Gamco Investors INC. ET AL Decreases Stake in Griffon Co. (GFF)

Gamco Investors INC. ET AL lowered its position in shares of Griffon Co. (NYSE:GFF) by 1.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 5,521,372 shares of the conglomerate’s stock after selling 86,077 shares during the quarter. Gamco Investors INC. ET AL owned about 12.10% of Griffon worth $89,170,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Griffon by 11.9% in the 2nd quarter. BlackRock Inc. now owns 4,311,525 shares of the conglomerate’s stock worth $76,746,000 after acquiring an additional 457,296 shares during the period. Putnam Investments LLC boosted its holdings in Griffon by 570.4% in the 2nd quarter. Putnam Investments LLC now owns 440,395 shares of the conglomerate’s stock worth $7,839,000 after acquiring an additional 374,700 shares during the period. Gabelli Funds LLC boosted its holdings in Griffon by 21.9% in the 2nd quarter. Gabelli Funds LLC now owns 2,058,393 shares of the conglomerate’s stock worth $36,639,000 after acquiring an additional 369,416 shares during the period. Millennium Management LLC purchased a new position in Griffon in the 2nd quarter worth approximately $5,634,000. Finally, Wells Fargo & Company MN boosted its holdings in Griffon by 106.7% in the 2nd quarter. Wells Fargo & Company MN now owns 547,844 shares of the conglomerate’s stock worth $9,751,000 after acquiring an additional 282,845 shares during the period. Institutional investors and hedge funds own 64.68% of the company’s stock.

A number of research firms have weighed in on GFF. JPMorgan Chase & Co. began coverage on Griffon in a report on Tuesday, October 30th. They issued an “underweight” rating for the company. Robert W. Baird began coverage on Griffon in a report on Thursday, September 13th. They issued a “neutral” rating and a $20.00 price target for the company. ValuEngine upgraded Griffon from a “sell” rating to a “hold” rating in a report on Saturday, July 14th. Goldman Sachs Group began coverage on Griffon in a report on Tuesday, October 2nd. They issued a “neutral” rating and a $18.00 price target for the company. Finally, Deutsche Bank began coverage on Griffon in a report on Friday, September 21st. They issued a “hold” rating and a $18.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $18.00.

Shares of GFF opened at $13.08 on Monday. Griffon Co. has a 52-week low of $12.08 and a 52-week high of $24.50. The company has a market capitalization of $596.65 million, a price-to-earnings ratio of 15.03 and a beta of 1.58. The company has a current ratio of 2.26, a quick ratio of 1.31 and a debt-to-equity ratio of 2.41.

Griffon declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 1st that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the conglomerate to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Griffon Company Profile

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.

Further Reading: Balanced Fund

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Institutional Ownership by Quarter for Griffon (NYSE:GFF)

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