In a surprising move, the state of Ohio has dramatically increased its stake in Griffon Co. by 144.4% during the first quarter of this year. According to recent filings with the Securities and Exchange Commission (SEC), Strs Ohio now owns 22,000 shares of the conglomerate’s stock after acquiring an additional 13,000 shares. This bold investment amounts to $704,000, further solidifying Ohio’s position as a significant player in the market.
Griffon (NYSE:GFF) recently released its earnings results for the quarter ending on May 3rd, and they exceeded analysts’ expectations by a staggering $0.53 per share. The conglomerate reported an impressive $1.21 earnings per share (EPS), surpassing the consensus estimate of $0.68. Such remarkable performance undoubtedly contributed to Ohio’s decision to increase its stake in Griffon.
Notably, Griffon achieved these exceptional results despite facing challenges associated with a negative net margin of 10.22%. However, this was balanced out by a positive return on equity of 40.44%, demonstrating the company’s ability to overcome obstacles and deliver strong financial performance.
During the first quarter, Griffon generated revenue totaling $710.98 million, slightly lower than analysts’ expectations of $723.23 million. Although there was an 8.8% decrease compared to the same period last year, the company exhibited resilience amid uncertain market conditions.
Griffon Corporation operates through its subsidiaries and offers consumer and professional products across various markets globally. The company caters to both homeowners and professionals by manufacturing and marketing long-handled tools, landscaping products, closet organization solutions, storage products, wheelbarrows, lawn carts, snow tools, planters, gardening accessories, cleaning products for industrial use, among others.
With operations spanning across multiple geographical regions such as Europe, Canada, Australia, and beyond international boundaries altogether, Griffon has successfully positioned itself as a key player in the industry. By providing a wide range of high-quality products, the conglomerate has established partnerships with home center retail chains, mass merchandisers, and direct-to-builder professional installers.
Griffon’s strong performance in recent quarters has contributed to analysts’ positive outlook for the company’s future earnings. Sell-side analysts anticipate that the corporation will post 3.96 EPS for the current fiscal year, further cementing its position as a leading provider of consumer and professional products.
Ohio’s decision to significantly increase its stake in Griffon Co. reflects the state’s confidence in the company’s ability to deliver robust financial results and maintain its standing within the market. This move not only showcases Ohio’s strategic vision but also highlights Griffon’s potential for long-term growth and profitability.
As we progress into an increasingly competitive business landscape, it will be interesting to observe how Griffon continues to navigate challenges while capitalizing on opportunities. With Ohio solidly behind them, this conglomerate is well-positioned to make significant strides in the industry while continuing to offer innovative solutions to consumers worldwide.
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Investor Interest and Stakeholder Actions Drive Attention to Griffon Corporation (NYSE: GFF)
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”GFF” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Griffon Corporation (NYSE: GFF) has been attracting a significant amount of attention from investors, with several large stakeholders increasing or decreasing their stakes in the company. Envestnet Asset Management Inc., for instance, recently purchased a new stake in Griffon during the first quarter valued at approximately $299,000.
Meanwhile, Raymond James & Associates lifted its position in Griffon by an impressive 92.4% during the same period. The firm now owns 50,061 shares of the conglomerate’s stock worth $1,003,000 after acquiring an additional 24,040 shares. Raymond James Financial Services Advisors Inc. also increased its position in the company by 16.7%, owning 19,172 shares of Griffon’s stock valued at $384,000 after purchasing an additional 2,745 shares.
Citigroup Inc., on the other hand, lifted its position in Griffon by 13%, now owning 41,892 shares worth $839,000 after purchasing an additional 4,834 shares during the first quarter. Lastly, MetLife Investment Management LLC boosted its position in Griffon by an impressive 54.7%, currently holding 26,692 shares valued at $535,000 after acquiring an additional 9,437 shares.
It is important to note that hedge funds and other institutional investors own a majority stake in Griffon Corporation – approximately 72.42% of the stock is owned by these entities.
On Monday morning during trading hours on July 24th of this year (2023), NYSE:GFF opened at $41.30 for interested investors looking to acquire stocks of Griffon Co.. It is worth mentioning that the company has experienced a range of stock prices over the past year with a low point of $25.97 and a high mark at $43.74.
Griffon Corp holds a market capitalization value of approximately $2.36 billion, with a price-to-earnings ratio of -7.26, indicating that the company may currently be undervalued according to financial analysts and investors. Additionally, Griffon boasts a beta value of 1.58, a 50-day moving average of $37.04, and a 200-day moving average of $35.40.
Griffon Corporation is engaged in the business of manufacturing and marketing various consumer and professional products for homes and buildings in countries such as the United States, Europe, Canada, Australia, and other international markets. Their Consumer and Professional Products sector specializes in the production of long-handled tools and landscaping products for both homeowners and professionals.
The conglomerate also offers wood and wire closet organization, general living storage solutions, wire garage storage products to home center retail chains, mass merchandisers, as well as direct-to-builder professional installers. Other product offerings include wheelbarrows and lawn carts; snow, striking, and hand tools; planters and lawn accessories; garden hoses; pruners, loppers, shears, among other tools used in gardening activities. The company also provides cleaning products designed for professional use within industrial settings.
Furthermore, Griffon Corporation recently declared a quarterly dividend payment that was disbursed on June 15th to its shareholders who were listed on record as of May 25th. Shareholders received a dividend payout of $0.125 per share on an annualized basis with a yield of approximately 1.21%. It is crucial for investors interested in Griffon stock to take this information into account considering that it can affect potential returns.
Several brokerages have weighed in on GFF’s prospects with StockNews.com adjusting their rating from “strong-buy” to “buy” in a research report published on May 20th earlier this year. Similarly, Stephens also provided their insight by lowering their price target for Griffon from $52.00 to $37.00 in another research report released on May 8th.
Investors and analysts alike are keeping a close eye on Griffon Corporation due to recent developments, stakeholder actions, and the company’s future potential growth prospects. With its diverse range of consumer and professional products and an extensive presence both domestically and internationally, Griffon is poised for continued success in the market.
