OP Asset Management Ltd Takes Position in Griffon Corporation $GFF

OP Asset Management Ltd purchased a new position in shares of Griffon Corporation (NYSE:GFF) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 21,291 shares of the conglomerate’s stock, valued at approximately $1,547,000.

Several other large investors have also bought and sold shares of GFF. Voss Capital LP boosted its position 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 buying an additional 185,000 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Griffon by 396.8% during the 4th quarter. SG Americas Securities LLC now owns 66,088 shares of the conglomerate’s stock valued at $4,867,000 after acquiring an additional 52,786 shares in the last quarter. MHR Fund Management LLC bought a new stake in Griffon during the 3rd quarter worth $9,519,000. Moran Wealth Management LLC increased its holdings in Griffon by 97.4% in the 4th quarter. Moran Wealth Management LLC now owns 52,258 shares of the conglomerate’s stock worth $3,849,000 after purchasing an additional 25,790 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Griffon by 6.4% in the third 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. 73.22% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Griffon Stock Down 0.1%

Shares of NYSE:GFF opened at $96.37 on Tuesday. The firm has a market cap of $4.42 billion, a P/E ratio of 741.37 and a beta of 1.42. Griffon Corporation has a 12-month low of $65.01 and a 12-month high of $97.70. The business has a fifty day simple moving average of $89.12 and a 200 day simple moving average of $83.03. The company has a quick ratio of 2.43, a current ratio of 2.86 and a debt-to-equity ratio of 14.77.

Griffon (NYSE:GFF) last released its quarterly earnings results on Thursday, May 7th. The conglomerate reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. The firm had revenue of $421.86 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted $1.23 EPS. Analysts predict that Griffon Corporation will post 5.17 earnings per share for the current year.

Griffon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 29th were issued a $0.22 dividend. The ex-dividend date was Friday, May 29th. This represents a $0.88 annualized dividend and a yield of 0.9%. Griffon’s dividend payout ratio is presently 676.92%.

Insider Activity at Griffon

In other news, CEO Ronald J. Kramer sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $94.92, for a total value of $9,492,000.00. Following the transaction, the chief executive officer owned 1,784,297 shares in the company, valued at approximately $169,365,471.24. The trade was a 5.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert F. Mehmel sold 7,873 shares of the company’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $96.02, for a total transaction of $755,965.46. Following the completion of the sale, the chief operating officer directly owned 790,352 shares in the company, valued at approximately $75,889,599.04. This represents a 0.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 124,937 shares of company stock worth $11,874,898 over the last quarter. 10.20% of the stock is currently owned by company insiders.

Griffon Company 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.