Key Points
- COO Robert Mehmel sold 3,240 Griffon shares for approximately $347,198 at an average price of $107.16 under a pre-arranged Rule 10b5-1 trading plan. He continues to own 723,032 shares, valued at about $77.5 million.
- Griffon exceeded quarterly expectations, reporting $1.51 in adjusted earnings per share versus the $1.34 consensus and revenue of $481.37 million. However, revenue declined 21.5% year over year.
- Analysts maintain a generally positive outlook, with an average “Buy” rating and a $122.50 price target. Griffon also announced a quarterly dividend of $0.22 per share, representing a 0.8% annualized yield.
Griffon Corporation (NYSE:GFF - Get Free Report) COO Robert Mehmel sold 3,240 shares of the firm's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $107.16, for a total transaction of $347,198.40. Following the sale, the chief operating officer directly owned 723,032 shares in the company, valued at approximately $77,480,109.12. The trade was a 0.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Griffon Stock Performance
Shares of GFF stock opened at $105.81 on Friday. The company has a quick ratio of 1.79, a current ratio of 2.41 and a debt-to-equity ratio of 9.75. The company has a 50 day moving average price of $93.51 and a 200-day moving average price of $86.69. Griffon Corporation has a 52 week low of $65.01 and a 52 week high of $108.57. The firm has a market capitalization of $4.79 billion, a PE ratio of 26.99 and a beta of 1.44.
Griffon (NYSE:GFF - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.17. Griffon had a net margin of 8.08% and a return on equity of 249.31%. The company had revenue of $481.37 million for the quarter, compared to the consensus estimate of $457.70 million. During the same quarter in the prior year, the firm earned $1.50 earnings per share. The firm's revenue for the quarter was down 21.5% compared to the same quarter last year. As a group, equities research analysts expect that Griffon Corporation will post 5.41 earnings per share for the current year.
Griffon Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, August 31st. This represents a $0.88 dividend on an annualized basis and a yield of 0.8%. Griffon's payout ratio is currently 22.45%.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on GFF shares. Stephens raised their price target on Griffon from $115.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Griffon in a research report on Friday, August 7th. Robert W. Baird set a $125.00 target price on Griffon in a report on Thursday, August 6th. Zacks Research raised Griffon from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen cut Griffon from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $122.50.
Read Our Latest Research Report on Griffon
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the business. Hantz Financial Services Inc. boosted its stake in shares of Griffon by 149.6% during the 4th quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate's stock worth $26,000 after acquiring an additional 211 shares during the last quarter. Scarborough Advisors LLC purchased a new stake in shares of Griffon in the 1st quarter worth $29,000. Hilton Head Capital Partners LLC bought a new position in Griffon in the 4th quarter worth $34,000. Caitong International Asset Management Co. Ltd raised its holdings 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 period. Finally, Osterweis Capital Management Inc. purchased a new position in Griffon during the second quarter valued at $37,000. 73.22% of the stock is currently owned by institutional investors.
Griffon Company Profile
(
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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