Principal Financial Group Inc. Decreases Stock Position in Griffon Co. (NYSE:GFF)

Posted by Defense World Staff on Aug 30th, 2023

Principal Financial Group Inc. lessened its stake in Griffon Co. (NYSE:GFF – Free Report) by 1.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 286,158 shares of the conglomerate’s stock after selling 4,740 shares during the quarter. Principal Financial Group Inc. owned about 0.50% of Griffon worth $9,160,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Captrust Financial Advisors boosted its holdings in Griffon by 64.5% in the 1st quarter. Captrust Financial Advisors now owns 2,754 shares of the conglomerate’s stock worth $55,000 after acquiring an additional 1,080 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Griffon during the second quarter worth approximately $80,000. UBS Group AG grew its position in shares of Griffon by 116.6% during the third quarter. UBS Group AG now owns 3,373 shares of the conglomerate’s stock worth $99,000 after buying an additional 1,816 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Griffon by 2,148.9% during the first quarter. Tower Research Capital LLC TRC now owns 4,093 shares of the conglomerate’s stock worth $132,000 after buying an additional 3,911 shares in the last quarter. Finally, Brinker Capital Investments LLC acquired a new stake in shares of Griffon during the fourth quarter worth approximately $222,000. Hedge funds and other institutional investors own 73.88% of the company’s stock.

Griffon Stock Performance

Griffon stock opened at $41.19 on Wednesday. The company has a market cap of $2.25 billion, a PE ratio of -5.57 and a beta of 1.59. The company has a fifty day moving average price of $41.04 and a two-hundred day moving average price of $35.81. The company has a debt-to-equity ratio of 4.58, a current ratio of 2.96 and a quick ratio of 1.51. Griffon Co. has a 12 month low of $25.97 and a 12 month high of $43.90.

Griffon (NYSE:GFF – Get Free Report) last released its quarterly earnings data on Wednesday, August 2nd. The conglomerate reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.30. The firm had revenue of $683.40 million during the quarter, compared to the consensus estimate of $703.86 million. Griffon had a negative net margin of 13.85% and a positive return on equity of 54.04%. The firm’s revenue was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.23 earnings per share. Research analysts expect that Griffon Co. will post 4.14 earnings per share for the current year.

Griffon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Wednesday, August 23rd will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, August 22nd. Griffon’s payout ratio is -6.77%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Stephens decreased their price target on shares of Griffon from $52.00 to $37.00 in a research report on Monday, May 8th. StockNews.com assumed coverage on shares of Griffon in a research report on Thursday, August 17th. They set a “strong-buy” rating for the company.

Check Out Our Latest Stock Analysis on Griffon

Griffon Profile

(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.