Arcadia Investment Management Corp MI Increases Position in Griffon Co. (NYSE:GFF)

Arcadia Investment Management Corp MI increased its stake in shares of Griffon Co. (NYSE:GFF) by 125.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,426 shares of the conglomerate’s stock after buying an additional 9,701 shares during the quarter. Arcadia Investment Management Corp MI’s holdings in Griffon were worth $1,220,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in GFF. Quarry LP boosted its holdings in Griffon by 98.7% in the second quarter. Quarry LP now owns 777 shares of the conglomerate’s stock valued at $50,000 after purchasing an additional 386 shares during the last quarter. Picton Mahoney Asset Management purchased a new stake in Griffon in the second quarter valued at $55,000. Plato Investment Management Ltd purchased a new stake in Griffon in the first quarter valued at $65,000. DekaBank Deutsche Girozentrale purchased a new stake in Griffon in the second quarter valued at $70,000. Finally, GAMMA Investing LLC boosted its holdings in Griffon by 56.9% in the third quarter. GAMMA Investing LLC now owns 1,133 shares of the conglomerate’s stock valued at $79,000 after purchasing an additional 411 shares during the last quarter. 73.22% of the stock is owned by hedge funds and other institutional investors.

Griffon Price Performance

NYSE:GFF opened at $63.32 on Friday. Griffon Co. has a 52 week low of $41.08 and a 52 week 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. The stock has a market capitalization of $3.12 billion, a PE ratio of 16.98 and a beta of 1.31. The stock’s 50-day moving average price is $66.43 and its 200-day moving average price is $66.59.

Griffon (NYSE:GFF) last issued 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). The company had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $688.94 million. Griffon had a net margin of 7.27% and a return on equity of 96.05%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.29 earnings per share. As a group, equities analysts expect that Griffon Co. will post 4.87 EPS for the current fiscal year.

Griffon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Wednesday, August 28th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date was Wednesday, August 28th. Griffon’s dividend payout ratio is presently 16.09%.

Insider Activity at Griffon

In related news, Director Kevin F. Sullivan sold 12,447 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $65.00, for a total value of $809,055.00. Following the transaction, the director now directly owns 50,390 shares of the company’s stock, valued at approximately $3,275,350. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Griffon news, Director Kevin F. Sullivan sold 12,447 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 50,390 shares of the company’s stock, valued at $3,275,350. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Seth L. Kaplan sold 4,844 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $70.00, for a total transaction of $339,080.00. Following the completion of the transaction, the senior vice president now directly owns 198,571 shares in the company, valued at $13,899,970. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 260,464 shares of company stock valued at $17,244,450. 16.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. StockNews.com lowered shares of Griffon from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Robert W. Baird raised their target price on Griffon from $84.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, October 21st. Finally, Stephens restated an “overweight” rating and set a $85.00 target price on shares of Griffon in a research report on Tuesday, September 10th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Griffon presently has an average rating of “Buy” and an average price target of $83.50.

About Griffon

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.