Algert Global LLC Has $8.76 Million Stake in Griffon Co. (NYSE:GFF)

Algert Global LLC trimmed its position in shares of Griffon Co. (NYSE:GFF) by 2.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,151 shares of the conglomerate’s stock after selling 3,719 shares during the period. Algert Global LLC owned approximately 0.25% of Griffon worth $8,761,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in GFF. Quarry LP boosted its stake in Griffon by 98.7% during the 2nd quarter. Quarry LP now owns 777 shares of the conglomerate’s stock valued at $50,000 after purchasing an additional 386 shares during the period. Picton Mahoney Asset Management bought a new stake in shares of Griffon in the second quarter valued at approximately $55,000. Plato Investment Management Ltd acquired a new stake in shares of Griffon in the first quarter worth $65,000. DekaBank Deutsche Girozentrale bought a new position in Griffon during the second quarter worth $70,000. Finally, GAMMA Investing LLC raised its stake in Griffon by 56.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,133 shares of the conglomerate’s stock valued at $79,000 after purchasing an additional 411 shares during the last quarter. 73.22% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $62.26, for a total transaction of $6,226,000.00. Following the sale, the chief executive officer now owns 2,260,746 shares of the company’s stock, valued at $140,754,045.96. This represents a 4.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Robert F. Mehmel sold 912 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $70.06, for a total transaction of $63,894.72. Following the completion of the transaction, the chief operating officer now directly owns 746,611 shares of the company’s stock, valued at approximately $52,307,566.66. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 603,517 shares of company stock valued at $42,818,506. 16.10% of the stock is currently owned by insiders.

Griffon Trading Up 2.1 %

Shares of GFF opened at $82.98 on Friday. The stock has a 50 day simple moving average of $68.69 and a 200-day simple moving average of $67.10. The company has a current ratio of 2.66, a quick ratio of 1.44 and a debt-to-equity ratio of 6.74. The stock has a market cap of $3.97 billion, a PE ratio of 19.62 and a beta of 1.31. Griffon Co. has a 1 year low of $45.70 and a 1 year high of $83.76.

Griffon (NYSE:GFF) last released its quarterly earnings data on Wednesday, November 13th. The conglomerate reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.29. Griffon had a return on equity of 108.70% and a net margin of 8.00%. The firm had revenue of $659.70 million during the quarter, compared to analyst estimates of $641.24 million. During the same period in the prior year, the company posted $1.19 earnings per share. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, sell-side analysts predict that Griffon Co. will post 5.57 EPS for the current fiscal year.

Griffon declared that its board has authorized a stock repurchase program on Wednesday, November 13th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the conglomerate to buy up to 10.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Griffon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, November 25th will be given a $0.18 dividend. The ex-dividend date of this dividend is Monday, November 25th. This is a positive change from Griffon’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a yield of 0.87%. Griffon’s payout ratio is 14.18%.

Wall Street Analyst Weigh In

GFF has been the subject of several research reports. Robert W. Baird increased their target price on shares of Griffon from $92.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday. StockNews.com upgraded Griffon from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Stephens raised their target price on Griffon from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Three equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $89.25.

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.