State of Wyoming Invests $495,000 in Griffon Corporation $GFF

State of Wyoming bought a new stake in shares of Griffon Corporation (NYSE:GFF) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,073 shares of the conglomerate’s stock, valued at approximately $495,000.

A number of other institutional investors have also recently made changes to their positions in the business. Royal Bank of Canada increased its stake in Griffon by 20.2% during the first quarter. Royal Bank of Canada now owns 94,955 shares of the conglomerate’s stock worth $6,790,000 after acquiring an additional 15,925 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Griffon by 9.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,447 shares of the conglomerate’s stock valued at $1,676,000 after buying an additional 2,047 shares during the period. NewEdge Advisors LLC purchased a new stake in Griffon during the 1st quarter valued at $49,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Griffon by 21.0% in the first 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 stake in Griffon in the first quarter worth $57,000. Institutional investors own 73.22% of the company’s stock.

Insider Activity at Griffon

In related news, Director Cheryl L. Turnbull sold 3,000 shares of Griffon stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $106.12, for a total transaction of $318,360.00. Following the completion of the sale, the director owned 30,039 shares in the company, valued at $3,187,738.68. This trade represents a 9.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Robert F. Mehmel sold 3,240 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $107.16, for a total transaction of $347,198.40. Following the completion of the sale, the chief operating officer directly owned 723,032 shares of the company’s stock, valued at approximately $77,480,109.12. This trade represents a 0.45% 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. Over the last 90 days, insiders have sold 298,757 shares of company stock worth $29,818,460. Corporate insiders own 10.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Griffon in a research report on Friday, August 7th. Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Robert W. Baird set a $125.00 price target on shares of Griffon in a report on Thursday, August 6th. Stephens increased their price objective on shares of Griffon from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Finally, Zacks Research raised shares of Griffon from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Griffon has a consensus rating of “Buy” and a consensus price target of $122.50.

Griffon Stock Performance

Shares of Griffon stock opened at $102.07 on Tuesday. The company has a quick ratio of 1.79, a current ratio of 2.41 and a debt-to-equity ratio of 9.75. The stock’s fifty day moving average is $94.19 and its two-hundred day moving average is $86.97. Griffon Corporation has a 52 week low of $65.01 and a 52 week high of $108.57. The company has a market capitalization of $4.62 billion, a PE ratio of 26.04 and a beta of 1.44.

Griffon (NYSE:GFF) last released its earnings results on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.17. The business had revenue of $481.37 million during the quarter, compared to the consensus estimate of $457.70 million. Griffon had a return on equity of 249.31% and a net margin of 8.08%.The business’s revenue for the quarter was down 21.5% compared to the same quarter last year. During the same period last year, the company earned $1.50 earnings per share. As a group, analysts expect that Griffon Corporation will post 5.41 earnings per share for the current year.

Griffon Announces Dividend

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

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.