Wellington Management Group LLP Has $19.59 Million Stock Holdings in Griffon Corporation $GFF

Wellington Management Group LLP grew its position in Griffon Corporation (NYSE:GFF) by 10.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 200,902 shares of the conglomerate’s stock after purchasing an additional 18,656 shares during the quarter. Wellington Management Group LLP owned approximately 0.44% of Griffon worth $19,594,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Royal Bank of Canada raised its holdings in Griffon by 20.2% in the 1st quarter. Royal Bank of Canada now owns 94,955 shares of the conglomerate’s stock worth $6,790,000 after acquiring an additional 15,925 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Griffon by 9.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,447 shares of the conglomerate’s stock worth $1,676,000 after purchasing an additional 2,047 shares during the period. NewEdge Advisors LLC bought a new position in shares of Griffon in the first quarter worth about $49,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Griffon by 21.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,035 shares of the conglomerate’s stock worth $6,080,000 after purchasing an additional 14,764 shares during the last quarter. Finally, Strs Ohio bought a new stake in Griffon during the 1st quarter valued at approximately $57,000. 73.22% of the stock is owned by institutional investors.

Insider Transactions at Griffon

In other news, CEO Ronald Kramer sold 100,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $94.92, for a total transaction of $9,492,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,784,297 shares of the company’s stock, valued at approximately $169,365,471.24. This trade represents a 5.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Robert Mehmel sold 22,209 shares of Griffon stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $102.08, for a total transaction of $2,267,094.72. Following the sale, the chief operating officer owned 763,691 shares in the company, valued at approximately $77,957,577.28. This trade represents a 2.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 298,757 shares of company stock valued at $29,818,460 over the last ninety days. 10.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Zacks Research upgraded Griffon from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Robert W. Baird set a $125.00 price target on shares of Griffon in a report on Thursday, August 6th. Stephens raised their price target on shares of Griffon from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Griffon in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Griffon currently has a consensus rating of “Buy” and an average price target of $122.50.

Griffon Price Performance

Shares of NYSE:GFF opened at $99.57 on Monday. The firm has a market capitalization of $4.51 billion, a PE ratio of 25.40 and a beta of 1.45. The company has a current ratio of 2.41, a quick ratio of 1.79 and a debt-to-equity ratio of 9.75. Griffon Corporation has a 1-year low of $65.01 and a 1-year high of $108.57. The business’s 50 day moving average is $96.04 and its 200-day moving average is $88.04.

Griffon (NYSE:GFF) last issued its earnings results on Wednesday, August 5th. The conglomerate reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.17. The business had revenue of $481.37 million during the quarter, compared to analyst estimates of $457.70 million. Griffon had a return on equity of 249.31% and a net margin of 8.08%.Griffon’s revenue was down 21.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.50 earnings per share. Sell-side analysts predict that Griffon Corporation will post 5.41 earnings per share for the current year.

Griffon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Monday, August 31st will be paid a $0.22 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.9%. Griffon’s dividend payout ratio is currently 22.45%.

Griffon Profile

Griffon Corporation (NYSE:GFF) is a diversified management and holding company whose subsidiaries design, manufacture and market products for residential, commercial and defense applications. Operating through three primary platforms—Home & Building Products, Defense Electronics and Specialty Industrial—Griffon’s portfolio spans consumer and industrial brands with a focus on long-lived products and recurring aftermarket opportunities.

In the Home & Building Products segment, Griffon’s Clopay Building Products division is a leading North American manufacturer of residential and commercial garage doors, specializing in steel, fiberglass and composite designs as well as decorative carriage-house styles.