Griffon Corporation $GFF Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its stake in Griffon Corporation (NYSE:GFF) by 45.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,433 shares of the conglomerate’s stock after selling 6,999 shares during the period. State of Alaska Department of Revenue’s holdings in Griffon were worth $783,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Scarborough Advisors LLC bought a new position in Griffon in the 1st quarter valued at $29,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Griffon in the 2nd quarter valued at $31,000. Caitong International Asset Management Co. Ltd raised its position in shares of Griffon by 362.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 495 shares of the conglomerate’s stock worth $36,000 after acquiring an additional 388 shares during the last quarter. Ancora Advisors LLC acquired a new position in shares of Griffon during the second quarter valued at $40,000. Finally, Fortitude Family Office LLC lifted its stake in shares of Griffon by 2,768.8% during the third quarter. Fortitude Family Office LLC now owns 459 shares of the conglomerate’s stock valued at $43,000 after acquiring an additional 443 shares during the period. Institutional investors and hedge funds own 73.22% of the company’s stock.

Insiders Place Their Bets

In related news, COO Robert Mehmel sold 3,240 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $107.16, for a total transaction of $347,198.40. Following the completion of the sale, the chief operating officer directly owned 723,032 shares of the company’s stock, valued at approximately $77,480,109.12. This represents a 0.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Sullivan sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $105.59, for a total transaction of $369,565.00. Following the sale, the director owned 40,602 shares in the company, valued at $4,287,165.18. This trade represents a 7.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 169,368 shares of company stock valued at $17,508,936 in the last quarter. 10.20% of the stock is owned by company insiders.

Griffon Stock Up 2.4%

Shares of Griffon stock opened at $96.88 on Friday. Griffon Corporation has a 1 year low of $65.01 and a 1 year high of $108.57. The business has a 50-day moving average of $96.19 and a two-hundred day moving average of $92.12. The company has a market capitalization of $4.39 billion, a P/E ratio of 24.71 and a beta of 1.49. The company has a debt-to-equity ratio of 9.75, a current ratio of 2.41 and a quick ratio of 1.79.

Griffon (NYSE:GFF) last released its quarterly earnings results on Wednesday, August 5th. The conglomerate reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.17. Griffon had a return on equity of 249.31% and a net margin of 8.08%. The company had revenue of $481.37 million for the quarter, compared to analyst estimates of $457.70 million. During the same quarter last year, the firm posted $1.50 earnings per share. Griffon’s revenue was down 21.5% compared to the same quarter last year. As a group, equities analysts predict that Griffon Corporation will post 5.40 EPS for the current year.

Griffon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Monday, August 31st were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Monday, August 31st. Griffon’s dividend payout ratio is presently 22.45%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Weiss Ratings upgraded Griffon from a “hold (c-)” rating to a “buy (b)” rating in a report on Tuesday, September 22nd. Stephens boosted their price objective on Griffon from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Robert W. Baird set a $125.00 target price on shares of Griffon in a research report on Thursday, August 6th. Finally, Zacks Research lowered shares of Griffon from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $122.50.

Griffon Company Profile

Griffon Corporation (NYSE:GFF) is a diversified manufacturer and holding company that develops, manufactures and distributes products for the home, building and consumer markets. The company operates through its Home and Building Products and Consumer and Professional Products businesses.

Its Home and Building Products operations include garage doors, rolling steel doors, security grilles, shutters and related building products sold under brands such as Clopay, Cornell, Cookson and Wayne Dalton.