Griffon Co. (NYSE:GFF) Short Interest Up 34.9% in May
Griffon Co. (NYSE: GFF – Get Rating) benefited from a sharp rise in short-term interest rates in May. As of May 31, there was short interest totaling 996,600 shares, an increase of 34.9% from the May 15 total of 738,900 shares. Based on an average trading volume of 488,200 shares, the short-term interest rate ratio is currently 2.0 days. Currently, 2.1% of the company’s shares are sold short.
A number of hedge funds have recently increased or reduced their stakes in GFF. Voya Investment Management LLC increased its position in Griffon by 1.2% in the third quarter. Voya Investment Management LLC now owns 30,842 shares of the conglomerate valued at $759,000 after buying 354 additional shares in the last quarter. Comerica Bank increased its stake in Griffon by 1.0% during the third quarter. Comerica Bank now owns 43,138 shares of the conglomerate worth $1,143,000 after buying 426 more shares last quarter. California State Teachers Retirement System increased its stake in Griffon stock by 0.9% during the third quarter. California State Teachers Retirement System now owns 64,572 shares of the conglomerate worth $1,588,000 after acquiring 547 additional shares in the last quarter. The Tennessee State Treasury Department increased its holdings in Griffon by 2.0% during the fourth quarter. The Tennessee State Treasury Department now owns 29,184 shares of the conglomerate worth $831,000 after purchasing an additional 580 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its stake in Griffon shares by 1.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 41,660 shares of the conglomerate worth $856,000 after buying an additional 594 shares in the last quarter. Hedge funds and other institutional investors own 84.39% of the company’s shares.
Several research companies have recently commented on GFF. StockNews.com began covering Griffon in a report on Thursday, March 31. They have placed a “holding” rating on the stock. Raymond James upgraded Griffon shares from an ‘outperform’ rating to a ‘strong buy’ rating and raised his price target for the company from $33.00 to $40.00 in a report from the Monday May 2. Finally, Robert W. Baird raised his price target on Griffon from $40.00 to $44.00 in a Tuesday, May 17 report.
NYSE:GFF shares opened at $29.94 on Thursday. The company has a market capitalization of $1.71 billion, a PE ratio of 13.61 and a beta of 1.68. Griffon has a 1-year low of $17.56 and a 1-year high of $33.38. The company has a debt ratio of 2.20, a current ratio of 2.83 and a quick ratio of 1.65. The company’s 50-day moving average is $25.32 and its two-hundred-day moving average is $24.47.
Griffon (NYSE:GFF – Get Rating) last reported quarterly earnings data on Thursday, April 28. The conglomerate reported EPS of $1.37 for the quarter, beating consensus analyst estimates of $0.44 from $0.93. Griffon had a return on equity of 16.52% and a net margin of 4.54%. The company posted revenue of $779.60 million in the quarter, versus a consensus estimate of $668.92 million. During the same period a year earlier, the company posted earnings per share of $0.48. The company’s revenue for the quarter increased 22.8% year over year. Analysts expect Griffon to post EPS of 3.7 for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 16. Investors of record on Thursday, May 19 will receive a dividend of $0.09 per share. The ex-dividend date is Wednesday, May 18. This represents a dividend of $0.36 on an annualized basis and a yield of 1.20%. Griffon’s dividend payout ratio is currently 16.36%.
About Griffin (Get an assessment)
Griffon Corporation, through its subsidiaries, provides consumer and professional products, as well as home and construction products in the United States, Europe, Canada, Australia and around the world. Its Consumer and Professional Products segment manufactures and markets long-handled tools and landscaping products for home users and professionals; wood and wire closet organization, general living storage, and wire mesh garage storage products for home center retail chains, mass merchants, and professional direct-to-builder installers; wheelbarrows and lawn carts; snow, striking and hand tools; planters and lawn accessories; watering hose; and secateurs, loppers, shears and other tools, as well as cleaning products for professional, domestic and industrial use.
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