Bank of New York Mellon Corp Sells 582 Shares of Griffon Co. (NYSE:GFF)

Bank of New York Mellon Corp cut its holdings in Griffon Co. (NYSE:GFF) by 0.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 450,015 shares of the conglomerate’s stock after selling 582 shares during the quarter. Bank of New York Mellon Corp owned about 0.91% of Griffon worth $28,738,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Scarborough Advisors LLC bought a new position in Griffon in the fourth quarter valued at approximately $35,000. GAMMA Investing LLC lifted its position in Griffon by 65.1% in the 1st quarter. GAMMA Investing LLC now owns 842 shares of the conglomerate’s stock valued at $62,000 after acquiring an additional 332 shares in the last quarter. Plato Investment Management Ltd acquired a new position in Griffon in the 1st quarter worth $65,000. Sage Rock Capital Management LP bought a new position in Griffon during the 4th quarter worth about $98,000. Finally, EntryPoint Capital LLC raised its stake in shares of Griffon by 14,094.7% in the 1st quarter. EntryPoint Capital LLC now owns 2,697 shares of the conglomerate’s stock valued at $198,000 after purchasing an additional 2,678 shares during the period. 73.22% of the stock is owned by institutional investors.

Insider Activity

In related news, 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 completion of the transaction, the chief accounting officer now owns 48,368 shares in the company, valued at $3,234,851.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Ronald J. Kramer sold 100,000 shares of the 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 of the company’s stock, valued at $167,725,034.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 directly 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. In the last ninety days, insiders have sold 125,447 shares of company stock valued at $8,385,495. 16.10% of the stock is owned by company insiders.

Griffon Price Performance

NYSE:GFF opened at $62.86 on Wednesday. Griffon Co. has a 52-week low of $38.33 and a 52-week high of $77.99. The company has a market cap of $3.10 billion, a P/E ratio of 16.59 and a beta of 1.29. The company has a debt-to-equity ratio of 6.71, a quick ratio of 1.39 and a current ratio of 2.50. The stock’s 50-day simple moving average is $65.97 and its 200 day simple moving average is $67.67.

Griffon (NYSE:GFF) last posted its quarterly earnings results on Wednesday, August 7th. The conglomerate reported $1.24 earnings per share for the quarter, missing the consensus estimate of $1.31 by ($0.07). Griffon had a return on equity of 96.05% and a net margin of 7.27%. The company had revenue of $647.80 million for the quarter, compared to analyst estimates of $688.94 million. During the same period last year, the firm earned $1.29 EPS. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Griffon Co. will post 4.83 EPS for the current fiscal year.

Griffon Announces Dividend

The company 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 annualized dividend and a dividend yield of 0.95%. Griffon’s dividend payout ratio is presently 15.83%.

Analysts Set New Price Targets

A number of research firms recently issued reports on GFF. Robert W. Baird decreased their price objective on Griffon from $86.00 to $84.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. StockNews.com downgraded shares of Griffon from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Three analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $80.33.

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.