Gallacher Capital Management LLC Acquires Shares of 9,789 Griffon Co. (NYSE:GFF)

Gallacher Capital Management LLC bought a new position in shares of Griffon Co. (NYSE:GFF) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 9,789 shares of the conglomerate’s stock, valued at approximately $625,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Scarborough Advisors LLC bought a new position in Griffon in the fourth quarter worth approximately $35,000. Picton Mahoney Asset Management bought a new position in shares of Griffon during the 2nd quarter worth $55,000. GAMMA Investing LLC increased its stake in shares of Griffon by 65.1% during the first quarter. GAMMA Investing LLC now owns 842 shares of the conglomerate’s stock valued at $62,000 after buying an additional 332 shares during the period. Plato Investment Management Ltd bought a new stake in shares of Griffon in the first quarter valued at about $65,000. Finally, Sage Rock Capital Management LP purchased a new stake in Griffon in the fourth quarter worth about $98,000. Institutional investors own 73.22% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Robert W. Baird cut their target price 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. StockNews.com lowered shares of Griffon from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Three research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $80.33.

Griffon Price Performance

GFF opened at $62.41 on Friday. The firm has a market capitalization of $3.09 billion, a PE ratio of 16.47 and a beta of 1.29. The company has a debt-to-equity ratio of 6.71, a current ratio of 2.50 and a quick ratio of 1.39. The business’s 50-day moving average is $65.90 and its two-hundred day moving average is $67.57. Griffon Co. has a 1 year low of $38.33 and a 1 year high of $77.99.

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

Griffon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 28th will be issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, August 28th. This represents a $0.60 annualized dividend and a dividend yield of 0.96%. Griffon’s dividend payout ratio is presently 15.83%.

Insider Activity

In related news, Director Kevin F. Sullivan sold 12,447 shares of the business’s stock in a transaction 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 approximately $3,275,350. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Kevin F. Sullivan sold 12,447 shares of Griffon stock in a transaction 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 completion of the sale, the director now directly owns 50,390 shares in the company, valued at $3,275,350. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO W. Christopher Durborow sold 13,000 shares of the business’s 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 owns 48,368 shares in the company, valued at approximately $3,234,851.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,447 shares of company stock worth $8,385,495. Insiders own 16.10% of the company’s stock.

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.