State of Alaska Department of Revenue Sells 6,999 Shares of Griffon Corporation $GFF

State of Alaska Department of Revenue decreased its position in Griffon Corporation (NYSE:GFF) by 45.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,433 shares of the conglomerate’s stock after selling 6,999 shares during the period. State of Alaska Department of Revenue’s holdings in Griffon were worth $783,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Griffon during the 2nd quarter worth approximately $590,633,000. Primecap Management Co. CA acquired a new position in shares of Griffon in the second quarter valued at $40,177,000. Bank of New York Mellon Corp bought a new position in Griffon in the second quarter worth $36,536,000. SEB Asset Management AB bought a new position in Griffon in the first quarter worth $21,070,000. Finally, Jupiter Topco LLC bought a new position in Griffon in the second quarter worth $24,381,000. Institutional investors own 73.22% of the company’s stock.

Griffon Price Performance

Shares of Griffon stock opened at $96.88 on Friday. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 24.71 and a beta of 1.49. The firm’s 50-day moving average price is $96.19 and its two-hundred day moving average price is $92.12. 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 1-year low of $65.01 and a 1-year high of $108.57.

Griffon (NYSE:GFF) last posted its earnings results on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.17. The company 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 quarterly 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 5.40 earnings per share for the current fiscal year.

Griffon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Monday, August 31st were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Monday, August 31st. Griffon’s dividend payout ratio (DPR) is currently 22.45%.

Analysts Set New Price Targets

GFF has been the topic of several analyst reports. Zacks Research lowered shares of Griffon from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Stephens raised their price objective on shares of Griffon from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Robert W. Baird set a $125.00 target price on shares of Griffon in a research report on Thursday, August 6th. Finally, Weiss Ratings raised shares of Griffon from a “hold (c-)” rating to a “buy (b)” rating in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $122.50.

Insiders Place Their Bets

In other news, Director Cheryl L. Turnbull sold 3,000 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $106.12, for a total transaction of $318,360.00. Following the sale, the director owned 30,039 shares in the company, valued at approximately $3,187,738.68. This represents a 9.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kevin F. Sullivan sold 3,500 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $105.59, for a total value of $369,565.00. Following the completion of the sale, the director 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 169,368 shares of company stock worth $17,508,936. 10.20% of the stock is owned by company insiders.

Griffon Company Profile

Griffon Corporation (NYSE:GFF) is a diversified manufacturer and holding company that develops, manufactures and distributes products for the home, building and consumer markets. The company operates through its Home and Building Products and Consumer and Professional Products businesses.

Its Home and Building Products operations include garage doors, rolling steel doors, security grilles, shutters and related building products sold under brands such as Clopay, Cornell, Cookson and Wayne Dalton.