Mackenzie Financial Corp Acquires 1,953 Shares of Griffon Corporation (NYSE:GFF)

Mackenzie Financial Corp lifted its holdings in shares of Griffon Corporation (NYSE:GFF) by 7.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,356 shares of the conglomerate’s stock after purchasing an additional 1,953 shares during the period. Mackenzie Financial Corp owned 0.06% of Griffon worth $1,956,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in GFF. Principal Financial Group Inc. raised its stake in Griffon by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 234,035 shares of the conglomerate’s stock worth $16,734,000 after buying an additional 5,243 shares during the period. Arcadia Investment Management Corp MI raised its stake in Griffon by 26.6% during the 1st quarter. Arcadia Investment Management Corp MI now owns 29,811 shares of the conglomerate’s stock worth $2,131,000 after buying an additional 6,260 shares during the period. Meritage Portfolio Management acquired a new position in Griffon during the 1st quarter worth approximately $5,010,000. Norges Bank acquired a new position in Griffon during the 4th quarter worth approximately $21,451,000. Finally, Kavar Capital Partners Group LLC raised its stake in Griffon by 20.5% during the 1st quarter. Kavar Capital Partners Group LLC now owns 20,829 shares of the conglomerate’s stock worth $1,489,000 after buying an additional 3,545 shares during the period. Institutional investors own 73.22% of the company’s stock.

Analyst Ratings Changes

GFF has been the topic of a number of research reports. Wall Street Zen raised Griffon from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 9th. Robert W. Baird upped their price target on Griffon from $92.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 22nd. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $100.00 price objective (up from $95.00) on shares of Griffon in a research note on Friday, May 9th. Three investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Griffon has a consensus rating of “Strong Buy” and a consensus target price of $98.20.

Griffon Stock Performance

Shares of Griffon stock opened at $80.73 on Monday. The company has a market cap of $3.80 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 0.88 and a beta of 1.09. Griffon Corporation has a 52 week low of $55.01 and a 52 week high of $86.73. The business has a 50 day moving average price of $74.16 and a 200-day moving average price of $72.78. The company has a quick ratio of 1.48, a current ratio of 2.78 and a debt-to-equity ratio of 7.12.

Griffon (NYSE:GFF) last issued its quarterly earnings data on Thursday, May 8th. The conglomerate reported $1.23 EPS for the quarter, topping the consensus estimate of $1.13 by $0.10. The firm had revenue of $611.75 million during the quarter, compared to the consensus estimate of $618.23 million. Griffon had a return on equity of 114.46% and a net margin of 9.06%. The company’s quarterly revenue was down 9.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.35 earnings per share. Equities analysts anticipate that Griffon Corporation will post 5.55 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Friday, May 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.72 annualized dividend and a dividend yield of 0.9%. Griffon’s dividend payout ratio is currently 14.91%.

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.