JPMorgan Chase & Co. Boosts Stock Position in Griffon Co. (NYSE:GFF)

JPMorgan Chase & Co. lifted its holdings in Griffon Co. (NYSE:GFF) by 63.6% in the first quarter, HoldingsChannel reports. The firm owned 29,272 shares of the conglomerate’s stock after purchasing an additional 11,382 shares during the quarter. JPMorgan Chase & Co.’s holdings in Griffon were worth $370,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Virginia Retirement Systems ET AL acquired a new position in Griffon during the first quarter worth $328,000. State Street Corp grew its position in shares of Griffon by 11.0% in the first quarter. State Street Corp now owns 1,255,659 shares of the conglomerate’s stock valued at $15,884,000 after purchasing an additional 124,714 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Griffon by 115.7% in the first quarter. PNC Financial Services Group Inc. now owns 4,278 shares of the conglomerate’s stock valued at $54,000 after purchasing an additional 2,295 shares during the last quarter. Swiss National Bank grew its position in shares of Griffon by 1.4% in the first quarter. Swiss National Bank now owns 72,600 shares of the conglomerate’s stock valued at $918,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Griffon by 5.1% in the first quarter. Rhumbline Advisers now owns 149,416 shares of the conglomerate’s stock valued at $1,890,000 after purchasing an additional 7,216 shares during the last quarter. 70.30% of the stock is owned by hedge funds and other institutional investors.

Shares of GFF opened at $18.03 on Wednesday. The stock has a market cap of $820.08 million, a price-to-earnings ratio of 19.18 and a beta of 2.20. The company has a quick ratio of 1.40, a current ratio of 2.59 and a debt-to-equity ratio of 2.55. Griffon Co. has a 12 month low of $9.15 and a 12 month high of $25.50. The company has a 50-day moving average price of $17.28 and a two-hundred day moving average price of $17.56.

Griffon (NYSE:GFF) last announced its quarterly earnings results on Tuesday, April 28th. The conglomerate reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. The firm had revenue of $566.35 million during the quarter, compared to analysts’ expectations of $582.10 million. Griffon had a net margin of 1.82% and a return on equity of 11.64%. During the same quarter last year, the company earned $0.15 earnings per share. Equities research analysts expect that Griffon Co. will post 0.86 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 21st were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date was Wednesday, May 20th. Griffon’s dividend payout ratio (DPR) is currently 27.78%.

Several equities research analysts have recently issued reports on the company. ValuEngine downgraded Griffon from a “hold” rating to a “sell” rating in a research report on Friday, May 8th. Zacks Investment Research upgraded shares of Griffon from a “sell” rating to a “hold” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $23.67.

Griffon Profile

Griffon Corp. is a management and holding company, which engages in the direction and assistance to its subsidiaries. It operates through the Home and Building Products, and Defense Electronics segments. The Home and Building Products segment consists of two companies, which manufactures branded consumer and professional tools, landscaping products, and outdoor lifestyle solutions; and sells residential,and commercial garage doors.

Further Reading: Correction

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Institutional Ownership by Quarter for Griffon (NYSE:GFF)

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