Gallacher Capital Management LLC Makes New Investment in Griffon Co. (NYSE:GFF)

Gallacher Capital Management LLC purchased a new stake in shares of Griffon Co. (NYSE:GFF) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 9,789 shares of the conglomerate’s stock, valued at approximately $625,000.

Several other large investors have also made changes to their positions in the business. LSV Asset Management boosted its position in shares of Griffon by 486.0% during the first quarter. LSV Asset Management now owns 911,295 shares of the conglomerate’s stock worth $66,834,000 after acquiring an additional 755,773 shares during the last quarter. Norges Bank purchased a new position in shares of Griffon during the fourth quarter valued at about $20,531,000. Boston Partners bought a new stake in shares of Griffon in the fourth quarter worth about $16,829,000. Hennessy Advisors Inc. bought a new stake in shares of Griffon in the second quarter worth about $7,433,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Griffon in the second quarter worth about $4,764,000. 73.22% of the stock is currently owned by hedge funds and other institutional investors.

Griffon Trading Down 0.6 %

GFF opened at $62.41 on Friday. The stock has a 50-day moving average of $65.90 and a 200 day moving average of $67.57. The company has a current ratio of 2.50, a quick ratio of 1.39 and a debt-to-equity ratio of 6.71. Griffon Co. has a 12 month low of $38.33 and a 12 month high of $77.99. The firm has a market cap of $3.09 billion, a P/E ratio of 16.47 and a beta of 1.29.

Griffon (NYSE:GFF) last announced its earnings results on Wednesday, August 7th. The conglomerate reported $1.24 EPS for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.07). Griffon had a return on equity of 96.05% and a net margin of 7.27%. The company had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $688.94 million. During the same quarter last year, the firm posted $1.29 EPS. Griffon’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, research analysts forecast that Griffon Co. will post 4.83 EPS for the current year.

Griffon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 28th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Wednesday, August 28th. Griffon’s dividend payout ratio (DPR) is 15.83%.

Insider Activity

In related news, CAO W. Christopher Durborow sold 13,000 shares of Griffon stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $66.88, for a total transaction of $869,440.00. Following the completion of the transaction, the chief accounting officer now directly owns 48,368 shares of the company’s stock, valued at approximately $3,234,851.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO W. Christopher Durborow sold 13,000 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $66.88, for a total value of $869,440.00. Following the sale, the chief accounting officer now directly owns 48,368 shares of the company’s stock, valued at approximately $3,234,851.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kevin F. Sullivan sold 12,447 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $65.00, for a total value of $809,055.00. Following the transaction, the director now owns 50,390 shares of the company’s stock, valued at approximately $3,275,350. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,447 shares of company stock valued at $8,385,495. 16.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. StockNews.com downgraded Griffon from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Robert W. Baird reduced their price target on shares of Griffon from $86.00 to $84.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Three analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $80.33.

Griffon 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.