NewEdge Wealth LLC Raises Stake in Griffon Corporation $GFF

NewEdge Wealth LLC increased its holdings in shares of Griffon Corporation (NYSE:GFF) by 57.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,754 shares of the conglomerate’s stock after acquiring an additional 6,859 shares during the period. NewEdge Wealth LLC’s holdings in Griffon were worth $1,363,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Royal Bank of Canada increased its stake in shares of Griffon by 20.2% during the first quarter. Royal Bank of Canada now owns 94,955 shares of the conglomerate’s stock valued at $6,790,000 after purchasing an additional 15,925 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Griffon by 9.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,447 shares of the conglomerate’s stock worth $1,676,000 after purchasing an additional 2,047 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Griffon in the 1st quarter worth approximately $49,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Griffon by 21.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,035 shares of the conglomerate’s stock worth $6,080,000 after buying an additional 14,764 shares during the last quarter. Finally, Strs Ohio bought a new position in Griffon during the 1st quarter valued at approximately $57,000. Hedge funds and other institutional investors own 73.22% of the company’s stock.

Insider Activity at Griffon

In other news, CEO Ronald J. Kramer sold 100,000 shares of the stock in a transaction 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 transaction, the chief executive officer directly 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 filing with the Securities & Exchange Commission, which is available through this link. Also, COO Robert F. Mehmel sold 4,166 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $97.76, for a total value of $407,268.16. Following the completion of the transaction, the chief operating officer owned 785,900 shares in the company, valued at approximately $76,829,584. This trade represents a 0.53% 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. Insiders sold 129,389 shares of company stock worth $12,309,525 in the last 90 days. 10.20% of the stock is currently owned by corporate insiders.

Griffon Price Performance

GFF opened at $90.62 on Monday. The company has a debt-to-equity ratio of 14.77, a quick ratio of 2.43 and a current ratio of 2.86. The stock has a market capitalization of $4.16 billion, a P/E ratio of 697.11 and a beta of 1.41. The company’s 50-day simple moving average is $90.01 and its two-hundred day simple moving average is $85.14. Griffon Corporation has a 52-week low of $65.01 and a 52-week high of $98.36.

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

Griffon Announces Dividend

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 1.0%. Griffon’s dividend payout ratio (DPR) is currently 676.92%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GFF. Wall Street Zen cut 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 Griffon in a research note on Friday, May 8th. Zacks Research upgraded Griffon from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. Finally, Weiss Ratings lowered Griffon from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $115.00.

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.