Key Points
- Griffon COO Robert Mehmel sold 4,726 shares on June 24 at an average price of $95.46, totaling about $451,144. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and his remaining stake was still valued at roughly $76.2 million.
- Griffon’s stock was up 0.7% and traded near its 52-week high, opening at $96.56 versus a 52-week range of $65.01 to $97.70. The company also has a market cap of about $4.43 billion.
- The company recently beat quarterly earnings expectations, reporting $1.05 EPS versus the $0.99 estimate and revenue of $421.86 million versus $414.63 million expected. Griffon also paid a quarterly dividend of $0.22 per share, though its payout ratio remains very high.
Griffon Corporation (NYSE:GFF - Get Free Report) COO Robert Mehmel sold 4,726 shares of Griffon stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $95.46, for a total transaction of $451,143.96. Following the completion of the transaction, the chief operating officer owned 798,225 shares of the company's stock, valued at $76,198,558.50. The trade was a 0.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Griffon Stock Up 0.7%
GFF opened at $96.56 on Friday. Griffon Corporation has a 52 week low of $65.01 and a 52 week high of $97.70. The company has a quick ratio of 2.43, a current ratio of 2.86 and a debt-to-equity ratio of 14.77. The business's fifty day simple moving average is $88.87 and its 200 day simple moving average is $82.80. The stock has a market cap of $4.43 billion, a PE ratio of 742.86 and a beta of 1.42.
Griffon (NYSE:GFF - Get Free Report) last announced its earnings results on Thursday, May 7th. The conglomerate reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.06. The company had revenue of $421.86 million during the quarter, compared to the consensus estimate of $414.63 million. Griffon had a return on equity of 298.42% and a net margin of 0.31%.The firm's revenue for the quarter was down 31.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.23 earnings per share. As a group, research analysts expect that Griffon Corporation will post 5.17 earnings per share for the current fiscal year.
Griffon Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 29th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, May 29th. Griffon's payout ratio is presently 676.92%.
Institutional Trading of Griffon
Several institutional investors and hedge funds have recently made changes to their positions in GFF. Voss Capital LP lifted its stake in shares of Griffon by 14.7% in the 4th quarter. Voss Capital LP now owns 1,760,000 shares of the conglomerate's stock worth $129,624,000 after acquiring an additional 225,000 shares during the period. State Street Corp boosted its stake in Griffon by 0.7% in the 4th quarter. State Street Corp now owns 1,535,473 shares of the conglomerate's stock worth $113,088,000 after buying an additional 11,169 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in Griffon by 41.4% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,002,513 shares of the conglomerate's stock valued at $73,835,000 after acquiring an additional 293,278 shares during the period. LSV Asset Management boosted its position in Griffon by 10.0% during the 4th quarter. LSV Asset Management now owns 867,195 shares of the conglomerate's stock worth $63,869,000 after purchasing an additional 79,000 shares during the period. Finally, Raymond James Financial Inc. boosted its stake in shares of Griffon by 7.7% during the 2nd quarter. Raymond James Financial Inc. now owns 719,046 shares of the conglomerate's stock valued at $52,037,000 after buying an additional 51,354 shares during the last quarter. 73.22% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on GFF shares. Wall Street Zen cut shares of Griffon from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Zacks Research raised shares of Griffon from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Robert W. Baird set a $115.00 target price on shares of Griffon in a research report on Friday, May 8th. Finally, Weiss Ratings downgraded Griffon from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Griffon presently has a consensus rating of "Moderate Buy" and an average price target of $115.00.
View Our Latest Research Report on GFF
Griffon Company Profile
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Get Free Report)
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.
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