Mutual of America Capital Management LLC Reduces Position in Griffon Corporation $GFF

Mutual of America Capital Management LLC lessened its position in shares of Griffon Corporation (NYSE:GFF) by 12.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,014 shares of the conglomerate’s stock after selling 731 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Griffon were worth $363,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Moran Wealth Management LLC purchased a new position in Griffon during the 2nd quarter worth approximately $2,048,000. Envestnet Portfolio Solutions Inc. grew its stake in Griffon by 201.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,530 shares of the conglomerate’s stock worth $690,000 after buying an additional 6,373 shares during the last quarter. Blue Trust Inc. purchased a new position in Griffon during the 2nd quarter worth approximately $83,000. IFP Advisors Inc grew its stake in Griffon by 8,720.0% during the 2nd quarter. IFP Advisors Inc now owns 441 shares of the conglomerate’s stock worth $32,000 after buying an additional 436 shares during the last quarter. Finally, KLP Kapitalforvaltning AS grew its stake in shares of Griffon by 11.0% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 8,100 shares of the conglomerate’s stock valued at $586,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 73.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wall Street Zen downgraded Griffon from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Robert W. Baird lifted their target price on Griffon from $92.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, July 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Griffon in a research note on Tuesday, October 14th. Finally, Zacks Research downgraded Griffon from a “hold” rating to a “strong sell” rating in a research note on Monday, October 6th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Griffon presently has a consensus rating of “Moderate Buy” and an average target price of $98.20.

Griffon Stock Down 0.2%

Griffon stock opened at $76.61 on Wednesday. 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 Corporation has a 1-year low of $62.26 and a 1-year high of $86.73. The company has a market cap of $3.57 billion, a PE ratio of 57.17, a price-to-earnings-growth ratio of 1.05 and a beta of 1.11. The stock’s 50 day moving average price is $76.43 and its 200 day moving average price is $73.89.

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

Griffon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Friday, August 29th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.72 annualized dividend and a yield of 0.9%. Griffon’s payout ratio is currently 53.73%.

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.