Kerrisdale Advisers LLC Lowers Holdings in Griffon Corporation $GFF

Kerrisdale Advisers LLC decreased its position in Griffon Corporation (NYSE:GFF) by 38.7% during the second quarter, according to the company in its most recent 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 period. Kerrisdale Advisers LLC’s holdings in Griffon were worth $997,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Two Sigma Securities LLC bought a new stake in Griffon during the 2nd quarter valued at about $276,000. Flputnam Investment Management Co. bought a new position in shares of Griffon in the second quarter worth approximately $5,332,000. Wellington Management Group LLP grew its holdings in shares of Griffon by 10.2% during the second quarter. Wellington Management Group LLP now owns 200,902 shares of the conglomerate’s stock valued at $19,594,000 after buying an additional 18,656 shares during the last quarter. Kingsview Wealth Management LLC purchased a new stake in shares of Griffon during the second quarter valued at approximately $336,000. Finally, Empowered Funds LLC bought a new stake in shares of Griffon during the second quarter valued at approximately $362,000. 73.22% of the stock is owned by hedge funds and other institutional investors.

Griffon Price Performance

NYSE GFF opened at $99.02 on Monday. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 25.26 and a beta of 1.44. Griffon Corporation has a 1-year low of $65.01 and a 1-year high of $108.57. The company has a debt-to-equity ratio of 9.75, a current ratio of 2.41 and a quick ratio of 1.79. The business’s fifty day moving average price is $95.68 and its 200-day moving average price is $87.91.

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

Griffon Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GFF shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Griffon in a research report on Friday, August 7th. Stephens upped their price target on Griffon from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Wall Street Zen cut Griffon from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Zacks Research upgraded Griffon from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. Finally, Robert W. Baird set a $125.00 target price on shares of Griffon in a research note 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 assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $122.50.

Insider Transactions at Griffon

In related news, Director Cheryl L. Turnbull sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $106.12, for a total transaction of $318,360.00. Following the completion of the sale, the director directly owned 30,039 shares in the company, valued at approximately $3,187,738.68. The trade was a 9.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Robert F. Mehmel sold 3,240 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $107.16, for a total transaction of $347,198.40. Following the sale, the chief operating officer directly owned 723,032 shares of the company’s stock, valued at approximately $77,480,109.12. This represents a 0.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 298,757 shares of company stock valued at $29,818,460. 10.20% of the stock is 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.