Mario Gabelli and GAMCO Up Stake in Griffon Corporation (GFF)

A newly amended filing with the Securities and Exchange Commission showed that Mario Gabelli‘s GAMCO Investors have upped its position in Griffon Corporation (NYSE:GFF). GAMCO currently holds 6.75 million shares, versus 6.59 million held previously. The position amasses over 12% of the company’s common stock. Overall, GAMCO, together with other Gabelli’s Funds held an aggregate of over 9.9 million shares, equal to 17.7% of the stock.

Mario Gabelli with cereal box

Pzena Investment Management, led by Richard S. Pzena, is another shareholder of Griffon Corporation, reporting almost 2.0 million shares in its latest 13F. Royce & Associates, managed by Chuck Royce, owns 917,300 shares. Both funds have inched up their stakes during the fourth quarter of 2013.

In February, Griffon Corporation (NYSE:GFF) conducted a senior notes offering, selling $600 million worth of 5.25% senior notes due 2022. The proceeds from the offering has been used for repurchasing some of the previously issued notes.

Griffon Corporation (NYSE:GFF) has returned over 20% during 2013, and its stock has a solid forward Price-to-Earnings of around 18. For the fiscal first quarter ended December 31, 2013, Griffon Corporation showed a 7% increase in revenues on the year, which totaled $453 million. The company also posted a net income of $0.07 per share, up from $0.05 a year ago, and also beating the analyst consensus estimate of $0.06. For the current quarter, Griffon is expected to post an EPS of $0.13.

On the back of positive results and solid performance, the average recommendation for Griffon Corporation (NYSE:GFF) is ‘Buy’, with a target price of $15.00 per share.

GAMCO Investors has a diversified equity portfolio, which consists predominantly of Consumer and Industrial Goods, and Services companies. Among its most significant holdings are DIRECTV (NASDAQ:DTV), and American Express Company (NYSE:AXP), in which it holds over 4.5 million shares, worth $313.4 million, and 3.4 million shares, worth $309.1 million respectively.

Disclosure: none

Recommended Reading:

Broadfin Capital Initiates Stake in Pernix Therapeutics (PTX)

Samuel Isaly Says He Is Fond of Regeneron Pharmaceuticals Inc (REGN) & InterMune Inc (ITMN)

Luxor Capital Group Raises Stake and Goes Activist on BJ’s Restaurants, Inc. (BJRI)

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!