Summit Global Investments Takes Position in Griffon Co. (NYSE:GFF)

Summit Global Investments bought a new position in Griffon Co. (NYSE:GFF) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 3,248 shares of the conglomerate’s stock, valued at approximately $231,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Raymond James Trust N.A. lifted its position in shares of Griffon by 5.1% during the 3rd quarter. Raymond James Trust N.A. now owns 3,487 shares of the conglomerate’s stock valued at $244,000 after buying an additional 168 shares in the last quarter. Optimist Retirement Group LLC lifted its holdings in Griffon by 5.3% during the fourth quarter. Optimist Retirement Group LLC now owns 3,592 shares of the conglomerate’s stock valued at $256,000 after purchasing an additional 181 shares in the last quarter. Axxcess Wealth Management LLC boosted its position in shares of Griffon by 5.9% in the fourth quarter. Axxcess Wealth Management LLC now owns 5,701 shares of the conglomerate’s stock worth $406,000 after purchasing an additional 319 shares during the period. Colonial River Investments LLC boosted its position in shares of Griffon by 6.5% in the fourth quarter. Colonial River Investments LLC now owns 5,733 shares of the conglomerate’s stock worth $409,000 after purchasing an additional 351 shares during the period. Finally, SkyView Investment Advisors LLC raised its position in shares of Griffon by 1.1% during the 3rd quarter. SkyView Investment Advisors LLC now owns 34,780 shares of the conglomerate’s stock valued at $2,435,000 after purchasing an additional 384 shares during the period. 73.22% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Cheryl L. Turnbull sold 3,000 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $80.80, for a total value of $242,400.00. Following the completion of the transaction, the director now owns 30,730 shares of the company’s stock, valued at approximately $2,482,984. This trade represents a 8.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 10.20% of the company’s stock.

Griffon Trading Down 0.2 %

Shares of Griffon stock opened at $74.32 on Wednesday. Griffon Co. has a twelve month low of $55.01 and a twelve month high of $86.73. The company has a quick ratio of 1.34, a current ratio of 2.51 and a debt-to-equity ratio of 6.44. The business has a 50-day moving average price of $74.32 and a 200-day moving average price of $72.63. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 15.17 and a beta of 1.40.

Griffon (NYSE:GFF) last released its quarterly earnings data on Wednesday, February 5th. The conglomerate reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.11. Griffon had a return on equity of 120.61% and a net margin of 9.13%. Equities research analysts anticipate that Griffon Co. will post 5.55 EPS for the current fiscal year.

Griffon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, February 25th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, February 25th. This represents a $0.72 annualized dividend and a yield of 0.97%. Griffon’s dividend payout ratio (DPR) is currently 14.69%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GFF. Raymond James reiterated a “strong-buy” rating and issued a $95.00 price target (up previously from $92.00) on shares of Griffon in a research note on Thursday, February 6th. StockNews.com cut Griffon from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 20th. Loop Capital raised Griffon to a “strong-buy” rating in a research note on Friday, February 14th. Finally, Stephens upped their price target on Griffon from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Three research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $98.75.

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.