Share Buyback Plan Declared by Griffon (NYSE:GFF)

Griffon (NYSE:GFF) announced that its Board of Directors has approved a share repurchase plan on Wednesday, November 13th, RTT News reports. The company plans to repurchase $400.00 million in shares. This repurchase authorization permits the conglomerate to buy up to 10.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Griffon Trading Down 3.9 %

NYSE GFF opened at $77.40 on Friday. Griffon has a one year low of $44.03 and a one year high of $80.85. The business’s fifty day moving average is $67.31 and its 200-day moving average is $66.78. The company has a debt-to-equity ratio of 6.71, a current ratio of 2.50 and a quick ratio of 1.39. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of 20.75 and a beta of 1.31.

Griffon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, November 25th will be paid a dividend of $0.18 per share. The ex-dividend date is Monday, November 25th. This represents a $0.72 annualized dividend and a dividend yield of 0.93%. This is a positive change from Griffon’s previous quarterly dividend of $0.15. Griffon’s dividend payout ratio (DPR) is presently 16.09%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Stephens upped their price objective on Griffon from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday. StockNews.com upgraded Griffon from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Finally, Robert W. Baird boosted their price objective on Griffon from $84.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st. Three research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $87.25.

Insider Buying and Selling at Griffon

In related news, Director Kevin F. Sullivan sold 12,447 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $65.00, for a total transaction of $809,055.00. Following the sale, the director now owns 50,390 shares of the company’s stock, valued at approximately $3,275,350. This represents a 19.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Harris sold 13,314 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $66.10, for a total transaction of $880,055.40. Following the transaction, the chief financial officer now directly owns 199,748 shares of the company’s stock, valued at approximately $13,203,342.80. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 578,082 shares of company stock worth $40,777,353 over the last ninety days. 16.10% of the stock is currently owned by company insiders.

Griffon Company Profile

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.