RFG Advisory LLC Takes Position in Griffon Corporation $GFF

RFG Advisory LLC purchased a new stake in shares of Griffon Corporation (NYSE:GFF) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 11,685 shares of the conglomerate’s stock, valued at approximately $849,000.

A number of other hedge funds have also bought and sold shares of GFF. Royal Bank of Canada increased its position in shares of Griffon by 20.2% during the 1st quarter. Royal Bank of Canada now owns 94,955 shares of the conglomerate’s stock valued at $6,790,000 after purchasing an additional 15,925 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Griffon by 9.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,447 shares of the conglomerate’s stock worth $1,676,000 after purchasing an additional 2,047 shares during the period. NewEdge Advisors LLC purchased a new position in shares of Griffon in the 1st quarter worth about $49,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Griffon by 21.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,035 shares of the conglomerate’s stock worth $6,080,000 after buying an additional 14,764 shares during the last quarter. Finally, Strs Ohio bought a new position in Griffon during the first quarter valued at about $57,000. 73.22% of the stock is currently owned by institutional investors.

Griffon Stock Performance

Shares of GFF stock opened at $96.56 on Monday. The firm’s 50 day moving average is $88.87 and its 200 day moving average is $82.87. The stock has a market capitalization of $4.43 billion, a P/E ratio of 742.86 and a beta of 1.42. Griffon Corporation has a 12 month low of $65.01 and a 12 month high of $97.70. The company has a current ratio of 2.86, a quick ratio of 2.43 and a debt-to-equity ratio of 14.77.

Griffon (NYSE:GFF) last released its quarterly earnings data on Thursday, May 7th. The conglomerate reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. The business had revenue of $421.86 million during the quarter, compared to analyst estimates of $414.63 million. Griffon had a net margin of 0.31% and a return on equity of 298.42%. Griffon’s revenue was down 31.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.23 EPS. On average, sell-side analysts anticipate that Griffon Corporation will post 5.17 earnings per share for the current year.

Griffon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 29th were given a $0.22 dividend. The ex-dividend date was Friday, May 29th. This represents a $0.88 annualized dividend and a dividend yield of 0.9%. Griffon’s payout ratio is 676.92%.

Insiders Place Their Bets

In related news, CEO Ronald J. Kramer sold 100,000 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $94.92, for a total transaction of $9,492,000.00. Following the sale, the chief executive officer owned 1,784,297 shares of the company’s stock, valued at approximately $169,365,471.24. This represents a 5.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Robert F. Mehmel sold 7,873 shares of the firm’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $96.02, for a total value of $755,965.46. Following the completion of the transaction, the chief operating officer owned 790,352 shares of the company’s stock, valued at approximately $75,889,599.04. This represents a 0.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 124,937 shares of company stock worth $11,874,898. 10.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on GFF. Wall Street Zen downgraded shares of Griffon from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Zacks Research raised shares of Griffon from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Weiss Ratings lowered shares of Griffon from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 11th. Finally, Robert W. Baird set a $115.00 price objective on Griffon 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 company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $115.00.

About Griffon

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.