Bayesian Capital Management LP Purchases New Holdings in Griffon Co. (NYSE:GFF)

Bayesian Capital Management LP bought a new stake in Griffon Co. (NYSE:GFF - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,513 shares of the conglomerate's stock, valued at approximately $322,000.

Other institutional investors also recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. grew its holdings in Griffon by 95,382.7% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 624,457 shares of the conglomerate's stock valued at $44,505,000 after purchasing an additional 623,803 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Griffon during the fourth quarter worth $43,325,000. Norges Bank purchased a new stake in shares of Griffon during the fourth quarter worth $21,451,000. Invesco Ltd. raised its position in shares of Griffon by 36.0% in the fourth quarter. Invesco Ltd. now owns 892,124 shares of the conglomerate's stock worth $63,582,000 after buying an additional 236,179 shares in the last quarter. Finally, abrdn plc purchased a new stake in shares of Griffon in the fourth quarter worth $12,842,000. 73.22% of the stock is owned by institutional investors.

Griffon Stock Performance

Shares of NYSE:GFF traded up $1.77 during midday trading on Tuesday, hitting $74.70. The company had a trading volume of 121,709 shares, compared to its average volume of 440,919. The company has a debt-to-equity ratio of 6.44, a current ratio of 2.51 and a quick ratio of 1.34. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 15.24 and a beta of 1.17. Griffon Co. has a 12-month low of $55.01 and a 12-month high of $86.73. The company has a fifty day moving average of $69.71 and a two-hundred day moving average of $73.10.

Griffon (NYSE:GFF - Get Free Report) last issued its earnings results on Thursday, May 8th. The conglomerate reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.10. The firm had revenue of $611.75 million for the quarter, compared to analysts' expectations of $618.23 million. Griffon had a return on equity of 120.61% and a net margin of 9.13%. The business's revenue was down 9.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.35 earnings per share. On average, equities research analysts expect that Griffon Co. will post 5.55 EPS for the current fiscal year.

Griffon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, May 30th 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 0.96%. The ex-dividend date is Friday, May 30th. Griffon's payout ratio is presently 14.91%.

Analysts Set New Price Targets

GFF has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Griffon in a research report on Tuesday, April 1st. They issued a "buy" rating and a $91.00 price objective on the stock. StockNews.com upgraded Griffon from a "buy" rating to a "strong-buy" rating in a research report on Friday. Stephens raised their price target on Griffon from $100.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, February 6th. Loop Capital upgraded Griffon to a "strong-buy" rating in a research report on Friday, February 14th. Finally, Raymond James restated a "strong-buy" rating and set a $100.00 price target (up previously from $95.00) on shares of Griffon in a research report on Friday. Three investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Griffon has a consensus rating of "Strong Buy" and an average target price of $98.20.

About Griffon

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.