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

Arcadia Investment Management Corp MI bought a new stake in Griffon Co. (NYSE:GFF) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 7,725 shares of the conglomerate’s stock, valued at approximately $493,000.

Several other hedge funds also recently made changes to their positions in GFF. UniSuper Management Pty Ltd purchased a new position in shares of Griffon in the 1st quarter worth about $557,000. Trexquant Investment LP purchased a new position in Griffon in the fourth quarter worth about $787,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Griffon in the first quarter worth approximately $4,013,000. Vanguard Group Inc. grew its holdings in shares of Griffon by 0.7% during the first quarter. Vanguard Group Inc. now owns 5,903,377 shares of the conglomerate’s stock valued at $432,954,000 after buying an additional 38,707 shares during the last quarter. Finally, Seven Eight Capital LP bought a new stake in shares of Griffon during the fourth quarter valued at approximately $1,830,000. 73.22% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on GFF. StockNews.com cut Griffon from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Robert W. Baird dropped their price objective on Griffon from $86.00 to $84.00 and set an “outperform” rating on the stock in a research 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 data from MarketBeat, Griffon has an average rating of “Buy” and a consensus target price of $80.33.

Griffon Stock Performance

GFF traded up $0.39 during 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 simple moving average is $65.93 and its 200-day simple moving average is $67.61. The firm has a market cap of $3.13 billion, a PE ratio of 16.57 and a beta of 1.29. Griffon Co. has a one year low of $38.33 and a one year high of $77.99. The company has a quick ratio of 1.39, a current ratio of 2.50 and a debt-to-equity ratio of 6.71.

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 the consensus estimate of $688.94 million. During the same period in the prior year, the business posted $1.29 earnings per share. Griffon’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, sell-side analysts predict that Griffon Co. will post 4.83 EPS for the current fiscal year.

Griffon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, August 28th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, August 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.95%. Griffon’s dividend payout ratio (DPR) is presently 15.83%.

Insider Buying and Selling

In other news, Director Kevin F. Sullivan sold 12,447 shares of the stock in a transaction 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 completion of the sale, 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 the SEC website. In other news, CEO Ronald J. Kramer sold 100,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $67.07, for a total value of $6,707,000.00. Following the transaction, the chief executive officer now owns 2,500,746 shares of the company’s stock, valued at $167,725,034.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 owns 50,390 shares in the company, valued at $3,275,350. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,447 shares of company stock valued at $8,385,495. 16.10% of the stock is owned by corporate insiders.

Griffon Company 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.