Insider Selling: Griffon (NYSE:GFF) COO Sells 4,166 Shares of Stock

Griffon Corporation (NYSE:GFF) COO Robert Mehmel sold 4,166 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $97.76, for a total value of $407,268.16. Following the sale, the chief operating officer directly owned 785,900 shares of the company’s stock, valued at $76,829,584. This represents a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Griffon Price Performance

GFF traded up $0.37 during trading on Thursday, hitting $92.74. The company’s stock had a trading volume of 329,835 shares, compared to its average volume of 357,674. 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 stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 713.45 and a beta of 1.41. The firm’s 50 day moving average price is $89.36 and its two-hundred day moving average price is $83.30. Griffon Corporation has a 12 month low of $65.01 and a 12 month high of $98.36.

Griffon (NYSE:GFF) last announced its earnings results on Thursday, May 7th. The conglomerate reported $1.05 EPS for the quarter, topping the consensus estimate of $0.99 by $0.06. Griffon had a return on equity of 298.42% and a net margin of 0.31%.The company had revenue of $421.86 million for the quarter, compared to analysts’ expectations of $414.63 million. During the same quarter in the prior year, the business earned $1.23 earnings per share. The business’s revenue for the quarter was down 31.0% on a year-over-year basis. Sell-side analysts forecast 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. Shareholders of record on Friday, May 29th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.88 dividend on an annualized basis and a yield of 0.9%. Griffon’s dividend payout ratio is currently 676.92%.

Institutional Trading of Griffon

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. boosted its stake in shares of Griffon by 149.6% in the 4th 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 last quarter. Scarborough Advisors LLC bought a new stake in shares of Griffon during the first quarter worth approximately $29,000. Huntington National Bank lifted its holdings in Griffon by 645.0% in the third quarter. Huntington National Bank now owns 447 shares of the conglomerate’s stock valued at $34,000 after buying an additional 387 shares during the period. Hilton Head Capital Partners LLC acquired a new position in Griffon in the fourth quarter valued at approximately $34,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Griffon by 362.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 495 shares of the conglomerate’s stock valued at $36,000 after acquiring an additional 388 shares during the last quarter. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Weiss Ratings downgraded shares of Griffon from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 11th. Robert W. Baird set a $115.00 price target on shares of Griffon in a report on Friday, May 8th. Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Zacks Research upgraded shares of Griffon from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.00.

Griffon Company Profile

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.