Griffon Co. (NYSE:GFF) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its stake in Griffon Co. (NYSE:GFF) by 9.9% in the first quarter, Holdings Channel.com reports. The firm owned 983,911 shares of the conglomerate’s stock after selling 108,403 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Griffon were worth $72,160,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of GFF. SummerHaven Investment Management LLC increased its stake in Griffon by 1.1% during the 4th quarter. SummerHaven Investment Management LLC now owns 17,361 shares of the conglomerate’s stock valued at $1,058,000 after buying an additional 193 shares during the period. GAMMA Investing LLC increased its position in Griffon by 65.1% during the first quarter. GAMMA Investing LLC now owns 842 shares of the conglomerate’s stock worth $62,000 after acquiring an additional 332 shares during the period. Russell Investments Group Ltd. increased its holdings in Griffon by 11.2% in the 4th quarter. Russell Investments Group Ltd. now owns 3,336 shares of the conglomerate’s stock valued at $203,000 after buying an additional 336 shares during the period. Parkside Financial Bank & Trust increased its holdings in Griffon by 671.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 640 shares of the conglomerate’s stock valued at $39,000 after buying an additional 557 shares during the period. Finally, Scarborough Advisors LLC acquired a new stake in shares of Griffon in the 4th quarter valued at $35,000. 73.22% of the stock is currently owned by hedge funds and other institutional investors.

Griffon Stock Up 1.7 %

Shares of NYSE GFF traded up $1.07 during trading hours on Tuesday, hitting $65.14. The company had a trading volume of 24,815 shares, compared to its average volume of 428,279. The stock has a market capitalization of $3.23 billion, a P/E ratio of 16.90 and a beta of 1.29. 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 Co. has a 1-year low of $38.33 and a 1-year high of $77.99. The firm’s 50 day moving average is $67.09 and its 200-day moving average is $65.88.

Griffon (NYSE:GFF) last released its quarterly earnings data on Wednesday, May 8th. The conglomerate reported $1.35 EPS for the quarter, beating the consensus estimate of $0.84 by $0.51. Griffon had a return on equity of 90.02% and a net margin of 7.48%. The company had revenue of $672.88 million during the quarter, compared to the consensus estimate of $625.22 million. During the same quarter in the prior year, the firm posted $1.21 EPS. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, analysts expect that Griffon Co. will post 5 earnings per share for the current fiscal year.

Griffon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Wednesday, May 29th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.92%. The ex-dividend date was Wednesday, May 29th. Griffon’s dividend payout ratio is 15.83%.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several brokerages recently issued reports on GFF. StockNews.com upgraded shares of Griffon from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 2nd. Robert W. Baird increased their target price on Griffon from $84.00 to $86.00 and gave the stock an “outperform” rating in a research note on Thursday, May 9th. Two equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Griffon has a consensus rating of “Strong Buy” and a consensus price target of $81.00.

Griffon Company Profile

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.