Key Points
- Director Cheryl Turnbull sold 3,000 Griffon shares at an average price of $106.12, generating $318,360; her remaining 30,039-share stake fell by 9.08%.
- Griffon’s latest quarterly results exceeded expectations, with EPS of $1.51 versus a $1.34 estimate and revenue of $481.37 million, though revenue declined 21.5% year over year.
- The stock traded at $104.17, while analysts maintained an overall “Buy” consensus with a $122.50 average price target; Griffon also declared a quarterly dividend of $0.22 per share.
Griffon Corporation (NYSE:GFF - Get Free Report) Director Cheryl Turnbull sold 3,000 shares of Griffon stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $106.12, for a total value of $318,360.00. Following the completion of the transaction, the director directly owned 30,039 shares in the company, valued at $3,187,738.68. This represents a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Griffon Stock Down 1.7%
Shares of NYSE:GFF opened at $104.17 on Friday. The stock has a 50-day simple moving average of $93.89 and a 200-day simple moving average of $86.81. The stock has a market capitalization of $4.72 billion, a P/E ratio of 26.57 and a beta of 1.44. Griffon Corporation has a 1 year low of $65.01 and a 1 year high of $108.57. The company has a debt-to-equity ratio of 9.75, a quick ratio of 1.79 and a current ratio of 2.41.
Griffon (NYSE:GFF - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The conglomerate reported $1.51 EPS for the quarter, beating the consensus estimate of $1.34 by $0.17. The firm had revenue of $481.37 million for the quarter, compared to analyst estimates of $457.70 million. Griffon had a net margin of 8.08% and a return on equity of 249.31%. Griffon's revenue for the quarter was down 21.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.50 earnings per share. Equities analysts forecast that Griffon Corporation will post 5.41 earnings per share for the current year.
Griffon Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Monday, August 31st will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.88 annualized dividend and a dividend yield of 0.8%. Griffon's dividend payout ratio is presently 22.45%.
Institutional Trading of Griffon
Large investors have recently bought and sold shares of the company. Hantz Financial Services Inc. raised its stake in shares of Griffon by 149.6% during the fourth quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 211 shares during the period. Scarborough Advisors LLC purchased a new position in shares of Griffon in the first quarter valued at $29,000. Ancora Advisors LLC acquired a new stake in Griffon during the 2nd quarter valued at $40,000. Hilton Head Capital Partners LLC acquired a new stake in Griffon during the 4th quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in Griffon by 362.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 495 shares of the conglomerate's stock worth $36,000 after buying an additional 388 shares during the period. Institutional investors and hedge funds own 73.22% of the company's stock.
Analyst Ratings Changes
GFF has been the topic of several recent research reports. Stephens lifted their target price on shares of Griffon from $115.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Griffon in a report on Friday, August 7th. Wall Street Zen downgraded Griffon from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Zacks Research raised Griffon from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. Finally, Robert W. Baird set a $125.00 price objective on Griffon in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $122.50.
Read Our Latest Analysis on Griffon
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.
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