Congruence Capital LLC Makes New $11.99 Million Investment in Griffon Corporation $GFF

Congruence Capital LLC bought a new position in shares of Griffon Corporation (NYSE:GFF) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 162,729 shares of the conglomerate’s stock, valued at approximately $11,985,000. Griffon makes up 4.4% of Congruence Capital LLC’s holdings, making the stock its 10th biggest position. Congruence Capital LLC owned 0.35% of Griffon as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of GFF. Voss Capital LP raised its holdings in Griffon by 13.7% in the third quarter. Voss Capital LP now owns 1,535,000 shares of the conglomerate’s stock valued at $116,890,000 after acquiring an additional 185,000 shares in the last quarter. SG Americas Securities LLC lifted its stake in Griffon by 396.8% in the fourth quarter. SG Americas Securities LLC now owns 66,088 shares of the conglomerate’s stock worth $4,867,000 after acquiring an additional 52,786 shares during the last quarter. MHR Fund Management LLC acquired a new position in Griffon during the 3rd quarter worth approximately $9,519,000. Moran Wealth Management LLC increased its position in shares of Griffon by 97.4% in the 4th quarter. Moran Wealth Management LLC now owns 52,258 shares of the conglomerate’s stock valued at $3,849,000 after purchasing an additional 25,790 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Griffon by 6.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 427,674 shares of the conglomerate’s stock valued at $32,567,000 after purchasing an additional 25,681 shares during the last quarter. Institutional investors and hedge funds own 73.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Robert W. Baird set a $115.00 price objective on shares of Griffon in a research report on Friday, May 8th. Weiss Ratings lowered Griffon from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Wall Street Zen cut Griffon from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Zacks Research raised Griffon from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $115.00.

Griffon Stock Performance

Shares of GFF stock opened at $94.01 on Friday. The stock’s 50-day moving average is $85.65 and its two-hundred day moving average is $81.51. The company has a debt-to-equity ratio of 14.77, a quick ratio of 2.43 and a current ratio of 2.86. Griffon Corporation has a 1 year low of $65.01 and a 1 year high of $97.58. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 723.20 and a beta of 1.42.

Griffon (NYSE:GFF) last announced its earnings results on Thursday, May 7th. The conglomerate reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. The firm had revenue of $421.86 million during the quarter, compared to analysts’ expectations of $414.63 million. Griffon had a return on equity of 298.42% and a net margin of 0.31%.The business’s revenue was down 31.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.23 EPS. Analysts predict that Griffon Corporation will post 5.17 earnings per share for the current year.

Griffon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 29th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, May 29th. Griffon’s dividend payout ratio is presently 676.92%.

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.