SG Americas Securities LLC purchased a new stake in Griffon Co. (NYSE:GFF) in the second quarter, Holdings Channel reports. The firm purchased 14,398 shares of the conglomerate’s stock, valued at approximately $256,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in GFF. Piedmont Investment Advisors LLC purchased a new stake in Griffon during the second quarter worth $139,000. Acadian Asset Management LLC purchased a new stake in Griffon during the second quarter worth $150,000. Comerica Bank lifted its holdings in Griffon by 12.2% during the second quarter. Comerica Bank now owns 35,568 shares of the conglomerate’s stock worth $658,000 after buying an additional 3,871 shares during the period. Engineers Gate Manager LP purchased a new stake in Griffon during the second quarter worth $841,000. Finally, GSA Capital Partners LLP lifted its holdings in Griffon by 34.6% during the first quarter. GSA Capital Partners LLP now owns 49,714 shares of the conglomerate’s stock worth $907,000 after buying an additional 12,769 shares during the period. Hedge funds and other institutional investors own 64.37% of the company’s stock.
Shares of GFF opened at $16.95 on Tuesday. Griffon Co. has a 12 month low of $16.75 and a 12 month high of $24.50. The company has a quick ratio of 1.31, a current ratio of 2.26 and a debt-to-equity ratio of 2.41. The firm has a market cap of $777.74 million, a PE ratio of 22.73 and a beta of 1.33.
Griffon declared that its board has initiated a stock repurchase plan on Wednesday, August 1st that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the conglomerate to purchase up to 6.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 20th. Stockholders of record on Thursday, August 23rd were issued a dividend of $0.07 per share. The ex-dividend date was Wednesday, August 22nd. This represents a $0.28 annualized dividend and a dividend yield of 1.65%. Griffon’s dividend payout ratio is presently 32.18%.
In other Griffon news, Director Henry A. Alpert acquired 5,000 shares of the firm’s stock in a transaction dated Friday, August 3rd. The stock was purchased at an average price of $18.09 per share, for a total transaction of $90,450.00. Following the acquisition, the director now owns 64,741 shares in the company, valued at approximately $1,171,164.69. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 24.80% of the company’s stock.
GFF has been the subject of several analyst reports. Deutsche Bank initiated coverage on Griffon in a report on Friday. They set a “hold” rating and a $18.00 price objective for the company. ValuEngine upgraded Griffon from a “sell” rating to a “hold” rating in a report on Saturday, July 14th. TheStreet lowered Griffon from a “b-” rating to a “c+” rating in a report on Friday, June 29th. Finally, Robert W. Baird initiated coverage on Griffon in a report on Thursday, September 13th. They set a “neutral” rating and a $20.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $19.00.
Griffon Corporation, through its wholly-owned subsidiaries, engages in home and building, telephonics, and plastic products businesses worldwide. Its Home & Building Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; and residential and commercial garage doors to professional dealers and home center retail chains.
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