ABS Direct Equity Fund LLC Sells 10,000 Shares of Griffon Corporation $GFF

ABS Direct Equity Fund LLC reduced its position in shares of Griffon Corporation (NYSE:GFF) by 25.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 30,000 shares of the conglomerate’s stock after selling 10,000 shares during the quarter. Griffon accounts for approximately 3.5% of ABS Direct Equity Fund LLC’s holdings, making the stock its 11th biggest position. ABS Direct Equity Fund LLC owned about 0.06% of Griffon worth $2,171,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Signaturefd LLC boosted its holdings in shares of Griffon by 72.9% in the first quarter. Signaturefd LLC now owns 555 shares of the conglomerate’s stock worth $40,000 after buying an additional 234 shares during the last quarter. Brooklyn Investment Group lifted its holdings in Griffon by 11,460.0% during the first quarter. Brooklyn Investment Group now owns 578 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 573 shares in the last quarter. NewEdge Advisors LLC bought a new position in Griffon in the 1st quarter worth $49,000. Strs Ohio bought a new position in shares of Griffon in the first quarter worth about $57,000. Finally, TD Private Client Wealth LLC boosted its stake in Griffon by 897.9% in the 2nd quarter. TD Private Client Wealth LLC now owns 1,457 shares of the conglomerate’s stock worth $105,000 after purchasing an additional 1,311 shares during the period. Hedge funds and other institutional investors own 73.22% of the company’s stock.

Griffon Trading Up 1.0%

Shares of GFF stock opened at $75.54 on Friday. The stock has a 50 day simple moving average of $77.04 and a 200-day simple moving average of $73.06. Griffon Corporation has a 1-year low of $62.26 and a 1-year high of $86.73. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 56.38, a PEG ratio of 1.14 and a beta of 1.15. The company has a debt-to-equity ratio of 22.58, a current ratio of 2.70 and a quick ratio of 1.38.

Griffon (NYSE:GFF) last posted its quarterly earnings data on Wednesday, August 6th. The conglomerate reported $1.50 EPS for the quarter, hitting the consensus estimate of $1.50. Griffon had a return on equity of 144.21% and a net margin of 2.78%.The company had revenue of $613.63 million during the quarter, compared to analyst estimates of $649.95 million. During the same period in the previous year, the business earned $1.24 EPS. Griffon’s quarterly revenue was down 5.3% on a year-over-year basis. On average, equities research analysts expect that Griffon Corporation will post 5.55 EPS for the current fiscal year.

Griffon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Friday, August 29th were issued a $0.18 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. Griffon’s dividend payout ratio is currently 53.73%.

Analyst Ratings Changes

A number of equities analysts have commented on GFF shares. Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Robert W. Baird upped their target price on Griffon from $92.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat.com, Griffon has an average rating of “Buy” and a consensus target price of $98.20.

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. 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.