Griffon Co. (NYSE:GFF) Shares Purchased by Primecap Management Co. CA

Primecap Management Co. CA boosted its position in shares of Griffon Co. (NYSE:GFF) by 6.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 238,100 shares of the conglomerate’s stock after buying an additional 13,400 shares during the quarter. Primecap Management Co. CA owned approximately 0.48% of Griffon worth $15,205,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of GFF. Vanguard Group Inc. grew its position in shares of Griffon by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 5,903,377 shares of the conglomerate’s stock valued at $432,954,000 after acquiring an additional 38,707 shares during the period. Dimensional Fund Advisors LP grew its holdings in Griffon by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,379,000 shares of the conglomerate’s stock valued at $88,066,000 after purchasing an additional 19,644 shares during the period. LSV Asset Management grew its holdings in Griffon by 486.0% in the first quarter. LSV Asset Management now owns 911,295 shares of the conglomerate’s stock valued at $66,834,000 after purchasing an additional 755,773 shares during the period. Renaissance Technologies LLC increased its position in shares of Griffon by 9.6% in the second quarter. Renaissance Technologies LLC now owns 631,851 shares of the conglomerate’s stock valued at $40,350,000 after buying an additional 55,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Griffon by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 522,741 shares of the conglomerate’s stock worth $31,861,000 after buying an additional 2,131 shares during the period. Institutional investors and hedge funds own 73.22% of the company’s stock.

Insider Activity at Griffon

In other Griffon news, COO Robert F. Mehmel sold 9,892 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $66.69, for a total value of $659,697.48. Following the transaction, the chief operating officer now directly owns 787,914 shares in the company, valued at approximately $52,545,984.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of Griffon stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $62.26, for a total value of $6,226,000.00. Following the sale, the chief executive officer now owns 2,260,746 shares in the company, valued at $140,754,045.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Robert F. Mehmel sold 9,892 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $66.69, for a total value of $659,697.48. Following the transaction, the chief operating officer now owns 787,914 shares of the company’s stock, valued at $52,545,984.66. The disclosure for this sale can be found here. Over the last quarter, insiders sold 151,012 shares of company stock valued at $9,603,684. 16.10% of the stock is owned by company insiders.

Griffon Trading Up 0.5 %

GFF opened at $67.93 on Thursday. The company has a debt-to-equity ratio of 6.71, a current ratio of 2.50 and a quick ratio of 1.39. The company’s 50 day simple moving average is $66.14 and its two-hundred day simple moving average is $67.34. Griffon Co. has a 1-year low of $38.33 and a 1-year high of $77.99. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of 17.92 and a beta of 1.29.

Griffon (NYSE:GFF) last announced its quarterly earnings data on Wednesday, August 7th. The conglomerate reported $1.24 EPS for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.07). The company had revenue of $647.80 million for the quarter, compared to analysts’ expectations of $688.94 million. Griffon had a return on equity of 96.05% and a net margin of 7.27%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.29 EPS. Analysts expect that Griffon Co. will post 4.87 EPS for the current fiscal year.

Griffon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 28th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $0.60 annualized dividend and a dividend yield of 0.88%. Griffon’s payout ratio is 15.83%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. StockNews.com cut shares of Griffon from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Robert W. Baird cut their target price on shares of Griffon from $86.00 to $84.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Stephens reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Griffon in a research note on Tuesday, September 10th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $81.50.

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.