Texas Permanent School Fund Corp Buys 10,724 Shares of Griffon Co. (NYSE:GFF)

Posted by on Aug 1st, 2023

Texas Permanent School Fund Corp increased its position in shares of Griffon Co. (NYSE:GFF – Free Report) by 33.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,566 shares of the conglomerate’s stock after purchasing an additional 10,724 shares during the quarter. Texas Permanent School Fund Corp owned 0.07% of Griffon worth $1,363,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in GFF. Norges Bank acquired a new position in shares of Griffon during the fourth quarter worth $14,521,000. Vanguard Group Inc. increased its position in Griffon by 7.4% in the 1st quarter. Vanguard Group Inc. now owns 5,656,744 shares of the conglomerate’s stock valued at $113,304,000 after acquiring an additional 388,996 shares during the period. Marshall Wace LLP grew its stake in shares of Griffon by 185.3% in the fourth quarter. Marshall Wace LLP now owns 369,702 shares of the conglomerate’s stock worth $13,232,000 after purchasing an additional 240,137 shares during the last quarter. BlackRock Inc. raised its position in Griffon by 2.4% during the 1st quarter. BlackRock Inc. now owns 7,674,318 shares of the conglomerate’s stock worth $153,717,000 after purchasing an additional 181,416 shares during the last quarter. Finally, Portolan Capital Management LLC acquired a new stake in shares of Griffon in the fourth quarter valued at about $5,595,000. Institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Stephens decreased their target price on shares of Griffon from $52.00 to $37.00 in a research report on Monday, May 8th. StockNews.com lowered Griffon from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 20th.

Griffon Trading Up 0.3 %

NYSE:GFF opened at $41.72 on Tuesday. The firm has a market capitalization of $2.39 billion, a P/E ratio of -7.33 and a beta of 1.58. Griffon Co. has a 52 week low of $25.97 and a 52 week high of $43.74. The company has a quick ratio of 1.68, a current ratio of 3.18 and a debt-to-equity ratio of 3.18. The company has a fifty day moving average of $38.05 and a 200 day moving average of $35.55.

Griffon (NYSE:GFF – Get Free Report) last released its quarterly earnings results on Wednesday, May 3rd. The conglomerate reported $1.21 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.53. Griffon had a negative net margin of 10.22% and a positive return on equity of 40.44%. The business had revenue of $710.98 million for the quarter, compared to analysts’ expectations of $723.23 million. During the same quarter in the previous year, the business posted $1.37 earnings per share. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, research analysts predict that Griffon Co. will post 3.96 earnings per share for the current year.

Griffon Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, May 25th were paid a dividend of $0.125 per share. The ex-dividend date was Wednesday, May 24th. This represents a $0.50 dividend on an annualized basis and a yield of 1.20%. Griffon’s dividend payout ratio is currently -8.79%.

About Griffon

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Griffon (NYSE:GFF)

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