Griffon (NYSE:GFF) COO Sells $692,713.26 in Stock

Key Points

• Griffon COO Robert Mehmel sold 6,639 shares for $692,713 at an average price of $104.34 under a pre-arranged Rule 10b5-1 plan. He retained 726,272 shares valued at approximately $75.8 million.
• Griffon shares reached $106.81, near their 12-month high of $108.57. The company exceeded quarterly expectations, reporting $1.51 in EPS versus $1.34 expected and revenue of $481.37 million versus $457.70 million, though revenue fell 21.5% year over year.
• The company declared a quarterly dividend of $0.22, or $0.88 annualized, representing a 0.8% yield. Analysts maintain an overall “Buy” rating with an average price target of $122.50.

Griffon Corporation (NYSE:GFF - Get Free Report) COO Robert Mehmel sold 6,639 shares of the business's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $104.34, for a total transaction of $692,713.26. Following the sale, the chief operating officer directly owned 726,272 shares in the company, valued at approximately $75,779,220.48. The trade was a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Griffon Price Performance

Shares of GFF traded up $2.01 during trading hours on Tuesday, reaching $106.81. The stock had a trading volume of 307,510 shares, compared to its average volume of 352,639. Griffon Corporation has a 12 month low of $65.01 and a 12 month high of $108.57. The stock has a market capitalization of $4.84 billion, a PE ratio of 27.25 and a beta of 1.44. The company has a debt-to-equity ratio of 9.75, a quick ratio of 1.79 and a current ratio of 2.41. The company's 50-day moving average is $92.31 and its two-hundred day moving average is $86.24.

Griffon (NYSE:GFF - Get Free Report) last posted its 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 during the quarter, compared to the consensus estimate of $457.70 million. Griffon had a return on equity of 249.31% and a net margin of 8.08%.The business's quarterly revenue was down 21.5% on a year-over-year basis. During the same period last year, the company earned $1.50 earnings per share. Research analysts expect that Griffon Corporation will post 5.33 EPS for the current year.

Griffon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Monday, August 31st will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Monday, August 31st. Griffon's dividend payout ratio (DPR) is 22.45%.

Hedge Funds Weigh In On Griffon

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LLC increased its position in Griffon by 3.4% during the 4th quarter. Corient Private Wealth LLC now owns 3,546 shares of the conglomerate's stock valued at $261,000 after purchasing an additional 115 shares during the period. O Shaughnessy Asset Management LLC raised its holdings in Griffon by 1.3% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 10,299 shares of the conglomerate's stock worth $759,000 after purchasing an additional 132 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Griffon by 1.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 8,929 shares of the conglomerate's stock worth $658,000 after purchasing an additional 136 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Griffon by 30.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 585 shares of the conglomerate's stock worth $43,000 after purchasing an additional 137 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Griffon by 33.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 572 shares of the conglomerate's stock valued at $41,000 after purchasing an additional 142 shares during the last quarter. 73.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GFF. Stephens boosted their target price on shares of Griffon from $115.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Zacks Research raised shares of Griffon from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. Robert W. Baird set a $125.00 price target on shares of Griffon in a report on Thursday, August 6th. Wall Street Zen cut shares of Griffon from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Griffon in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $122.50.

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.

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