JPMorgan Chase & Co. Has $32.57 Million Holdings in Griffon Corporation $GFF

JPMorgan Chase & Co. increased its holdings in Griffon Corporation (NYSE:GFF) by 6.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 427,674 shares of the conglomerate’s stock after buying an additional 25,681 shares during the period. JPMorgan Chase & Co. owned 0.92% of Griffon worth $32,567,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in GFF. Osterweis Capital Management Inc. acquired a new position in Griffon in the 2nd quarter valued at $37,000. McIlrath & Eck LLC increased its position in shares of Griffon by 43.4% in the third quarter. McIlrath & Eck LLC now owns 539 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 163 shares during the period. EverSource Wealth Advisors LLC raised its stake in Griffon by 33.0% in the second quarter. EverSource Wealth Advisors LLC now owns 572 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 142 shares in the last quarter. AlphaQuest LLC lifted its position in Griffon by 1,049.1% during the second quarter. AlphaQuest LLC now owns 609 shares of the conglomerate’s stock worth $44,000 after purchasing an additional 556 shares during the period. Finally, NewEdge Advisors LLC bought a new stake in Griffon during the first quarter worth about $49,000. Institutional investors and hedge funds own 73.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GFF. Weiss Ratings restated a “hold (c)” rating on shares of Griffon in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Griffon from a “hold” rating to a “buy” rating in a research report on Saturday, November 22nd. Robert W. Baird set a $108.00 target price on Griffon in a research note on Friday, February 6th. Stephens lifted their price target on Griffon from $92.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Finally, Zacks Research cut Griffon from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 17th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Griffon currently has an average rating of “Moderate Buy” and a consensus price target of $103.50.

Griffon Stock Down 0.7%

Shares of NYSE:GFF opened at $85.17 on Friday. Griffon Corporation has a 52-week low of $63.92 and a 52-week high of $97.58. The company has a market capitalization of $3.97 billion, a PE ratio of 92.58, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The company has a debt-to-equity ratio of 12.36, a quick ratio of 1.27 and a current ratio of 2.55. The company has a fifty day moving average of $83.38 and a 200-day moving average of $77.95.

Griffon (NYSE:GFF) last posted its earnings results on Thursday, February 5th. The conglomerate reported $1.45 EPS for the quarter, beating the consensus estimate of $1.34 by $0.11. Griffon had a return on equity of 228.83% and a net margin of 1.76%.The firm had revenue of $649.09 million during the quarter, compared to the consensus estimate of $618.35 million. During the same period last year, the company earned $1.39 earnings per share. The business’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities analysts predict that Griffon Corporation will post 5.55 EPS for the current fiscal year.

Griffon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Friday, February 27th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, February 27th. Griffon’s payout ratio is 95.65%.

Insider Buying and Selling at Griffon

In other news, Director James W. Sight sold 3,070 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $96.15, for a total transaction of $295,180.50. Following the completion of the transaction, the director directly owned 13,872 shares in the company, valued at $1,333,792.80. This trade represents a 18.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Seth L. Kaplan sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $95.44, for a total value of $1,431,600.00. Following the completion of the sale, the senior vice president owned 119,747 shares in the company, valued at $11,428,653.68. The trade was a 11.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 10.20% of the company’s stock.

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.