Assenagon Asset Management S.A. Invests $1.44 Million in Griffon Corporation (NYSE:GFF)

Assenagon Asset Management S.A. acquired a new stake in shares of Griffon Corporation (NYSE:GFF - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 20,184 shares of the conglomerate's stock, valued at approximately $1,443,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of GFF. Vanguard Group Inc. grew its holdings in shares of Griffon by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 6,375,843 shares of the conglomerate's stock worth $454,406,000 after purchasing an additional 177,771 shares in the last quarter. Invesco Ltd. increased its stake in Griffon by 36.0% in the 4th quarter. Invesco Ltd. now owns 892,124 shares of the conglomerate's stock worth $63,582,000 after purchasing an additional 236,179 shares during the period. Renaissance Technologies LLC raised its holdings in Griffon by 15.3% during the 4th quarter. Renaissance Technologies LLC now owns 700,351 shares of the conglomerate's stock valued at $49,914,000 after buying an additional 93,100 shares during the last quarter. Millennium Management LLC raised its stake in shares of Griffon by 31.0% during the fourth quarter. Millennium Management LLC now owns 674,520 shares of the conglomerate's stock valued at $48,073,000 after acquiring an additional 159,557 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its position in Griffon by 95,382.7% during the 4th 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 last quarter. 73.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GFF shares. Wall Street Zen upgraded shares of Griffon from a "buy" rating to a "strong-buy" rating in a report on Friday, May 9th. Raymond James Financial reissued a "strong-buy" rating and issued a $100.00 target price (up previously from $95.00) on shares of Griffon in a research report on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Griffon in a report on Tuesday, April 1st. They set a "buy" rating and a $91.00 target price for the company. Three equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Strong Buy" and a consensus target price of $98.20.

Griffon Stock Up 0.4%

GFF stock traded up $0.24 during midday trading on Wednesday, hitting $67.61. The company's stock had a trading volume of 342,307 shares, compared to its average volume of 435,072. The firm's 50-day moving average is $69.37 and its 200-day moving average is $72.46. The company has a current ratio of 2.78, a quick ratio of 1.48 and a debt-to-equity ratio of 7.12. Griffon Corporation has a 12 month low of $55.01 and a 12 month high of $86.73. The company has a market cap of $3.18 billion, a PE ratio of 14.00, a P/E/G ratio of 0.75 and a beta of 1.15.

Griffon (NYSE:GFF - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The conglomerate reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.10. Griffon had a net margin of 9.06% and a return on equity of 114.46%. The firm had revenue of $611.75 million for the quarter, compared to the consensus estimate of $618.23 million. During the same quarter last year, the firm posted $1.35 EPS. The business's quarterly revenue was down 9.1% compared to the same quarter last year. On average, equities research analysts forecast that Griffon Corporation will post 5.55 earnings per share for the current fiscal year.

Griffon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Friday, May 30th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, May 30th. Griffon's payout ratio is 14.91%.

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.