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

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