Monarch Partners Asset Management LLC bought a new stake in Griffon Co. (NYSE:GFF) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 252,295 shares of the conglomerate’s stock, valued at approximately $4,075,000. Monarch Partners Asset Management LLC owned 0.55% of Griffon at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Rehmann Capital Advisory Group bought a new position in shares of Griffon in the second quarter worth about $112,000. Piedmont Investment Advisors LLC bought a new position in shares of Griffon in the second quarter worth about $139,000. Acadian Asset Management LLC bought a new position in shares of Griffon in the second quarter worth about $150,000. OMERS ADMINISTRATION Corp bought a new position in shares of Griffon in the second quarter worth about $196,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Griffon by 444.7% in the second quarter. Tower Research Capital LLC TRC now owns 11,863 shares of the conglomerate’s stock worth $211,000 after purchasing an additional 9,685 shares during the last quarter. 64.68% of the stock is currently owned by institutional investors and hedge funds.
Shares of Griffon stock opened at $12.97 on Tuesday. 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 Co. has a 1 year low of $12.08 and a 1 year high of $24.50. The stock has a market cap of $596.65 million, a price-to-earnings ratio of 14.91 and a beta of 1.58.
Griffon declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 1st that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the conglomerate to repurchase up to 6.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of research analysts have recently commented on the stock. Goldman Sachs Group assumed coverage on shares of Griffon in a report on Tuesday, October 2nd. They issued a “neutral” rating and a $18.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on shares of Griffon in a report on Tuesday, October 30th. They issued an “underweight” rating on the stock. ValuEngine upgraded shares of Griffon from a “sell” rating to a “hold” rating in a report on Saturday, July 14th. Robert W. Baird set a $18.00 price target on shares of Griffon and gave the stock a “hold” rating in a report on Tuesday, October 16th. Finally, Deutsche Bank assumed coverage on shares of Griffon in a report on Friday, September 21st. They issued a “hold” rating and a $18.00 price target on the stock. One 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 company presently has an average rating of “Hold” and an average price target of $18.00.
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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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