Griffon Co. (NYSE:GFF) COO Sells $1,874,250.00 in Stock

Griffon Co. (NYSE:GFFGet Free Report) COO Robert F. Mehmel sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $74.97, for a total value of $1,874,250.00. Following the completion of the transaction, the chief operating officer now directly owns 712,914 shares in the company, valued at approximately $53,447,162.58. This represents a 3.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Griffon Stock Performance

NYSE:GFF opened at $73.81 on Monday. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.39 and a current ratio of 2.66. Griffon Co. has a 52-week low of $44.71 and a 52-week high of $80.85. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 17.45 and a beta of 1.31. The business’s fifty day moving average is $67.53 and its 200 day moving average is $66.82.

Griffon (NYSE:GFFGet Free Report) last released its quarterly earnings data on Wednesday, November 13th. The conglomerate reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.29. Griffon had a return on equity of 108.70% and a net margin of 8.00%. The company had revenue of $659.70 million for the quarter, compared to analyst estimates of $641.24 million. During the same period in the previous year, the company posted $1.19 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. Research analysts predict that Griffon Co. will post 5.57 EPS for the current year.

Griffon declared that its board has approved a stock buyback program on Wednesday, November 13th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the conglomerate to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Griffon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, November 25th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.98%. This is a boost from Griffon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Monday, November 25th. Griffon’s payout ratio is presently 14.18%.

Hedge Funds Weigh In On Griffon

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UniSuper Management Pty Ltd purchased a new position in Griffon during the first quarter worth about $557,000. Vanguard Group Inc. grew its position in Griffon by 0.7% during the first quarter. Vanguard Group Inc. now owns 5,903,377 shares of the conglomerate’s stock worth $432,954,000 after buying an additional 38,707 shares in the last quarter. Hsbc Holdings PLC grew its position in Griffon by 228.7% during the second quarter. Hsbc Holdings PLC now owns 61,704 shares of the conglomerate’s stock worth $3,954,000 after buying an additional 42,934 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Griffon by 62.0% in the 1st quarter. Sei Investments Co. now owns 47,724 shares of the conglomerate’s stock worth $3,500,000 after purchasing an additional 18,256 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Griffon by 659.0% in the 2nd quarter. SG Americas Securities LLC now owns 30,466 shares of the conglomerate’s stock worth $1,946,000 after purchasing an additional 26,452 shares in the last quarter. 73.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GFF. Stephens boosted their target price on Griffon from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday. Robert W. Baird boosted their target price on Griffon from $84.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday, October 21st. Finally, StockNews.com lowered Griffon from a “strong-buy” rating to a “buy” rating in a research note on Friday. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $87.25.

Read Our Latest Research Report on GFF

Griffon Company Profile

(Get Free Report)

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.

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Insider Buying and Selling by Quarter for Griffon (NYSE:GFF)

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