Griffon Corporation $GFF Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management lowered its position in Griffon Corporation (NYSE:GFF) by 0.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,790 shares of the conglomerate’s stock after selling 277 shares during the quarter. Meritage Portfolio Management’s holdings in Griffon were worth $5,051,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Blue Trust Inc. acquired a new stake in shares of Griffon in the second quarter valued at approximately $83,000. IFP Advisors Inc increased its stake in shares of Griffon by 8,720.0% in the second quarter. IFP Advisors Inc now owns 441 shares of the conglomerate’s stock valued at $32,000 after purchasing an additional 436 shares during the period. KLP Kapitalforvaltning AS increased its stake in shares of Griffon by 11.0% in the second quarter. KLP Kapitalforvaltning AS now owns 8,100 shares of the conglomerate’s stock valued at $586,000 after purchasing an additional 800 shares during the period. Ameritas Advisory Services LLC bought a new position in shares of Griffon in the second quarter valued at approximately $52,000. Finally, State of Alaska Department of Revenue boosted its holdings in shares of Griffon by 6.2% in the second quarter. State of Alaska Department of Revenue now owns 23,206 shares of the conglomerate’s stock valued at $1,678,000 after acquiring an additional 1,347 shares in the last quarter. Institutional investors and hedge funds own 73.22% of the company’s stock.

Griffon Trading Down 1.9%

Griffon stock opened at $73.63 on Friday. The company has a 50 day moving average price of $76.01 and a 200 day moving average price of $73.41. Griffon Corporation has a 52 week low of $62.26 and a 52 week high of $86.73. The company has a debt-to-equity ratio of 22.58, a quick ratio of 1.38 and a current ratio of 2.70. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 54.95, a P/E/G ratio of 1.00 and a beta of 1.11.

Griffon (NYSE:GFF) last posted its quarterly earnings data on Wednesday, August 6th. The conglomerate reported $1.50 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 firm had revenue of $613.63 million during the quarter, compared to analyst estimates of $649.95 million. During the same quarter last year, the business posted $1.24 EPS. The company’s revenue was down 5.3% on a year-over-year basis. Research analysts forecast that Griffon Corporation will post 5.55 EPS for the current year.

Griffon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Friday, August 29th were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. Griffon’s dividend payout ratio (DPR) is currently 53.73%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GFF shares. Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Griffon in a report on Saturday, September 27th. Zacks Research cut shares of Griffon from a “hold” rating to a “strong sell” rating in a report on Monday, October 6th. Finally, Robert W. Baird increased their price objective on shares of Griffon from $92.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.20.

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.