American International Group Inc. raised its stake in Griffon Co. (NYSE:GFF) by 3.8% during the first quarter, HoldingsChannel.com reports. The fund owned 30,589 shares of the conglomerate’s stock after purchasing an additional 1,109 shares during the quarter. American International Group Inc.’s holdings in Griffon were worth $831,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. SOA Wealth Advisors LLC. bought a new stake in Griffon in the 4th quarter valued at $27,000. Sowell Financial Services LLC increased its holdings in Griffon by 59.5% in the 1st quarter. Sowell Financial Services LLC now owns 1,587 shares of the conglomerate’s stock valued at $45,000 after acquiring an additional 592 shares during the last quarter. Vantage Consulting Group Inc bought a new stake in Griffon in the 4th quarter valued at $42,000. Veriti Management LLC bought a new stake in Griffon in the 4th quarter valued at $43,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Griffon by 46.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,980 shares of the conglomerate’s stock valued at $122,000 after acquiring an additional 1,909 shares during the last quarter. Institutional investors own 72.31% of the company’s stock.
A number of brokerages have commented on GFF. Zacks Investment Research raised shares of Griffon from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Tuesday, May 4th. Raymond James lifted their price objective on shares of Griffon from $27.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, April 30th. Five investment analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and an average price target of $30.60.
Griffon (NYSE:GFF) last released its quarterly earnings results on Thursday, April 29th. The conglomerate reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. Griffon had a net margin of 3.49% and a return on equity of 15.13%. The firm had revenue of $634.83 million during the quarter, compared to analysts’ expectations of $621.83 million. On average, equities research analysts predict that Griffon Co. will post 1.91 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 17th. Shareholders of record on Thursday, May 20th will be given a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, May 19th. This represents a $0.32 annualized dividend and a yield of 1.27%. Griffon’s dividend payout ratio (DPR) is 19.75%.
Griffon Corporation, through its subsidiaries, engages in the consumer and professional products, home and building products, and defense electronics businesses primarily in the United States, Europe, Canada, Australia, the United Kingdom, Mexico, and China. Its Consumer and Professional Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; wood and wire closet organization, general living storage, and wire garage storage products to home center retail chains, mass merchandisers, and direct-to builder professional installers; wheelbarrows and lawn carts; snow, striking, and hand tools; planters and lawn accessories; garden hoses; and pruners, loppers, shears, and other tools.
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