Gabelli Funds LLC Decreases Stock Position in Griffon Co. (NYSE:GFF)

Posted by Defense World Staff on Feb 25th, 2023

Gabelli Funds LLC trimmed its position in Griffon Co. (NYSE:GFF – Get Rating) by 7.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,489,000 shares of the conglomerate’s stock after selling 113,500 shares during the quarter. Gabelli Funds LLC owned about 2.61% of Griffon worth $43,955,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Rockefeller Capital Management L.P. raised its position in Griffon by 143.0% during the third quarter. Rockefeller Capital Management L.P. now owns 1,023 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 602 shares in the last quarter. Nisa Investment Advisors LLC acquired a new position in Griffon during the second quarter worth $52,000. Lazard Asset Management LLC purchased a new stake in Griffon in the second quarter valued at $60,000. Bessemer Group Inc. purchased a new stake in Griffon in the third quarter valued at $74,000. Finally, Captrust Financial Advisors raised its position in Griffon by 64.5% in the first quarter. Captrust Financial Advisors now owns 2,754 shares of the conglomerate’s stock valued at $55,000 after purchasing an additional 1,080 shares during the period. 74.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, TheStreet upgraded Griffon from a “c” rating to a “b-” rating in a report on Wednesday, February 1st.

Griffon Stock Down 1.8 %

Shares of NYSE GFF opened at $36.47 on Friday. The stock has a market cap of $2.09 billion, a PE ratio of -11.09 and a beta of 1.56. The company has a quick ratio of 1.37, a current ratio of 3.03 and a debt-to-equity ratio of 2.86. Griffon Co. has a 52-week low of $17.56 and a 52-week high of $43.74. The business has a 50-day moving average price of $38.23 and a 200 day moving average price of $34.60.

Griffon (NYSE:GFF – Get Rating) last posted its quarterly earnings data on Tuesday, January 31st. The conglomerate reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. The firm had revenue of $649.40 million during the quarter, compared to the consensus estimate of $698.14 million. Griffon had a positive return on equity of 35.32% and a negative net margin of 5.58%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.39 EPS. Equities research analysts forecast that Griffon Co. will post 3.61 earnings per share for the current year.

Griffon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Thursday, February 23rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Wednesday, February 22nd. Griffon’s dividend payout ratio (DPR) is -12.16%.

Griffon Company Profile

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Griffon Corp. is a diversified management and holding company, which conducts business through its subsidiaries. It provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities. It operates through the Consumer and Professional Products and Home and Building Products segments.