Arcadia Investment Management Corp MI Makes New Investment in Griffon Co. (NYSE:GFF)

Arcadia Investment Management Corp MI bought a new stake in shares of Griffon Co. (NYSE:GFF) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 7,725 shares of the conglomerate’s stock, valued at approximately $493,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Scarborough Advisors LLC bought a new position in Griffon during the fourth quarter valued at $35,000. GAMMA Investing LLC grew its position in Griffon by 65.1% in the first quarter. GAMMA Investing LLC now owns 842 shares of the conglomerate’s stock worth $62,000 after acquiring an additional 332 shares in the last quarter. Picton Mahoney Asset Management purchased a new stake in Griffon during the second quarter valued at approximately $55,000. Plato Investment Management Ltd bought a new stake in shares of Griffon in the 1st quarter valued at approximately $65,000. Finally, Sage Rock Capital Management LP purchased a new position in shares of Griffon in the 4th quarter worth approximately $98,000. 73.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GFF. StockNews.com lowered Griffon from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Robert W. Baird reduced their target price on shares of Griffon from $86.00 to $84.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Three analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $80.33.

Griffon Trading Up 0.6 %

Shares of NYSE GFF traded up $0.39 during midday trading on Friday, hitting $63.20. The company’s stock had a trading volume of 19,670 shares, compared to its average volume of 431,431. The business’s 50 day moving average is $65.93 and its two-hundred day moving average is $67.61. Griffon Co. has a 12-month low of $38.33 and a 12-month high of $77.99. The company has a current ratio of 2.50, a quick ratio of 1.39 and a debt-to-equity ratio of 6.71. The firm has a market cap of $3.13 billion, a P/E ratio of 16.57 and a beta of 1.29.

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

Griffon Announces Dividend

The business also recently announced 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Wednesday, August 28th. Griffon’s dividend payout ratio (DPR) is presently 15.83%.

Insider Transactions at Griffon

In other news, Director Kevin F. Sullivan sold 12,447 shares of the firm’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 transaction of $809,055.00. Following the transaction, the director now directly owns 50,390 shares of the company’s stock, valued at $3,275,350. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Ronald J. Kramer sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $67.07, for a total transaction of $6,707,000.00. Following the transaction, the chief executive officer now directly owns 2,500,746 shares of the company’s stock, valued at $167,725,034.22. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kevin F. Sullivan sold 12,447 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $65.00, for a total transaction of $809,055.00. Following the transaction, the director now directly owns 50,390 shares in the company, valued at $3,275,350. The disclosure for this sale can be found here. Over the last three months, 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.

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.