 to $84.00 in a research report report published on Thursday, Benzinga reports. Robert W. Baird currently has an outperform rating on the conglomerate’s stock.

Separately, StockNews.com upgraded Griffon from a buy rating to a strong-buy rating in a research report on Thursday, May 2nd. Three investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Griffon has a consensus rating of Buy and a consensus target price of $80.33.

Griffon Stock Performance

Shares of GFF opened at $59.02 on Thursday. The company has a quick ratio of 1.56, a current ratio of 2.78 and a debt-to-equity ratio of 7.80. Griffon has a 52-week low of $38.33 and a 52-week high of $77.99. The company has a 50-day simple moving average of $66.53 and a 200-day simple moving average of $67.59. The company has a market capitalization of $2.92 billion, a PE ratio of 15.57 and a beta of 1.29.

Griffon (NYSE:GFF) last issued its earnings results on Wednesday, August 7th. The conglomerate reported $1.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.07). The company had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $688.94 million. Griffon had a net margin of 7.48% and a return on equity of 90.02%. The company’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the business posted $1.29 earnings per share. Equities research analysts predict that Griffon will post 5 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 28th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, August 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.02%. Griffon’s dividend payout ratio (DPR) is 15.83%.

Insider Activity at Griffon

In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $67.07, for a total transaction of $6,707,000.00. Following the completion of the transaction, the chief executive officer now owns 2,500,746 shares of the company’s stock, valued at $167,725,034.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $67.07, for a total value of $6,707,000.00. Following the transaction, the chief executive officer now directly owns 2,500,746 shares in the company, valued at approximately $167,725,034.22. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO W. Christopher Durborow sold 13,000 shares of Griffon stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $66.88, for a total transaction of $869,440.00. Following the sale, the chief accounting officer now owns 48,368 shares of the company’s stock, valued at $3,234,851.84. The disclosure for this sale can be found here. 16.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Edgestream Partners L.P. purchased a new stake in shares of Griffon in the second quarter valued at $2,716,000. Primecap Management Co. CA grew its holdings in Griffon by 6.0% in the 2nd quarter. Primecap Management Co. CA now owns 238,100 shares of the conglomerate’s stock valued at $15,205,000 after buying an additional 13,400 shares during the period. Renaissance Technologies LLC increased its stake in shares of Griffon by 9.6% during the 2nd quarter. Renaissance Technologies LLC now owns 631,851 shares of the conglomerate’s stock valued at $40,350,000 after acquiring an additional 55,100 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Griffon by 1.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,379,000 shares of the conglomerate’s stock worth $88,066,000 after acquiring an additional 19,644 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Griffon by 2.8% in the second quarter. Federated Hermes Inc. now owns 87,675 shares of the conglomerate’s stock worth $5,599,000 after acquiring an additional 2,403 shares during the last quarter. Hedge funds and other institutional investors own 73.22% of the company’s stock.

About Griffon

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.