Aristeia Capital L.L.C. Trims Position in Griffon Corporation $GFF

Aristeia Capital L.L.C. reduced its stake in Griffon Corporation (NYSE:GFF) by 12.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 5,475 shares of the conglomerate’s stock after selling 744 shares during the period. Aristeia Capital L.L.C.’s holdings in Griffon were worth $391,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GFF. McIlrath & Eck LLC increased its position in shares of Griffon by 116.1% during the fourth quarter. McIlrath & Eck LLC now owns 376 shares of the conglomerate’s stock valued at $27,000 after acquiring an additional 202 shares during the last quarter. Signaturefd LLC increased its holdings in Griffon by 72.9% in the 1st quarter. Signaturefd LLC now owns 555 shares of the conglomerate’s stock valued at $40,000 after purchasing an additional 234 shares during the last quarter. Brooklyn Investment Group increased its holdings in Griffon by 11,460.0% in the 1st quarter. Brooklyn Investment Group now owns 578 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 573 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in Griffon in the first quarter valued at approximately $49,000. Finally, CWM LLC lifted its stake in Griffon by 26.1% during the first quarter. CWM LLC now owns 2,000 shares of the conglomerate’s stock worth $143,000 after purchasing an additional 414 shares in the last quarter. Hedge funds and other institutional investors own 73.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on GFF shares. Robert W. Baird raised their target price on Griffon from $92.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, July 22nd. Wall Street Zen lowered shares of Griffon from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $98.20.

Griffon Trading Up 1.9%

NYSE GFF opened at $81.18 on Monday. The company has a quick ratio of 1.38, a current ratio of 2.70 and a debt-to-equity ratio of 22.58. Griffon Corporation has a 52 week low of $60.97 and a 52 week high of $86.73. The stock has a market capitalization of $3.78 billion, a PE ratio of 60.58, a price-to-earnings-growth ratio of 1.24 and a beta of 1.15. The firm has a 50 day moving average of $77.01 and a two-hundred day moving average of $72.41.

Griffon (NYSE:GFF) last announced its quarterly earnings data on Wednesday, August 6th. The conglomerate reported $1.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.50. The business had revenue of $613.63 million for the quarter, compared to analyst estimates of $649.95 million. Griffon had a net margin of 2.78% and a return on equity of 144.21%. The company’s revenue was down 5.3% on a year-over-year basis. During the same period last year, the business earned $1.24 EPS. As a group, research analysts expect that Griffon Corporation will post 5.55 EPS for the current fiscal year.

Griffon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, August 29th. Griffon’s payout ratio is 53.73%.

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.