Griffon (NYSE:GFF) CEO Sells 100,000 Shares

Key Points

• CEO Ronald Kramer sold 100,000 Griffon shares for approximately $10.24 million under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 5.6% to 1.68 million shares.
• Griffon shares rose 0.8% to $107.16, near their 52-week high of $108.57. The company reported quarterly EPS of $1.51, beating estimates by $0.17, while revenue of $481.37 million exceeded expectations but declined 21.5% year over year.
• The company declared a quarterly dividend of $0.22 per share, representing an annualized dividend of $0.88 and a 0.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $122.50.

Griffon Corporation (NYSE:GFF - Get Free Report) CEO Ronald Kramer sold 100,000 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $102.42, for a total value of $10,242,000.00. Following the transaction, the chief executive officer owned 1,684,297 shares in the company, valued at $172,505,698.74. This trade represents a 5.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Griffon Trading Up 0.8%

Shares of NYSE GFF traded up $0.85 during trading on Friday, reaching $107.16. The stock had a trading volume of 274,481 shares, compared to its average volume of 352,398. Griffon Corporation has a fifty-two week low of $65.01 and a fifty-two week high of $108.57. The company has a debt-to-equity ratio of 9.75, a quick ratio of 2.43 and a current ratio of 2.41. The business's 50-day moving average price is $91.55 and its 200-day moving average price is $85.93. The company has a market cap of $4.92 billion, a P/E ratio of 27.34 and a beta of 1.44.

Griffon (NYSE:GFF - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.17. Griffon had a return on equity of 249.31% and a net margin of 8.08%.The firm had revenue of $481.37 million for the quarter, compared to the consensus estimate of $457.70 million. During the same quarter in the previous year, the business earned $1.50 EPS. The company's quarterly revenue was down 21.5% compared to the same quarter last year. On average, equities research analysts predict that Griffon Corporation will post 5.17 EPS for the current fiscal year.

Griffon Announces Dividend

The firm also recently declared 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 dividend payout ratio is 676.92%.

Hedge Funds Weigh In On Griffon

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Hantz Financial Services Inc. increased 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 worth $26,000 after buying an additional 211 shares during the period. Scarborough Advisors LLC purchased a new position in Griffon in the first quarter worth approximately $29,000. Hilton Head Capital Partners LLC purchased a new position in Griffon in the fourth quarter worth approximately $34,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Griffon by 362.6% during the fourth 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 in the last quarter. Finally, Osterweis Capital Management Inc. acquired a new stake in Griffon in the second quarter valued at $37,000. Hedge funds and other institutional investors own 73.22% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GFF shares. Wall Street Zen lowered shares of Griffon from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Stephens upped their target price on shares of Griffon from $115.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday. Robert W. Baird set a $125.00 target price on shares of Griffon in a report on Thursday. Weiss Ratings cut shares of Griffon from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. Finally, Zacks Research upgraded shares of Griffon from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $122.50.

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.

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