Stephens Forecasts Strong Price Appreciation for Griffon (NYSE:GFF) Stock

Griffon (NYSE:GFF - Free Report) had its price target boosted by Stephens from $85.00 to $100.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the conglomerate's stock.

Several other equities analysts have also recently weighed in on the stock. Robert W. Baird raised their price target on shares of Griffon from $84.00 to $92.00 and gave the stock an "outperform" rating in a research note on Monday, October 21st. StockNews.com raised shares of Griffon from a "buy" rating to a "strong-buy" rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $87.25.

Griffon Trading Down 3.9 %

Shares of NYSE GFF traded down $3.13 during midday trading on Thursday, hitting $77.39. The stock had a trading volume of 1,175,479 shares, compared to its average volume of 435,509. The company has a debt-to-equity ratio of 6.71, a current ratio of 2.50 and a quick ratio of 1.39. Griffon has a fifty-two week low of $44.03 and a fifty-two week high of $80.85. The firm has a market cap of $3.81 billion, a P/E ratio of 21.58 and a beta of 1.31. The company's 50-day simple moving average is $67.01 and its 200 day simple moving average is $66.70.

Griffon announced that its Board of Directors has authorized a share repurchase plan on Wednesday, November 13th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the conglomerate to reacquire up to 10.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its stock is undervalued.

Griffon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, November 25th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, November 25th. This represents a $0.72 annualized dividend and a yield of 0.93%. This is a boost from Griffon's previous quarterly dividend of $0.15. Griffon's dividend payout ratio is presently 16.09%.

Insider Activity at Griffon

In other news, Director Kevin F. Sullivan sold 12,447 shares of the firm's stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $65.00, for a total transaction of $809,055.00. Following the completion of the transaction, the director now directly owns 50,390 shares in the company, valued at $3,275,350. This trade represents a 19.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Harris sold 13,314 shares of Griffon stock in a transaction on Friday, September 13th. The stock was sold at an average price of $66.10, for a total value of $880,055.40. Following the completion of the sale, the chief financial officer now directly owns 199,748 shares of the company's stock, valued at approximately $13,203,342.80. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 578,082 shares of company stock worth $40,777,353 over the last 90 days. 16.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Griffon

Several institutional investors have recently bought and sold shares of the stock. Public Sector Pension Investment Board raised its position in Griffon by 6.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 86,767 shares of the conglomerate's stock worth $6,074,000 after purchasing an additional 5,000 shares during the period. FORA Capital LLC purchased a new position in shares of Griffon during the third quarter valued at $364,000. Cynosure Group LLC bought a new stake in shares of Griffon in the 3rd quarter valued at about $367,000. BNP Paribas Financial Markets lifted its holdings in Griffon by 6.6% during the third quarter. BNP Paribas Financial Markets now owns 39,761 shares of the conglomerate's stock worth $2,783,000 after buying an additional 2,453 shares during the period. Finally, Quantbot Technologies LP boosted its position in Griffon by 430.9% during the third quarter. Quantbot Technologies LP now owns 23,897 shares of the conglomerate's stock valued at $1,673,000 after purchasing an additional 19,396 shares in the last quarter. 73.22% of the stock is owned by hedge funds and other institutional investors.

About Griffon

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.