BlackRock Inc. raised its stake in shares of Griffon Co. (NYSE:GFF) by 11.9% during the second quarter, HoldingsChannel.com reports. The firm owned 4,311,525 shares of the conglomerate’s stock after buying an additional 457,296 shares during the quarter. BlackRock Inc. owned approximately 0.09% of Griffon worth $76,746,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of GFF. Piedmont Investment Advisors LLC purchased a new position in Griffon during the 2nd quarter valued at $139,000. Acadian Asset Management LLC purchased a new position in Griffon during the 2nd quarter valued at $150,000. OMERS ADMINISTRATION Corp purchased a new position in Griffon during the 2nd quarter valued at $196,000. SG Americas Securities LLC purchased a new position in Griffon during the 2nd quarter valued at $256,000. Finally, Comerica Bank increased its position in Griffon by 12.2% during the 2nd quarter. Comerica Bank now owns 35,568 shares of the conglomerate’s stock valued at $658,000 after purchasing an additional 3,871 shares during the period. 64.38% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have issued reports on the stock. ValuEngine downgraded shares of Griffon from a “hold” rating to a “sell” rating in a research report on Wednesday, June 13th. Robert W. Baird started coverage on shares of Griffon in a research report on Thursday, September 13th. They set a “neutral” rating and a $20.00 price objective on the stock. TheStreet downgraded shares of Griffon from a “b-” rating to a “c+” rating in a research report on Friday, June 29th. Deutsche Bank started coverage on shares of Griffon in a research report on Friday, September 21st. They issued a “hold” rating and a $18.00 target price on the stock. Finally, Goldman Sachs Group started coverage on shares of Griffon in a research report on Tuesday, October 2nd. They issued a “neutral” rating and a $18.00 target price on the stock. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $18.67.
Griffon (NYSE:GFF) last released its earnings results on Wednesday, August 1st. The conglomerate reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.07. The firm 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%. On average, analysts forecast that Griffon Co. will post 0.74 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Stockholders of record on Thursday, August 23rd were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date was Wednesday, August 22nd. Griffon’s dividend payout ratio is presently 32.18%.
Griffon announced that its board has authorized a share buyback program on Wednesday, August 1st that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the conglomerate to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Griffon news, Director Henry A. Alpert bought 5,000 shares of Griffon stock in a transaction dated Friday, August 3rd. The shares were purchased at an average cost of $18.09 per share, with a total value of $90,450.00. Following the transaction, the director now directly owns 64,741 shares of the company’s stock, valued at $1,171,164.69. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 24.80% of the stock is owned by corporate insiders.
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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