Edgestream Partners L.P. Buys New Shares in Griffon Co. (NYSE:GFF)

Edgestream Partners L.P. bought a new position in shares of Griffon Co. (NYSE:GFF) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 42,537 shares of the conglomerate’s stock, valued at approximately $2,716,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Scarborough Advisors LLC bought a new stake in shares of Griffon in the 4th quarter worth approximately $35,000. GAMMA Investing LLC lifted its position in Griffon by 65.1% in the first quarter. GAMMA Investing LLC now owns 842 shares of the conglomerate’s stock worth $62,000 after purchasing an additional 332 shares during the period. Picton Mahoney Asset Management acquired a new stake in Griffon during the second quarter worth $55,000. Plato Investment Management Ltd acquired a new stake in Griffon during the first quarter worth $65,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Griffon in the 2nd quarter valued at $70,000. 73.22% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Stephens reiterated an “overweight” rating and set a $85.00 target price on shares of Griffon in a research report on Tuesday, September 10th. Robert W. Baird decreased their price objective on Griffon from $86.00 to $84.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, StockNews.com cut Griffon from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Griffon has a consensus rating of “Buy” and an average target price of $81.50.

Insider Transactions at Griffon

In related news, Director Kevin F. Sullivan sold 12,447 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $65.00, for a total transaction of $809,055.00. Following the transaction, the director now owns 50,390 shares in the company, valued at approximately $3,275,350. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Griffon news, Director Kevin F. Sullivan sold 12,447 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $65.00, for a total value of $809,055.00. Following the completion of the sale, the director now owns 50,390 shares in the company, valued at approximately $3,275,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ronald J. Kramer sold 100,000 shares of the company’s 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 151,012 shares of company stock worth $9,603,684. Insiders own 16.10% of the company’s stock.

Griffon Trading Up 0.5 %

Shares of Griffon stock opened at $67.93 on Thursday. The stock has a market capitalization of $3.37 billion, a P/E ratio of 17.92 and a beta of 1.29. Griffon Co. has a 12-month low of $38.33 and a 12-month high of $77.99. The company has a quick ratio of 1.39, a current ratio of 2.50 and a debt-to-equity ratio of 6.71. The company has a 50-day simple moving average of $66.14 and a 200 day simple moving average of $67.34.

Griffon (NYSE:GFF) last posted its quarterly earnings data 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). The firm had revenue of $647.80 million for the quarter, compared to analyst estimates of $688.94 million. Griffon had a return on equity of 96.05% and a net margin of 7.27%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.29 EPS. 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 disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 28th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date is Wednesday, August 28th. Griffon’s dividend payout ratio is currently 15.83%.

Griffon 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.