Prosperity Wealth Management Inc. Makes New $350,000 Investment in Griffon Corporation (NYSE:GFF)

Prosperity Wealth Management Inc. purchased a new position in Griffon Corporation (NYSE:GFF - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,900 shares of the conglomerate's stock, valued at approximately $350,000.

Other large investors also recently bought and sold shares of the company. Summit Investment Advisors Inc. increased its position in Griffon by 4.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,934 shares of the conglomerate's stock valued at $280,000 after acquiring an additional 154 shares during the last quarter. Pictet Asset Management Holding SA increased its position in Griffon by 4.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 4,977 shares of the conglomerate's stock valued at $355,000 after acquiring an additional 198 shares during the last quarter. McIlrath & Eck LLC increased its position in Griffon by 116.1% during the fourth quarter. McIlrath & Eck LLC now owns 376 shares of the conglomerate's stock valued at $27,000 after acquiring an additional 202 shares during the last quarter. Keeley Teton Advisors LLC increased its position in Griffon by 5.8% during the fourth quarter. Keeley Teton Advisors LLC now owns 5,500 shares of the conglomerate's stock valued at $392,000 after acquiring an additional 300 shares during the last quarter. Finally, Axxcess Wealth Management LLC increased its position in Griffon by 5.9% during the fourth quarter. Axxcess Wealth Management LLC now owns 5,701 shares of the conglomerate's stock valued at $406,000 after acquiring an additional 319 shares during the last quarter. Institutional investors own 73.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Raymond James Financial reissued 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. Wall Street Zen upgraded shares of Griffon from a "buy" rating to a "strong-buy" rating in a report on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Griffon in a report on Tuesday, April 1st. They issued 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 stock. According to MarketBeat.com, the company currently has an average rating of "Strong Buy" and a consensus target price of $98.20.

Griffon Trading Up 1.3%

Shares of NYSE GFF traded up $0.86 during mid-day trading on Friday, reaching $68.54. The company had a trading volume of 552,356 shares, compared to its average volume of 418,849. The business's 50-day moving average is $69.19 and its 200-day moving average is $72.15. The company has a current ratio of 2.78, a quick ratio of 1.48 and a debt-to-equity ratio of 7.12. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 14.19, a price-to-earnings-growth ratio of 0.75 and a beta of 1.15. Griffon Corporation has a 52 week low of $55.01 and a 52 week high of $86.73.

Griffon (NYSE:GFF - Get Free Report) last posted its earnings results on Thursday, May 8th. The conglomerate reported $1.23 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 business 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 company's revenue for the quarter was down 9.1% on a year-over-year basis. Equities analysts expect that Griffon Corporation will post 5.55 earnings per share for the current year.

Griffon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Friday, May 30th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.72 annualized dividend and a yield of 1.05%. Griffon's dividend payout ratio (DPR) is presently 14.91%.

Griffon Profile

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.