Significant Wealth Partners LLC Takes $262,000 Position in Griffon Co. (NYSE:GFF)

Significant Wealth Partners LLC acquired a new position in Griffon Co. (NYSE:GFF) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 4,292 shares of the conglomerate’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GFF. Pacer Advisors Inc. grew its position in Griffon by 22.1% in the fourth quarter. Pacer Advisors Inc. now owns 1,598,353 shares of the conglomerate’s stock worth $97,420,000 after acquiring an additional 289,208 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Griffon in the 3rd quarter valued at $6,316,000. Raymond James & Associates lifted its stake in shares of Griffon by 22.6% in the 4th quarter. Raymond James & Associates now owns 529,181 shares of the conglomerate’s stock valued at $32,254,000 after purchasing an additional 97,390 shares during the last quarter. Federated Hermes Inc. bought a new stake in Griffon in the third quarter worth $3,817,000. Finally, Assenagon Asset Management S.A. acquired a new position in Griffon during the fourth quarter worth $5,606,000. Institutional investors own 73.22% of the company’s stock.

Griffon Trading Up 0.8 %

Griffon stock opened at $66.53 on Tuesday. Griffon Co. has a 52 week low of $27.45 and a 52 week high of $75.18. The company has a debt-to-equity ratio of 5.02, a quick ratio of 1.24 and a current ratio of 2.46. The firm has a market capitalization of $3.39 billion, a PE ratio of 49.65 and a beta of 1.41. The business’s 50-day simple moving average is $69.68 and its 200-day simple moving average is $57.83.

Griffon (NYSE:GFF) last issued its quarterly earnings results on Wednesday, February 7th. The conglomerate reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. Griffon had a return on equity of 72.80% and a net margin of 2.65%. The company had revenue of $643.20 million for the quarter, compared to the consensus estimate of $595.87 million. During the same period in the previous year, the business posted $0.86 EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. Equities research analysts forecast that Griffon Co. will post 4.52 earnings per share for the current year.

Griffon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Thursday, February 29th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend was Wednesday, February 28th. Griffon’s dividend payout ratio (DPR) is presently 44.78%.

Wall Street Analyst Weigh In

GFF has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on Griffon from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, January 22nd. StockNews.com lowered Griffon from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 2nd. Raymond James increased their price target on Griffon from $60.00 to $75.00 and gave the company a “strong-buy” rating in a report on Monday, February 5th. Finally, Robert W. Baird lifted their price target on shares of Griffon from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Three analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Griffon has an average rating of “Buy” and a consensus target price of $69.50.

Insiders Place Their Bets

In related news, Director James W. Sight sold 2,000 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $67.38, for a total value of $134,760.00. Following the completion of the sale, the director now owns 18,843 shares in the company, valued at $1,269,641.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 16.10% of the company’s stock.

About Griffon

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.