MHR Fund Management LLC Makes New $9.52 Million Investment in Griffon Corporation $GFF

MHR Fund Management LLC acquired a new stake in Griffon Corporation (NYSE:GFF) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 125,000 shares of the conglomerate’s stock, valued at approximately $9,519,000. Griffon comprises 0.9% of MHR Fund Management LLC’s investment portfolio, making the stock its 8th biggest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of GFF. Huntington National Bank boosted its holdings in shares of Griffon by 645.0% during the third quarter. Huntington National Bank now owns 447 shares of the conglomerate’s stock worth $34,000 after purchasing an additional 387 shares during the period. Osterweis Capital Management Inc. bought a new stake in shares of Griffon in the second quarter worth about $37,000. McIlrath & Eck LLC increased its holdings in Griffon by 43.4% during the 3rd quarter. McIlrath & Eck LLC now owns 539 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 163 shares during the period. EverSource Wealth Advisors LLC raised its position in Griffon by 33.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 572 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 142 shares during the last quarter. Finally, NewEdge Advisors LLC bought a new position in Griffon during the 1st quarter valued at approximately $49,000. 73.22% of the stock is owned by institutional investors.

Griffon Price Performance

GFF opened at $72.64 on Tuesday. The company has a current ratio of 2.55, a quick ratio of 1.27 and a debt-to-equity ratio of 12.36. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 78.96, a price-to-earnings-growth ratio of 1.18 and a beta of 1.31. The stock has a fifty day simple moving average of $83.80 and a two-hundred day simple moving average of $78.16. Griffon Corporation has a 12-month low of $63.92 and a 12-month high of $97.58.

Griffon (NYSE:GFF) last announced its earnings results on Thursday, February 5th. The conglomerate reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.11. The firm had revenue of $649.09 million for the quarter, compared to analysts’ expectations of $618.35 million. Griffon had a net margin of 1.76% and a return on equity of 228.83%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.39 EPS. Research analysts predict that Griffon Corporation will post 5.55 earnings per share for the current fiscal year.

Griffon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, February 27th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.2%. Griffon’s dividend payout ratio (DPR) is currently 95.65%.

Insider Buying and Selling

In related news, Director James W. Sight sold 3,070 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $96.15, for a total value of $295,180.50. Following the sale, the director owned 13,872 shares in the company, valued at $1,333,792.80. This represents a 18.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Seth L. Kaplan sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $95.44, for a total value of $1,431,600.00. Following the transaction, the senior vice president directly owned 119,747 shares of the company’s stock, valued at approximately $11,428,653.68. This trade represents a 11.13% decrease in their position. The disclosure for this sale is available in the SEC filing. 10.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GFF. Robert W. Baird set a $108.00 price objective on Griffon in a research report on Friday, February 6th. Wall Street Zen upgraded Griffon from a “hold” rating to a “buy” rating in a report on Saturday, November 22nd. Zacks Research lowered Griffon from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. Stephens lifted their price target on shares of Griffon from $92.00 to $115.00 and gave the company an “overweight” rating in a report on Monday, February 9th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Griffon in a research report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $103.50.

About Griffon

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.