Griffon Co. (NYSE:GFF) Stock Holdings Lifted by Federated Hermes Inc.

Federated Hermes Inc. increased its position in shares of Griffon Co. (NYSE:GFF) by 2.8% during the second quarter, Holdings Channel reports. The fund owned 87,675 shares of the conglomerate’s stock after acquiring an additional 2,403 shares during the quarter. Federated Hermes Inc.’s holdings in Griffon were worth $5,599,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. DekaBank Deutsche Girozentrale acquired a new stake in Griffon during the 2nd quarter valued at $70,000. ClariVest Asset Management LLC raised its position in Griffon by 24,341.7% during the second quarter. ClariVest Asset Management LLC now owns 5,866 shares of the conglomerate’s stock valued at $375,000 after buying an additional 5,842 shares during the period. Texas Permanent School Fund Corp raised its position in Griffon by 50.0% during the second quarter. Texas Permanent School Fund Corp now owns 50,178 shares of the conglomerate’s stock valued at $3,204,000 after buying an additional 16,737 shares during the period. Quest Partners LLC lifted its stake in Griffon by 211.4% in the 2nd quarter. Quest Partners LLC now owns 8,624 shares of the conglomerate’s stock worth $551,000 after acquiring an additional 5,855 shares in the last quarter. Finally, Gallacher Capital Management LLC acquired a new stake in Griffon during the 2nd quarter worth about $625,000. Hedge funds and other institutional investors own 73.22% of the company’s stock.

Analyst Ratings Changes

GFF has been the subject of a number of research analyst reports. Robert W. Baird reduced their price target on shares of Griffon from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. StockNews.com lowered shares of Griffon from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Stephens reissued an “overweight” rating and set a $85.00 target price on shares of Griffon in a research note on Tuesday, September 10th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $81.50.

Insiders Place Their Bets

In other news, COO Robert F. Mehmel sold 15,108 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $66.98, for a total transaction of $1,011,933.84. Following the completion of the sale, the chief operating officer now owns 797,806 shares in the company, valued at approximately $53,437,045.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $62.26, for a total transaction of $6,226,000.00. Following the transaction, the chief executive officer now owns 2,260,746 shares in the company, valued at $140,754,045.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Robert F. Mehmel sold 15,108 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $66.98, for a total transaction of $1,011,933.84. Following the completion of the sale, the chief operating officer now owns 797,806 shares of the company’s stock, valued at $53,437,045.88. The disclosure for this sale can be found here. Insiders have sold 151,012 shares of company stock valued at $9,603,684 over the last three months. 16.10% of the stock is currently owned by insiders.

Griffon Stock Up 0.5 %

Shares of Griffon stock opened at $67.93 on Thursday. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 17.92 and a beta of 1.29. The stock has a 50-day simple moving average of $66.14 and a 200-day simple moving average of $67.34. Griffon Co. has a 52-week low of $38.33 and a 52-week high of $77.99. The company has a debt-to-equity ratio of 6.71, a current ratio of 2.50 and a quick ratio of 1.39.

Griffon (NYSE:GFF) last posted 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). Griffon had a net margin of 7.27% and a return on equity of 96.05%. The business had revenue of $647.80 million during the quarter, compared to analyst estimates of $688.94 million. During the same quarter last year, the firm earned $1.29 earnings per share. Griffon’s revenue was down 5.2% compared to the same quarter last year. On average, equities research analysts expect that Griffon Co. will post 4.87 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 28th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.88%. The ex-dividend date is Wednesday, August 28th. Griffon’s payout ratio is 15.83%.

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.