Griffon (NYSE:GFF) Hits New 52-Week High – Here’s Why

Griffon Corporation (NYSE:GFF) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $98.37 and last traded at $97.5460, with a volume of 329366 shares trading hands. The stock had previously closed at $96.38.

Wall Street Analyst Weigh In

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

Griffon Price Performance

The company has a debt-to-equity ratio of 14.77, a quick ratio of 2.43 and a current ratio of 2.86. The company has a market capitalization of $4.25 billion, a PE ratio of 713.45 and a beta of 1.41. The company’s 50-day simple moving average is $89.41 and its 200-day simple moving average is $83.41.

Griffon (NYSE:GFF) last announced its earnings results on Thursday, May 7th. The conglomerate reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.06. The business had revenue of $421.86 million during the quarter, compared to the consensus estimate of $414.63 million. Griffon had a net margin of 0.31% and a return on equity of 298.42%. The business’s quarterly revenue was down 31.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.23 earnings per share. As a group, sell-side analysts anticipate that Griffon Corporation will post 5.17 earnings per share for the current year.

Griffon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 29th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Friday, May 29th. Griffon’s dividend payout ratio is 676.92%.

Insider Buying and Selling at Griffon

In related news, CEO Ronald J. Kramer sold 100,000 shares of Griffon stock in a transaction on Friday, June 12th. The shares were sold at an average price of $94.92, for a total value of $9,492,000.00. Following the transaction, the chief executive officer directly owned 1,784,297 shares in the company, valued at $169,365,471.24. This trade represents a 5.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Robert F. Mehmel sold 4,166 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $97.76, for a total transaction of $407,268.16. Following the completion of the transaction, the chief operating officer directly owned 785,900 shares in the company, valued at $76,829,584. This represents a 0.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 129,389 shares of company stock valued at $12,309,525. Corporate insiders own 10.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GFF. Hantz Financial Services Inc. boosted its position in Griffon by 149.6% during the fourth quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 211 shares in the last quarter. Scarborough Advisors LLC purchased a new stake in shares of Griffon in the 1st quarter worth about $29,000. Huntington National Bank grew its stake in Griffon by 645.0% in the 3rd quarter. Huntington National Bank now owns 447 shares of the conglomerate’s stock valued at $34,000 after acquiring an additional 387 shares during the last quarter. Hilton Head Capital Partners LLC acquired a new stake in Griffon in the 4th quarter valued at about $34,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Griffon by 362.6% during the 4th 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 in the last quarter. 73.22% of the stock is owned by hedge funds and other institutional investors.

About Griffon

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.