Key Points
- Griffon COO Robert Mehmel sold 286 shares on June 26 at an average price of $95.66, totaling about $27,359. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and his ownership fell by just 0.04%.
- Griffon recently beat earnings expectations, reporting $1.05 EPS versus the $0.99 consensus and revenue of $421.86 million versus estimates of $414.63 million. However, revenue was still down 31% year over year.
- Analyst sentiment remains moderate, with a consensus price target of $115.00 and a “Moderate Buy” rating overall. Institutional ownership is also high, with hedge funds and other investors holding 73.22% of the stock.
Griffon Corporation (NYSE:GFF - Get Free Report) COO Robert Mehmel sold 286 shares of the company's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $95.66, for a total transaction of $27,358.76. Following the completion of the transaction, the chief operating officer owned 790,066 shares in the company, valued at approximately $75,577,713.56. This trade represents a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Griffon Price Performance
Griffon stock opened at $97.55 on Wednesday. Griffon Corporation has a 12-month low of $65.01 and a 12-month high of $98.37. The stock has a market capitalization of $4.47 billion, a P/E ratio of 750.41 and a beta of 1.42. The firm's 50-day moving average is $89.32 and its two-hundred day moving average is $83.19. The company has a debt-to-equity ratio of 14.77, a current ratio of 2.86 and a quick ratio of 2.43.
Griffon (NYSE:GFF - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The conglomerate reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.06. The business had revenue of $421.86 million during the quarter, compared to analyst estimates of $414.63 million. Griffon had a net margin of 0.31% and a return on equity of 298.42%. The company's revenue was down 31.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.23 earnings per share. Equities analysts predict that Griffon Corporation will post 5.17 earnings per share for the current year.
Griffon Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 29th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Friday, May 29th. Griffon's payout ratio is presently 676.92%.
Analysts Set New Price Targets
A number of research analysts have weighed in on the company. Robert W. Baird set a $115.00 price target on Griffon in a research note on Friday, May 8th. Weiss Ratings downgraded Griffon from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. Zacks Research upgraded Griffon from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Finally, Wall Street Zen downgraded Griffon from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.00.
Read Our Latest Report on Griffon
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the business. Fuller & Thaler Asset Management Inc. lifted 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 buying an additional 293,278 shares in the last quarter. SEB Asset Management AB acquired a new stake in shares of Griffon in the first quarter worth $21,070,000. Voss Capital LP raised 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 valued at $129,624,000 after acquiring an additional 225,000 shares during the period. Millennium Management LLC raised its stake in shares of Griffon by 166.4% in the 3rd quarter. Millennium Management LLC now owns 324,553 shares of the conglomerate's stock valued at $24,715,000 after acquiring an additional 202,714 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in shares of Griffon by 255.2% during the 1st quarter. Janus Henderson Group PLC now owns 241,733 shares of the conglomerate's stock valued at $17,570,000 after acquiring an additional 173,682 shares in the last quarter. Hedge funds and other institutional investors own 73.22% of the company's stock.
About Griffon
(
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.
Further Reading
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