Lombard Odier Asset Management USA Corp Sells 11,336 Shares of Griffon Corporation $GFF

Lombard Odier Asset Management USA Corp reduced its position in shares of Griffon Corporation (NYSE:GFF) by 61.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,975 shares of the conglomerate’s stock after selling 11,336 shares during the quarter. Lombard Odier Asset Management USA Corp’s holdings in Griffon were worth $507,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Voss Capital LP grew its position in shares of Griffon by 14.7% during the 4th quarter. Voss Capital LP now owns 1,760,000 shares of the conglomerate’s stock worth $129,624,000 after buying an additional 225,000 shares during the period. State Street Corp boosted its stake in Griffon by 0.7% in the fourth quarter. State Street Corp now owns 1,535,473 shares of the conglomerate’s stock valued at $113,088,000 after acquiring an additional 11,169 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in Griffon by 41.4% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,002,513 shares of the conglomerate’s stock worth $73,835,000 after acquiring an additional 293,278 shares during the period. LSV Asset Management grew its holdings in Griffon by 10.0% during the 4th quarter. LSV Asset Management now owns 867,195 shares of the conglomerate’s stock worth $63,869,000 after acquiring an additional 79,000 shares during the period. Finally, Raymond James Financial Inc. raised its position in shares of Griffon by 7.7% during the 2nd quarter. Raymond James Financial Inc. now owns 719,046 shares of the conglomerate’s stock valued at $52,037,000 after acquiring an additional 51,354 shares during the last quarter. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Griffon

In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 1,784,297 shares of the company’s stock, valued at $169,365,471.24. This represents a 5.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Robert F. Mehmel sold 4,166 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $97.76, for a total transaction of $407,268.16. Following the transaction, the chief operating officer directly owned 785,900 shares of the company’s stock, valued at $76,829,584. This represents a 0.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 129,389 shares of company stock worth $12,309,525 in the last 90 days. Company insiders own 10.20% of the company’s stock.

Analyst Ratings Changes

GFF has been the topic of several recent research reports. Robert W. Baird set a $115.00 price target on Griffon in a research report on Friday, May 8th. 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 cut Griffon from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Zacks Research raised Griffon from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Griffon presently has an average rating of “Moderate Buy” and a consensus price target of $115.00.

Griffon Trading Up 1.9%

NYSE:GFF opened at $90.62 on Friday. Griffon Corporation has a fifty-two week low of $65.01 and a fifty-two week high of $98.36. The company has a debt-to-equity ratio of 14.77, a current ratio of 2.86 and a quick ratio of 2.43. The stock has a market capitalization of $4.16 billion, a PE ratio of 697.11 and a beta of 1.41. The business’s 50-day simple moving average is $90.01 and its 200-day simple moving average is $85.07.

Griffon (NYSE:GFF) last announced its earnings results on Thursday, May 7th. The conglomerate reported $1.05 EPS for the quarter, topping the consensus estimate of $0.99 by $0.06. The firm had revenue of $421.86 million for the quarter, compared to the consensus estimate of $414.63 million. Griffon had a net margin of 0.31% and a return on equity of 298.42%. The business’s quarterly revenue was down 31.0% on a year-over-year basis. During the same period last year, the company posted $1.23 EPS. Sell-side analysts expect that Griffon Corporation will post 5.17 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 29th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, May 29th. Griffon’s dividend payout ratio (DPR) is currently 676.92%.

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.