Griffin Land & Nurseries Inc. (NDAQ:GRIF) shares moved up marginally today after Mario Gabelli disclosed a 31.1% stake in the company and expressed his concerns that the company's share repurchase plan was not moving along quickly enough. Gabelli said that he realizes it's due to options exercised, but at a minimum the company should have bought enough shares back to offset the dilution. Moreover, he noted that the value of the company is materially above where the stock is selling, so he remains somewhat miffed at the glacial speed of the company's share repurchase. The letter also says that Gabelli "looks forward to discussing the notion of harvesting our real estate assets". What this means remains to be seen. Meanwhile, if the company meaningfully increases its share repurchase plan, it could mean significant value being returned to shareholders. This makes GRIF a stock worth watching!

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