Griffon (GFF) Earns Neutral Rating from Analysts at Robert W. Baird

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Robert W. Baird started coverage on shares of Griffon (NYSE:GFF) in a report published on Thursday, The Fly reports. The firm issued a neutral rating and a $20.00 price target on the conglomerate’s stock.

GFF has been the topic of a number of other research reports. ValuEngine raised shares of Griffon from a sell rating to a hold rating in a research note on Saturday, July 14th. TheStreet cut shares of Griffon from a b- rating to a c+ rating in a research note on Friday, June 29th.

Shares of NYSE:GFF opened at $18.20 on Thursday. Griffon has a twelve month low of $16.80 and a twelve month high of $24.50. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.31 and a current ratio of 2.26. The company has a market capitalization of $830.20 million, a P/E ratio of 24.27 and a beta of 1.32.

Griffon (NYSE:GFF) last issued its quarterly earnings results on Wednesday, August 1st. The conglomerate reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The company had revenue of $516.55 million for the quarter. Griffon had a net margin of 6.18% and a return on equity of 7.23%.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 20th. Stockholders of record on Thursday, August 23rd will be paid a dividend of $0.07 per share. The ex-dividend date is Wednesday, August 22nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.54%.

Griffon announced that its Board of Directors has approved a share repurchase program on Wednesday, August 1st that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the conglomerate to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, Director Henry A. Alpert acquired 5,000 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were acquired at an average price of $18.09 per share, with a total value of $90,450.00. Following the purchase, the director now directly owns 64,741 shares of the company’s stock, valued at $1,171,164.69. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Goldman Sachs Group Inc sold 5,583,375 shares of the firm’s stock in a transaction that occurred on Tuesday, June 19th. The stock was sold at an average price of $17.06, for a total transaction of $95,252,377.50. The disclosure for this sale can be found here. 26.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of GFF. BlackRock Inc. grew its stake in shares of Griffon by 11.9% during the 2nd quarter. BlackRock Inc. now owns 4,311,525 shares of the conglomerate’s stock worth $76,746,000 after purchasing an additional 457,296 shares during the period. Putnam Investments LLC grew its stake in Griffon by 570.4% in the 2nd quarter. Putnam Investments LLC now owns 440,395 shares of the conglomerate’s stock valued at $7,839,000 after acquiring an additional 374,700 shares during the period. Gabelli Funds LLC grew its stake in Griffon by 21.9% in the 2nd quarter. Gabelli Funds LLC now owns 2,058,393 shares of the conglomerate’s stock valued at $36,639,000 after acquiring an additional 369,416 shares during the period. Millennium Management LLC acquired a new stake in Griffon in the 2nd quarter valued at $5,634,000. Finally, Wells Fargo & Company MN grew its stake in Griffon by 106.7% in the 2nd quarter. Wells Fargo & Company MN now owns 547,844 shares of the conglomerate’s stock valued at $9,751,000 after acquiring an additional 282,845 shares during the period. 64.38% of the stock is currently owned by institutional investors and hedge funds.

Griffon Company Profile

Griffon Corporation, through its wholly-owned subsidiaries, engages in home and building, telephonics, and plastic products businesses worldwide. Its Home & Building Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; and residential and commercial garage doors to professional dealers and home center retail chains.

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