Griffon Corporation $GFF Stock Acquired by ProShare Advisors LLC

ProShare Advisors LLC grew its position in shares of Griffon Corporation (NYSE:GFF) by 52.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 114,974 shares of the conglomerate’s stock after acquiring an additional 39,483 shares during the quarter. ProShare Advisors LLC’s holdings in Griffon were worth $10,697,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Scarborough Advisors LLC purchased a new position in shares of Griffon in the first quarter valued at $29,000. Integrated Wealth Concepts LLC bought a new stake in Griffon in the second quarter worth $31,000. Ancora Advisors LLC purchased a new stake in Griffon during the second quarter valued at $40,000. Fortitude Family Office LLC raised its stake in 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 purchasing an additional 443 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Griffon during the second quarter valued at $53,000. 73.22% of the stock is currently owned by institutional investors.

Griffon Stock Down 1.8%

Shares of GFF opened at $102.28 on Wednesday. The company has a quick ratio of 1.79, a current ratio of 2.41 and a debt-to-equity ratio of 9.75. The business has a fifty day moving average of $96.06 and a 200 day moving average of $89.49. The company has a market cap of $4.63 billion, a PE ratio of 26.09 and a beta of 1.50. Griffon Corporation has a 52-week low of $65.01 and a 52-week high of $108.57.

Griffon (NYSE:GFF) last posted its quarterly earnings data on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.17. Griffon had a net margin of 8.08% and a return on equity of 249.31%. The business had revenue of $481.37 million for the quarter, compared to analysts’ expectations of $457.70 million. During the same quarter in the previous year, the business posted $1.50 earnings per share. The business’s revenue was down 21.5% compared to the same quarter last year. On average, sell-side analysts expect that Griffon Corporation will post 5.40 EPS for the current year.

Insider Transactions at Griffon

In related news, Director Cheryl L. Turnbull sold 3,000 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $106.12, for a total value of $318,360.00. Following the sale, the director directly owned 30,039 shares of the company’s stock, valued at $3,187,738.68. This represents a 9.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Robert F. Mehmel sold 3,240 shares of the stock in a transaction dated 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 in the company, valued at $77,480,109.12. This trade represents a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 47,159 shares of company stock worth $4,999,841. 10.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Griffon 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.