Gabelli Funds LLC lowered its stake in Griffon Co. (NYSE:GFF - Free Report) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 312,400 shares of the conglomerate's stock after selling 10,000 shares during the quarter. Gabelli Funds LLC owned about 0.66% of Griffon worth $22,265,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of Griffon during the fourth quarter valued at approximately $43,325,000. Norges Bank purchased a new position in Griffon in the fourth quarter valued at about $21,451,000. Invesco Ltd. grew its stake in Griffon by 36.0% during the 4th quarter. Invesco Ltd. now owns 892,124 shares of the conglomerate's stock valued at $63,582,000 after purchasing an additional 236,179 shares in the last quarter. abrdn plc purchased a new stake in Griffon during the 4th quarter worth approximately $12,842,000. Finally, Vanguard Group Inc. raised its position in shares of Griffon by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 6,375,843 shares of the conglomerate's stock valued at $454,406,000 after purchasing an additional 177,771 shares in the last quarter. 73.22% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other Griffon news, Director Cheryl L. Turnbull sold 3,000 shares of Griffon stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $80.80, for a total transaction of $242,400.00. Following the sale, the director now owns 30,730 shares of the company's stock, valued at $2,482,984. The trade was a 8.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 10.20% of the company's stock.
Griffon Stock Performance
GFF stock traded down $3.16 during midday trading on Monday, reaching $65.01. The company had a trading volume of 55,379 shares, compared to its average volume of 435,896. The company has a quick ratio of 1.34, a current ratio of 2.51 and a debt-to-equity ratio of 6.44. The stock has a 50 day moving average price of $71.38 and a 200 day moving average price of $72.94. The firm has a market capitalization of $3.12 billion, a PE ratio of 13.27 and a beta of 1.26. Griffon Co. has a fifty-two week low of $55.01 and a fifty-two week high of $86.73.
Griffon (NYSE:GFF - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The conglomerate reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.28 by $0.11. Griffon had a return on equity of 120.61% and a net margin of 9.13%. Analysts anticipate that Griffon Co. will post 5.55 earnings per share for the current year.
Griffon Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, February 25th were paid a $0.18 dividend. The ex-dividend date was Tuesday, February 25th. This represents a $0.72 annualized dividend and a dividend yield of 1.11%. Griffon's payout ratio is currently 14.69%.
Wall Street Analyst Weigh In
GFF has been the subject of a number of research analyst reports. StockNews.com lowered shares of Griffon from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 20th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Griffon in a research note on Tuesday, April 1st. They issued a "buy" rating and a $91.00 target price on the stock. Stephens lifted their price target on Griffon from $100.00 to $105.00 and gave the stock an "overweight" rating in a research note on Thursday, February 6th. Loop Capital upgraded Griffon to a "strong-buy" rating in a research note on Friday, February 14th. Finally, Raymond James reiterated a "strong-buy" rating and issued a $95.00 target price (up previously from $92.00) on shares of Griffon in a research report on Thursday, February 6th. Four research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Griffon currently has a consensus rating of "Buy" and an average price target of $97.20.
Check Out Our Latest Research Report on Griffon
Griffon Profile
(
Free Report)
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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