22,970 Shares in Griffon Corporation $GFF Bought by NewEdge Wealth LLC

NewEdge Wealth LLC bought a new position in shares of Griffon Corporation (NYSE:GFF) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 22,970 shares of the conglomerate’s stock, valued at approximately $2,240,000.

Other large investors have also recently made changes to their positions in the company. Hantz Financial Services Inc. lifted its holdings in Griffon by 149.6% in the 4th quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 211 shares in the last quarter. Scarborough Advisors LLC acquired a new stake in Griffon during the 1st quarter worth $29,000. Hilton Head Capital Partners LLC purchased a new stake in shares of Griffon during the fourth quarter worth $34,000. Caitong International Asset Management Co. Ltd grew its holdings 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 buying an additional 388 shares in the last quarter. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Griffon in the second quarter valued at about $37,000. 73.22% of the stock is currently owned by hedge funds and other institutional investors.

Griffon Trading Down 2.6%

Shares of GFF stock opened at $100.19 on Friday. The company has a current ratio of 2.41, a quick ratio of 1.79 and a debt-to-equity ratio of 9.75. Griffon Corporation has a twelve month low of $65.01 and a twelve month high of $108.57. The company’s 50-day moving average price is $94.71 and its 200-day moving average price is $87.39. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 25.56 and a beta of 1.44.

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

Griffon Announces Dividend

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

Wall Street Analysts Forecast Growth

GFF has been the topic of several research reports. Zacks Research raised shares of Griffon from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 6th. Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Griffon in a report on Friday, August 7th. Robert W. Baird set a $125.00 target price on shares of Griffon in a research note on Thursday, August 6th. Finally, Stephens boosted their target price on Griffon from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $122.50.

Insider Activity

In other Griffon news, COO Robert F. Mehmel sold 3,240 shares of the firm’s stock in a transaction 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 owned 723,032 shares of the company’s stock, valued at $77,480,109.12. This trade represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin F. Sullivan sold 3,500 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $105.59, for a total value of $369,565.00. Following the sale, the director directly owned 40,602 shares of the company’s stock, valued at approximately $4,287,165.18. This trade represents a 7.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 298,757 shares of company stock worth $29,818,460 in the last 90 days. 10.20% of the stock is owned by corporate insiders.

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.