Moran Wealth Management LLC Invests $2.05 Million in Griffon Corporation $GFF

Moran Wealth Management LLC acquired a new position in shares of Griffon Corporation (NYSE:GFF) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 28,295 shares of the conglomerate’s stock, valued at approximately $2,048,000.

Several other institutional investors have also modified their holdings of the company. Envestnet Portfolio Solutions Inc. lifted its position in shares of Griffon by 201.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,530 shares of the conglomerate’s stock worth $690,000 after purchasing an additional 6,373 shares during the last quarter. Blue Trust Inc. purchased a new stake in shares of Griffon during the 2nd quarter worth $83,000. IFP Advisors Inc lifted its position in shares of Griffon by 8,720.0% during the 2nd quarter. IFP Advisors Inc now owns 441 shares of the conglomerate’s stock worth $32,000 after purchasing an additional 436 shares during the last quarter. KLP Kapitalforvaltning AS lifted its position in shares of Griffon by 11.0% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 8,100 shares of the conglomerate’s stock worth $586,000 after purchasing an additional 800 shares during the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Griffon during the 2nd quarter worth $52,000. 73.22% of the stock is owned by hedge funds and other institutional investors.

Griffon Trading Up 1.1%

Shares of Griffon stock opened at $75.61 on Thursday. Griffon Corporation has a 52-week low of $62.26 and a 52-week high of $86.73. The company has a quick ratio of 1.38, a current ratio of 2.70 and a debt-to-equity ratio of 22.58. The company’s 50-day simple moving average is $75.79 and its 200-day simple moving average is $73.46. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 56.43, a price-to-earnings-growth ratio of 1.02 and a beta of 1.11.

Griffon (NYSE:GFF) last issued its quarterly earnings results on Wednesday, August 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.50. Griffon had a net margin of 2.78% and a return on equity of 144.21%. The business had revenue of $613.63 million for the quarter, compared to analyst estimates of $649.95 million. During the same period in the previous year, the business posted $1.24 earnings per share. The business’s revenue was down 5.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Griffon Corporation will post 5.55 earnings per share for the current year.

Griffon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Friday, August 29th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, August 29th. Griffon’s dividend payout ratio is presently 53.73%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Zacks Research cut shares of Griffon from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Griffon in a research report on Tuesday. Finally, Robert W. Baird boosted their price target on shares of Griffon from $92.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $98.20.

Griffon Company Profile

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.