Griffon Co. (NYSE:GFF) Shares Sold by Rice Hall James & Associates LLC

Rice Hall James & Associates LLC decreased its position in Griffon Co. (NYSE:GFF - Free Report) by 15.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,362 shares of the conglomerate's stock after selling 10,274 shares during the period. Rice Hall James & Associates LLC owned approximately 0.12% of Griffon worth $4,159,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Grove Bank & Trust purchased a new position in Griffon in the 4th quarter worth $33,000. R Squared Ltd purchased a new position in Griffon in the 4th quarter worth $37,000. CWM LLC raised its stake in Griffon by 1,024.8% in the 3rd quarter. CWM LLC now owns 1,136 shares of the conglomerate's stock worth $80,000 after acquiring an additional 1,035 shares during the last quarter. Quarry LP raised its stake in Griffon by 86.9% in the 3rd quarter. Quarry LP now owns 1,452 shares of the conglomerate's stock worth $102,000 after acquiring an additional 675 shares during the last quarter. Finally, KBC Group NV raised its stake in Griffon by 43.1% in the 4th quarter. KBC Group NV now owns 1,729 shares of the conglomerate's stock worth $123,000 after acquiring an additional 521 shares during the last quarter. Hedge funds and other institutional investors own 73.22% of the company's stock.

Griffon Price Performance

Shares of NYSE:GFF traded down $2.37 during trading on Friday, reaching $72.63. 361,426 shares of the company's stock traded hands, compared to its average volume of 322,068. Griffon Co. has a fifty-two week low of $55.01 and a fifty-two week high of $86.73. The company has a quick ratio of 1.34, a current ratio of 2.51 and a debt-to-equity ratio of 6.44. The firm has a market cap of $3.45 billion, a PE ratio of 14.82 and a beta of 1.43. The company has a 50-day simple moving average of $75.12 and a 200-day simple moving average of $71.38.

Griffon (NYSE:GFF - Get Free Report) last posted its earnings results on Wednesday, February 5th. The conglomerate reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.11. Griffon had a return on equity of 120.61% and a net margin of 9.13%. As a group, analysts predict that Griffon Co. will post 5.55 earnings per share for the current year.

Griffon announced that its board has initiated a stock buyback program on Wednesday, November 13th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the conglomerate to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Griffon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, February 25th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date is Tuesday, February 25th. Griffon's dividend payout ratio (DPR) is presently 14.69%.

Insider Activity

In related news, CAO W. Christopher Durborow sold 5,170 shares of Griffon stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $80.38, for a total value of $415,564.60. Following the sale, the chief accounting officer now directly owns 44,306 shares in the company, valued at approximately $3,561,316.28. The trade was a 10.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Cheryl L. Turnbull sold 3,000 shares of Griffon stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $80.80, for a total value of $242,400.00. Following the completion of the sale, the director now owns 30,730 shares in the company, valued at approximately $2,482,984. The trade was a 8.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,670 shares of company stock worth $1,038,035 in the last ninety days. Company insiders own 10.20% of the company's stock.

Wall Street Analysts Forecast Growth

GFF has been the subject of a number of recent research reports. Loop Capital upgraded Griffon to a "strong-buy" rating in a research note on Friday, February 14th. Robert W. Baird lifted their price objective on Griffon from $92.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, November 20th. Stephens lifted their price objective on Griffon from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, February 6th. Raymond James reiterated a "strong-buy" rating and set a $95.00 price objective (up previously from $92.00) on shares of Griffon in a research note on Thursday, February 6th. Finally, StockNews.com lowered Griffon from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th. Three research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $98.75.

Griffon 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.