Bank of New York Mellon Corp Sells 34,584 Shares of Griffon Co. (NYSE:GFF)

Bank of New York Mellon Corp reduced its holdings in shares of Griffon Co. (NYSE:GFF) by 5.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 559,505 shares of the conglomerate’s stock after selling 34,584 shares during the period. Bank of New York Mellon Corp owned about 0.98% of Griffon worth $17,910,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Y Intercept Hong Kong Ltd increased its stake in shares of Griffon by 100.1% in the first quarter. Y Intercept Hong Kong Ltd now owns 11,648 shares of the conglomerate’s stock worth $373,000 after buying an additional 5,827 shares during the period. Essex Investment Management Co. LLC increased its stake in shares of Griffon by 23.6% in the first quarter. Essex Investment Management Co. LLC now owns 29,998 shares of the conglomerate’s stock worth $960,000 after buying an additional 5,736 shares during the period. Summit Global Investments purchased a new position in shares of Griffon in the first quarter worth $699,000. Jump Financial LLC increased its position in Griffon by 279.8% during the 1st quarter. Jump Financial LLC now owns 71,017 shares of the conglomerate’s stock valued at $2,273,000 after purchasing an additional 52,317 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in Griffon by 160.8% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,627 shares of the conglomerate’s stock valued at $239,000 after purchasing an additional 4,703 shares during the period. 73.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GFF. Stephens reduced their price objective on shares of Griffon from $52.00 to $37.00 in a research report on Monday, May 8th. StockNews.com began coverage on shares of Griffon in a research report on Thursday, August 17th. They set a “strong-buy” rating on the stock.

Griffon Stock Performance

Shares of GFF stock opened at $41.19 on Wednesday. Griffon Co. has a 12 month low of $25.97 and a 12 month high of $43.90. The stock has a market cap of $2.25 billion, a PE ratio of -5.57 and a beta of 1.59. The company has a current ratio of 2.96, a quick ratio of 1.51 and a debt-to-equity ratio of 4.58. The company’s fifty day moving average price is $41.04 and its 200-day moving average price is $35.81.

Griffon (NYSE:GFF) last announced its earnings results on Wednesday, August 2nd. The conglomerate reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.30. Griffon had a negative net margin of 13.85% and a positive return on equity of 54.04%. The firm had revenue of $683.40 million for the quarter, compared to analysts’ expectations of $703.86 million. During the same quarter in the previous year, the business posted $1.23 EPS. The company’s quarterly revenue was down 11.0% on a year-over-year basis. On average, equities analysts expect that Griffon Co. will post 4.14 EPS for the current fiscal year.

Griffon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Wednesday, August 23rd will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Tuesday, August 22nd. Griffon’s dividend payout ratio (DPR) is presently -6.77%.

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. Its Consumer and Professional Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; wood and wire closet organization, general living storage, and wire garage storage products to home center retail chains, mass merchandisers, and direct-to builder professional installers; wheelbarrows and lawn carts; snow, striking, and hand tools; planters and lawn accessories; garden hoses; and pruners, loppers, shears, and other tools, as well as cleaning products for professional, home, and industrial use.