Cannell Capital LLC purchased a new stake in shares of Griffon Co. (NYSE:GFF – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 238,963 shares of the conglomerate’s stock, valued at approximately $9,630,000. Griffon accounts for approximately 1.9% of Cannell Capital LLC’s investment portfolio, making the stock its 21st biggest holding. Cannell Capital LLC owned 0.44% of Griffon as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Pacer Advisors Inc. bought a new position in shares of Griffon during the 2nd quarter valued at approximately $38,441,000. Norges Bank bought a new position in shares of Griffon during the 4th quarter valued at approximately $14,521,000. Vanguard Group Inc. grew its stake in shares of Griffon by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 5,656,744 shares of the conglomerate’s stock valued at $113,304,000 after acquiring an additional 388,996 shares during the period. Citigroup Inc. grew its stake in shares of Griffon by 113.5% during the 2nd quarter. Citigroup Inc. now owns 45,214 shares of the conglomerate’s stock valued at $1,822,000 after acquiring an additional 381,325 shares during the period. Finally, Voss Capital LLC grew its stake in shares of Griffon by 11.7% during the 1st quarter. Voss Capital LLC now owns 3,233,852 shares of the conglomerate’s stock valued at $103,516,000 after acquiring an additional 338,726 shares during the period. 73.88% of the stock is currently owned by institutional investors.

Griffon Price Performance

GFF stock traded up $0.85 during midday trading on Friday, hitting $51.41. The company’s stock had a trading volume of 379,203 shares, compared to its average volume of 447,442. Griffon Co. has a 12 month low of $25.97 and a 12 month high of $51.63. The company has a quick ratio of 1.32, a current ratio of 2.73 and a debt-to-equity ratio of 4.63. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 36.72, a price-to-earnings-growth ratio of 0.71 and a beta of 1.52. The company has a 50 day moving average of $43.06 and a two-hundred day moving average of $40.77.

Griffon (NYSE:GFF – Get Free Report) last posted its earnings results on Wednesday, November 15th. The conglomerate reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.24. The firm had revenue of $641.40 million during the quarter, compared to the consensus estimate of $653.83 million. Griffon had a return on equity of 60.20% and a net margin of 2.89%. The company’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.09 EPS. On average, analysts expect that Griffon Co. will post 4.21 EPS for the current year.

Griffon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Tuesday, November 28th will be given a dividend of $0.15 per share. This is an increase from Griffon’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Monday, November 27th. Griffon’s dividend payout ratio is currently 42.86%.

Griffon declared that its board has approved a share repurchase plan on Wednesday, November 15th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the conglomerate to purchase up to 8.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. TheStreet upgraded Griffon from a “c+” rating to a “b” rating in a research note on Friday, November 24th. Raymond James upped their price target on Griffon from $55.00 to $60.00 and gave the stock a “strong-buy” rating in a research note on Thursday, November 16th. Deutsche Bank Aktiengesellschaft started coverage on Griffon in a research note on Friday, October 27th. They issued a “buy” rating and a $65.00 price target for the company. Finally, StockNews.com downgraded Griffon from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 27th.

Get Our Latest Research Report on Griffon

Griffon Company Profile (Free Report)

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.

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Original: MarketBeat News Feed: Cannell Capital LLC Purchases Shares of 238,963 Griffon Co. (NYSE:GFF)