Rafferty Asset Management LLC Boosts Stock Position in Griffon Corporation $GFF

Rafferty Asset Management LLC increased its position in shares of Griffon Corporation (NYSE:GFF) by 125.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,948 shares of the conglomerate’s stock after acquiring an additional 17,198 shares during the period. Rafferty Asset Management LLC owned about 0.07% of Griffon worth $2,357,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Huntington National Bank lifted its position in shares of Griffon by 645.0% during the third quarter. Huntington National Bank now owns 447 shares of the conglomerate’s stock worth $34,000 after purchasing an additional 387 shares in the last quarter. Osterweis Capital Management Inc. acquired a new stake in Griffon during the 2nd quarter worth approximately $37,000. McIlrath & Eck LLC boosted its position in Griffon by 43.4% in the 3rd quarter. McIlrath & Eck LLC now owns 539 shares of the conglomerate’s stock valued at $41,000 after buying an additional 163 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Griffon by 33.0% in the second quarter. EverSource Wealth Advisors LLC now owns 572 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 142 shares in the last quarter. Finally, AlphaQuest LLC raised its stake in shares of Griffon by 1,049.1% in the second quarter. AlphaQuest LLC now owns 609 shares of the conglomerate’s stock valued at $44,000 after acquiring an additional 556 shares in the last quarter. 73.22% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Griffon news, Director James W. Sight sold 3,070 shares of the stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $96.15, for a total value of $295,180.50. Following the completion of the transaction, the director directly owned 13,872 shares of the company’s stock, valued at approximately $1,333,792.80. This trade represents a 18.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Seth L. Kaplan sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $95.44, for a total value of $1,431,600.00. Following the sale, the senior vice president directly owned 119,747 shares in the company, valued at $11,428,653.68. This trade represents a 11.13% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 10.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GFF shares. Weiss Ratings reissued a “hold (c)” rating on shares of Griffon in a research note on Monday, December 29th. CJS Securities raised Griffon to a “strong-buy” rating in a research report on Thursday, December 11th. Zacks Research downgraded shares of Griffon from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 17th. Wall Street Zen upgraded Griffon from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Finally, Stephens lifted their price objective on shares of Griffon from $92.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.50.

Griffon Stock Down 0.5%

Griffon stock opened at $81.75 on Thursday. The stock’s 50 day moving average price is $83.81 and its 200 day moving average price is $78.17. Griffon Corporation has a 1-year low of $63.92 and a 1-year high of $97.58. The company has a market cap of $3.81 billion, a PE ratio of 88.86, a price-to-earnings-growth ratio of 1.37 and a beta of 1.31. The company has a debt-to-equity ratio of 12.36, a current ratio of 2.55 and a quick ratio of 1.27.

Griffon (NYSE:GFF) last released its earnings results on Thursday, February 5th. The conglomerate reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.11. The company had revenue of $649.09 million during the quarter, compared to the consensus estimate of $618.35 million. Griffon had a return on equity of 228.83% and a net margin of 1.76%.Griffon’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.39 earnings per share. On average, sell-side analysts predict that Griffon Corporation will post 5.55 EPS for the current fiscal year.

Griffon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Friday, February 27th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.88 dividend on an annualized basis and a yield of 1.1%. Griffon’s payout ratio is currently 95.65%.

Griffon 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.