Kerrisdale Advisers LLC Trims Position in Griffon Corporation $GFF

Kerrisdale Advisers LLC cut its position in Griffon Corporation (NYSE:GFF) by 38.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,220 shares of the conglomerate’s stock after selling 6,440 shares during the quarter. Kerrisdale Advisers LLC’s holdings in Griffon were worth $997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Hantz Financial Services Inc. boosted its position in shares of Griffon by 149.6% during the 4th quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 211 shares during the last quarter. Scarborough Advisors LLC purchased a new stake in Griffon in the first quarter valued at approximately $29,000. Ancora Advisors LLC purchased a new stake in Griffon in the second quarter valued at approximately $40,000. Hilton Head Capital Partners LLC bought a new stake in Griffon during the fourth quarter valued at approximately $34,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in Griffon by 362.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 495 shares of the conglomerate’s stock valued at $36,000 after purchasing an additional 388 shares during the last quarter. 73.22% of the stock is owned by institutional investors.

Insider Activity

In related news, COO Robert F. Mehmel sold 22,209 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $102.08, for a total transaction of $2,267,094.72. Following the sale, the chief operating officer owned 763,691 shares of the company’s stock, valued at $77,957,577.28. The trade was a 2.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald J. Kramer sold 100,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $94.92, for a total transaction of $9,492,000.00. Following the sale, the chief executive officer directly owned 1,784,297 shares in the company, valued at $169,365,471.24. The trade was a 5.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 298,757 shares of company stock valued at $29,818,460. 10.20% of the stock is owned by company insiders.

Griffon Stock Up 0.0%

Shares of NYSE:GFF opened at $99.02 on Monday. Griffon Corporation has a 52-week low of $65.01 and a 52-week high of $108.57. The firm has a market capitalization of $4.48 billion, a P/E ratio of 25.26 and a beta of 1.44. The stock has a 50 day moving average price of $95.68 and a 200-day moving average price of $87.91. The company has a debt-to-equity ratio of 9.75, a quick ratio of 1.79 and a current ratio of 2.41.

Griffon (NYSE:GFF) last posted its quarterly earnings data on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.17. The business had revenue of $481.37 million during the quarter, compared to the consensus estimate of $457.70 million. Griffon had a return on equity of 249.31% and a net margin of 8.08%.The firm’s quarterly revenue was down 21.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.50 earnings per share. As a group, equities research analysts anticipate that Griffon Corporation will post 5.41 EPS for the current fiscal year.

Griffon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Monday, August 31st will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Monday, August 31st. Griffon’s dividend payout ratio (DPR) is presently 22.45%.

Analysts Set New Price Targets

Several analysts have issued reports on GFF shares. Stephens upped their target price on Griffon from $115.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Wall Street Zen lowered shares of Griffon from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Griffon in a report on Friday, August 7th. Zacks Research raised shares of Griffon from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 6th. Finally, Robert W. Baird set a $125.00 price target on shares of Griffon in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to 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 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.