Short Interest in Griffon Co. (NYSE:GFF) Grows By 12.7%

Griffon Co. (NYSE:GFFGet Free Report) was the recipient of a significant growth in short interest in May. As of May 31st, there was short interest totalling 2,660,000 shares, a growth of 12.7% from the May 15th total of 2,360,000 shares. Based on an average trading volume of 378,000 shares, the days-to-cover ratio is presently 7.0 days. Currently, 6.5% of the shares of the stock are short sold.

Insiders Place Their Bets

In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of Griffon stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $67.07, for a total transaction of $6,707,000.00. Following the transaction, the chief executive officer now directly owns 2,500,746 shares of the company’s stock, valued at $167,725,034.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of Griffon stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $67.07, for a total transaction of $6,707,000.00. Following the transaction, the chief executive officer now directly owns 2,500,746 shares of the company’s stock, valued at $167,725,034.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO W. Christopher Durborow sold 13,000 shares of Griffon stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $66.88, for a total transaction of $869,440.00. Following the completion of the transaction, the chief accounting officer now directly owns 48,368 shares in the company, valued at $3,234,851.84. The disclosure for this sale can be found here. Insiders own 16.10% of the company’s stock.

Institutional Investors Weigh In On Griffon

Hedge funds and other institutional investors have recently made changes to their positions in the business. Trexquant Investment LP purchased a new stake in shares of Griffon during the 4th quarter valued at about $787,000. Pacer Advisors Inc. increased its holdings in Griffon by 22.1% in the 4th quarter. Pacer Advisors Inc. now owns 1,598,353 shares of the conglomerate’s stock worth $97,420,000 after acquiring an additional 289,208 shares in the last quarter. Seven Eight Capital LP purchased a new stake in Griffon in the 4th quarter worth approximately $1,830,000. Vanguard Group Inc. increased its holdings in Griffon by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,952,411 shares of the conglomerate’s stock worth $236,132,000 after acquiring an additional 77,058 shares in the last quarter. Finally, Lighthouse Investment Partners LLC purchased a new stake in Griffon in the 4th quarter worth approximately $4,206,000. Hedge funds and other institutional investors own 73.22% of the company’s stock.

Analyst Ratings Changes

GFF has been the topic of several recent analyst reports. Robert W. Baird lifted their price target on shares of Griffon from $84.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, May 9th. StockNews.com upgraded shares of Griffon from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Griffon presently has an average rating of “Strong Buy” and an average target price of $81.00.

Read Our Latest Stock Analysis on GFF

Griffon Stock Up 1.6 %

Shares of GFF stock traded up $1.02 during mid-day trading on Tuesday, reaching $66.28. 127,741 shares of the company’s stock traded hands, compared to its average volume of 383,199. The company has a market cap of $3.28 billion, a P/E ratio of 17.55 and a beta of 1.33. The company’s 50-day moving average price is $67.54 and its 200-day moving average price is $64.94. Griffon has a 12 month low of $37.13 and a 12 month high of $77.99. The company has a quick ratio of 1.56, a current ratio of 2.78 and a debt-to-equity ratio of 7.80.

Griffon (NYSE:GFFGet Free Report) last issued its earnings results on Wednesday, May 8th. The conglomerate reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.51. Griffon had a return on equity of 90.02% and a net margin of 7.48%. The business had revenue of $672.88 million during the quarter, compared to analyst estimates of $625.22 million. During the same quarter in the previous year, the firm earned $1.21 EPS. Griffon’s revenue was down 5.4% on a year-over-year basis. On average, equities analysts expect that Griffon will post 5 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Wednesday, May 29th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.91%. The ex-dividend date is Wednesday, May 29th. Griffon’s payout ratio is currently 15.83%.

About Griffon

(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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