Insider Selling: Griffon (NYSE:GFF) COO Sells 3,240 Shares of Stock

Griffon Corporation (NYSE:GFF) COO Robert Mehmel sold 3,240 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $107.16, for a total value of $347,198.40. Following the sale, the chief operating officer owned 723,032 shares of the company’s stock, valued at $77,480,109.12. This trade represents a 0.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Griffon Trading Up 0.9%

Shares of NYSE GFF traded up $0.93 during mid-day trading on Thursday, hitting $105.81. 357,420 shares of the company traded hands, compared to its average volume of 353,171. The company has a quick ratio of 1.79, a current ratio of 2.41 and a debt-to-equity ratio of 9.75. Griffon Corporation has a 1 year low of $65.01 and a 1 year high of $108.57. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of 26.99 and a beta of 1.44. The business has a 50 day moving average of $93.12 and a two-hundred day moving average of $86.53.

Griffon (NYSE:GFF) last posted its quarterly earnings data on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.17. Griffon had a return on equity of 249.31% and a net margin of 8.08%.The firm had revenue of $481.37 million for the quarter, compared to the consensus estimate of $457.70 million. During the same quarter in the previous year, the company earned $1.50 EPS. The business’s revenue for the quarter was down 21.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Griffon Corporation will post 5.41 earnings per share for the current fiscal year.

Griffon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Monday, August 31st will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, August 31st. Griffon’s dividend payout ratio is 22.45%.

Institutional Investors Weigh In On Griffon

A number of institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. raised its holdings in shares of Griffon by 149.6% during the fourth quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 211 shares in the last quarter. Scarborough Advisors LLC purchased a new position in Griffon in the first quarter valued at about $29,000. Hilton Head Capital Partners LLC acquired a new position in Griffon in the 4th quarter worth about $34,000. Caitong International Asset Management Co. Ltd increased its position in Griffon by 362.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 495 shares of the conglomerate’s stock worth $36,000 after purchasing an additional 388 shares during the last quarter. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Griffon during the 2nd quarter worth about $37,000. Institutional investors and hedge funds own 73.22% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on GFF shares. Zacks Research upgraded Griffon from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Griffon in a research note on Friday, August 7th. Robert W. Baird set a $125.00 price objective on Griffon in a research report on Thursday, August 6th. Wall Street Zen cut Griffon from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Stephens upped their target price on Griffon from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $122.50.

About Griffon

Griffon Corporation (NYSE:GFF) is a diversified management and holding company whose subsidiaries design, manufacture and market products for residential, commercial and defense applications. Operating through three primary platforms—Home & Building Products, Defense Electronics and Specialty Industrial—Griffon’s portfolio spans consumer and industrial brands with a focus on long-lived products and recurring aftermarket opportunities.

In the Home & Building Products segment, Griffon’s Clopay Building Products division is a leading North American manufacturer of residential and commercial garage doors, specializing in steel, fiberglass and composite designs as well as decorative carriage-house styles.