5,382 Shares in Griffon Co. (NYSE:GFF) Purchased by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC acquired a new position in Griffon Co. (NYSE:GFF) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,382 shares of the conglomerate’s stock, valued at approximately $377,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quarry LP grew its stake in shares of Griffon by 98.7% in the 2nd quarter. Quarry LP now owns 777 shares of the conglomerate’s stock worth $50,000 after buying an additional 386 shares during the last quarter. Picton Mahoney Asset Management bought a new stake in Griffon during the 2nd quarter valued at about $55,000. Plato Investment Management Ltd bought a new position in shares of Griffon in the first quarter worth approximately $65,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Griffon during the second quarter valued at approximately $70,000. Finally, GAMMA Investing LLC increased its position in shares of Griffon by 56.9% during the third quarter. GAMMA Investing LLC now owns 1,133 shares of the conglomerate’s stock valued at $79,000 after acquiring an additional 411 shares in the last quarter. Hedge funds and other institutional investors own 73.22% of the company’s stock.

Griffon Stock Performance

Shares of NYSE GFF opened at $80.51 on Thursday. Griffon Co. has a 12-month low of $44.03 and a 12-month high of $80.85. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of 21.58 and a beta of 1.31. The company has a current ratio of 2.50, a quick ratio of 1.39 and a debt-to-equity ratio of 6.71. The firm has a 50 day moving average of $67.01 and a 200 day moving average of $66.70.

Griffon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, November 25th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 0.89%. This is a positive change from Griffon’s previous quarterly dividend of $0.15. Griffon’s dividend payout ratio is 16.09%.

Griffon declared that its board has authorized a stock buyback plan on Wednesday, November 13th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the conglomerate to purchase up to 10.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have commented on GFF. StockNews.com upgraded Griffon from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Stephens reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Griffon in a research report on Tuesday, September 10th. Finally, Robert W. Baird lifted their price objective on Griffon from $84.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday, October 21st. Three research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $83.50.

Insider Buying and Selling

In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $62.26, for a total transaction of $6,226,000.00. Following the completion of the sale, the chief executive officer now owns 2,260,746 shares of the company’s stock, valued at approximately $140,754,045.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Ronald J. Kramer sold 241,757 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $75.35, for a total value of $18,216,389.95. Following the completion of the transaction, the chief executive officer now owns 1,860,746 shares of the company’s stock, valued at $140,207,211.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ronald J. Kramer sold 100,000 shares of Griffon stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $62.26, for a total value of $6,226,000.00. Following the sale, the chief executive officer now directly owns 2,260,746 shares in the company, valued at $140,754,045.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 578,082 shares of company stock valued at $40,777,353. 16.10% of the stock is owned by company insiders.

Griffon Company Profile

Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. The company operates through two segments: Home and Building Products, and Consumer and Professional Products. The Home and Building Products segment manufactures and markets residential and commercial sectional garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers for the use in commercial construction and repair, and home remodeling applications.