Griffon Co. (NYSE:GFF) Stake Lifted by Mackenzie Financial Corp

Mackenzie Financial Corp boosted its position in shares of Griffon Co. (NYSE:GFF - Free Report) by 154.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,403 shares of the conglomerate's stock after purchasing an additional 15,426 shares during the period. Mackenzie Financial Corp owned approximately 0.05% of Griffon worth $1,810,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arcadia Investment Management Corp MI boosted its position in Griffon by 35.1% in the 4th quarter. Arcadia Investment Management Corp MI now owns 23,551 shares of the conglomerate's stock valued at $1,678,000 after buying an additional 6,125 shares during the last quarter. Norges Bank purchased a new position in Griffon in the fourth quarter valued at about $21,451,000. Charles Schwab Investment Management Inc. grew its stake in Griffon by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 538,200 shares of the conglomerate's stock valued at $38,358,000 after purchasing an additional 18,274 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in Griffon by 57.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 27,247 shares of the conglomerate's stock valued at $1,942,000 after purchasing an additional 9,896 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Griffon by 7.7% during the 4th quarter. Wells Fargo & Company MN now owns 59,704 shares of the conglomerate's stock worth $4,255,000 after purchasing an additional 4,251 shares during the last quarter. Hedge funds and other institutional investors own 73.22% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on GFF. Raymond James reiterated a "strong-buy" rating and set a $100.00 target price (up from $95.00) on shares of Griffon in a research note on Friday, May 9th. Loop Capital upgraded shares of Griffon to a "strong-buy" rating in a research note on Friday, February 14th. Stephens raised their price objective on shares of Griffon from $100.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, February 6th. Wall Street Zen upgraded shares of Griffon from a "buy" rating to a "strong-buy" rating in a research note on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Griffon in a research report on Tuesday, April 1st. They set a "buy" rating and a $91.00 price target on the stock. Three research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and an average target price of $98.20.

Griffon Stock Performance

Griffon stock traded down $1.15 during mid-day trading on Monday, reaching $67.60. The company's stock had a trading volume of 372,001 shares, compared to its average volume of 441,360. The company has a current ratio of 2.51, a quick ratio of 1.34 and a debt-to-equity ratio of 6.44. Griffon Co. has a twelve month low of $55.01 and a twelve month high of $86.73. The business has a 50 day moving average price of $69.56 and a 200-day moving average price of $73.35. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 13.80 and a beta of 1.17.

Griffon (NYSE:GFF - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The conglomerate reported $1.23 EPS for the quarter, beating the consensus estimate of $1.13 by $0.10. Griffon had a net margin of 9.13% and a return on equity of 120.61%. The business had revenue of $611.75 million during the quarter, compared to analyst estimates of $618.23 million. During the same period in the previous year, the business posted $1.35 EPS. The company's quarterly revenue was down 9.1% on a year-over-year basis. Sell-side analysts predict that Griffon Co. will post 5.55 EPS for the current fiscal year.

Griffon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, May 30th will be paid a $0.18 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.72 dividend on an annualized basis and a yield of 1.07%. Griffon's payout ratio is currently 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.