Gabelli Funds LLC boosted its stake in Griffon Co. (NYSE:GFF) by 0.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,076,893 shares of the conglomerate’s stock after buying an additional 18,500 shares during the quarter. Gabelli Funds LLC owned approximately 4.55% of Griffon worth $33,542,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of GFF. BlackRock Inc. lifted its stake in Griffon by 11.9% in the 2nd quarter. BlackRock Inc. now owns 4,311,525 shares of the conglomerate’s stock valued at $76,746,000 after buying an additional 457,296 shares in the last quarter. Putnam Investments LLC lifted its stake in Griffon by 570.4% in the 2nd quarter. Putnam Investments LLC now owns 440,395 shares of the conglomerate’s stock valued at $7,839,000 after buying an additional 374,700 shares in the last quarter. Millennium Management LLC purchased a new stake in Griffon in the 2nd quarter valued at approximately $5,634,000. Wells Fargo & Company MN lifted its stake in Griffon by 106.7% in the 2nd quarter. Wells Fargo & Company MN now owns 547,844 shares of the conglomerate’s stock valued at $9,751,000 after buying an additional 282,845 shares in the last quarter. Finally, Monarch Partners Asset Management LLC purchased a new stake in Griffon in the 3rd quarter valued at approximately $4,075,000. 64.68% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently issued reports on GFF. ValuEngine raised Griffon from a “sell” rating to a “hold” rating in a research note on Saturday, July 14th. Robert W. Baird set a $18.00 price target on Griffon and gave the stock a “hold” rating in a research note on Tuesday, October 16th. JPMorgan Chase & Co. started coverage on Griffon in a research note on Tuesday, October 30th. They set an “underweight” rating on the stock. Deutsche Bank started coverage on Griffon in a research note on Friday, September 21st. They set a “hold” rating and a $18.00 price target on the stock. Finally, Goldman Sachs Group started coverage on Griffon in a research note on Tuesday, October 2nd. They set a “neutral” rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $18.00.
Shares of Griffon stock opened at $13.44 on Wednesday. Griffon Co. has a fifty-two week low of $12.08 and a fifty-two week high of $24.50. The firm has a market cap of $596.65 million, a price-to-earnings ratio of 15.45 and a beta of 1.58. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.31 and a current ratio of 2.26.
Griffon declared that its Board of Directors has authorized a share repurchase program on Wednesday, August 1st that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the conglomerate to buy up to 6.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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Griffon Corporation, through its wholly-owned subsidiaries, engages in home and building, telephonics, and plastic products businesses worldwide. Its Home & Building Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; and residential and commercial garage doors to professional dealers and home center retail chains.
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