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

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

A number of other institutional investors and hedge funds have also modified their holdings of GFF. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Griffon by 95,382.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 624,457 shares of the conglomerate's stock worth $44,505,000 after buying an additional 623,803 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Griffon in the fourth quarter worth $43,325,000. Norges Bank acquired a new stake in shares of Griffon in the fourth quarter worth $21,451,000. Invesco Ltd. lifted its stake 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 during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Griffon by 17,994.7% in the first quarter. GAMMA Investing LLC now owns 194,337 shares of the conglomerate's stock worth $138,950,000 after buying an additional 193,263 shares during the last quarter. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on GFF shares. Raymond James Financial restated a "strong-buy" rating and issued a $100.00 price objective (up from $95.00) on shares of Griffon in a research note on Friday, May 9th. Deutsche Bank Aktiengesellschaft started coverage on shares of Griffon in a research note on Tuesday, April 1st. They issued a "buy" rating and a $91.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Griffon from a "buy" rating to a "strong-buy" rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Strong Buy" and an average price target of $98.20.

Griffon Price Performance

NYSE:GFF opened at $67.33 on Wednesday. The stock has a market cap of $3.17 billion, a P/E ratio of 13.94, a PEG ratio of 0.75 and a beta of 1.15. Griffon Corporation has a one year low of $55.01 and a one year high of $86.73. The company has a fifty day moving average price of $69.37 and a 200 day moving average price of $72.46. The company has a debt-to-equity ratio of 7.12, a current ratio of 2.78 and a quick ratio of 1.48.

Griffon (NYSE:GFF - Get Free Report) last released its 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. The firm had revenue of $611.75 million during the quarter, compared to analysts' expectations of $618.23 million. Griffon had a net margin of 9.06% and a return on equity of 114.46%. The business's quarterly revenue was down 9.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.35 EPS. Analysts anticipate that Griffon Corporation will post 5.55 earnings per share for the current year.

Griffon Dividend Announcement

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

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