BI Asset Management Fondsmaeglerselskab A S Takes $4.01 Million Position in Griffon Co. (NYSE:GFF)

BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Griffon Co. (NYSE:GFFFree Report) during the first quarter, HoldingsChannel reports. The institutional investor purchased 54,715 shares of the conglomerate’s stock, valued at approximately $4,013,000.

A number of other institutional investors also recently modified their holdings of the company. Natixis Advisors L.P. raised its holdings in Griffon by 18.2% during the third quarter. Natixis Advisors L.P. now owns 12,434 shares of the conglomerate’s stock worth $493,000 after acquiring an additional 1,916 shares in the last quarter. SkyView Investment Advisors LLC raised its holdings in Griffon by 2.3% during the third quarter. SkyView Investment Advisors LLC now owns 34,300 shares of the conglomerate’s stock worth $1,361,000 after acquiring an additional 758 shares in the last quarter. Graham Capital Management L.P. bought a new stake in Griffon during the third quarter worth about $842,000. Vanguard Group Inc. raised its holdings in Griffon by 1.3% during the third quarter. Vanguard Group Inc. now owns 5,952,411 shares of the conglomerate’s stock worth $236,132,000 after acquiring an additional 77,058 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Griffon during the fourth quarter worth about $214,000. 73.22% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Ronald J. Kramer sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $67.07, for a total value of $6,707,000.00. Following the transaction, the chief executive officer now owns 2,500,746 shares of the company’s stock, valued at $167,725,034.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO W. Christopher Durborow sold 13,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $66.88, for a total value of $869,440.00. Following the transaction, the chief accounting officer now owns 48,368 shares of the company’s stock, valued at $3,234,851.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ronald J. Kramer sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $67.07, for a total value of $6,707,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,500,746 shares in the company, valued at approximately $167,725,034.22. The disclosure for this sale can be found here. 16.10% of the stock is owned by company insiders.

Griffon Stock Performance

NYSE:GFF traded up $0.78 on Wednesday, hitting $62.31. The company’s stock had a trading volume of 38,444 shares, compared to its average volume of 424,273. The company has a current ratio of 2.78, a quick ratio of 1.56 and a debt-to-equity ratio of 7.80. The stock has a fifty day moving average of $66.54 and a two-hundred day moving average of $66.11. The firm has a market capitalization of $3.09 billion, a P/E ratio of 16.47 and a beta of 1.29. Griffon Co. has a one year low of $38.33 and a one year high of $77.99.

Griffon (NYSE:GFFGet Free Report) last released its quarterly earnings data on Wednesday, May 8th. The conglomerate reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.51. The firm had revenue of $672.88 million for the quarter, compared to analyst estimates of $625.22 million. Griffon had a return on equity of 90.02% and a net margin of 7.48%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.21 earnings per share. Research analysts predict that Griffon Co. will post 5 earnings per share for the current year.

Griffon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Wednesday, May 29th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend was Wednesday, May 29th. Griffon’s payout ratio is 15.83%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GFF. Robert W. Baird upped their target price on Griffon from $84.00 to $86.00 and gave the stock an “outperform” rating in a report on Thursday, May 9th. StockNews.com upgraded Griffon from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Griffon has a consensus rating of “Strong Buy” and an average price target of $81.00.

Read Our Latest Report on Griffon

Griffon Company Profile

(Free Report)

Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. The company operates through two segments: Home and Building Products, and Consumer and Professional Products. The Home and Building Products segment manufactures and markets residential and commercial sectional garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers for the use in commercial construction and repair, and home remodeling applications.

Further Reading

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Institutional Ownership by Quarter for Griffon (NYSE:GFF)

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