Robert Mehmel Sells 15,928 Shares of Griffon (NYSE:GFF) Stock

Key Points

• Griffon COO Robert Mehmel sold 15,928 shares for approximately $1.71 million under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 2.13% to 732,911 shares.
• Griffon’s latest quarterly results exceeded expectations, with EPS of $1.51 versus the $1.34 consensus and revenue of $481.37 million; however, revenue declined 21.5% year over year.
• The stock traded near its 52-week high at $106.81, while analysts maintained a generally positive outlook with a consensus “Buy” rating and an average price target of $122.50. The company also declared a quarterly dividend of $0.22 per share.

Griffon Corporation (NYSE:GFF - Get Free Report) COO Robert Mehmel sold 15,928 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $107.35, for a total transaction of $1,709,870.80. Following the completion of the sale, the chief operating officer owned 732,911 shares of the company's stock, valued at $78,677,995.85. This trade represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Griffon Price Performance

GFF traded up $2.01 on Tuesday, reaching $106.81. 307,510 shares of the company's stock were exchanged, compared to its average volume of 352,639. The stock has a market cap of $4.84 billion, a PE ratio of 27.25 and a beta of 1.44. Griffon Corporation has a twelve month low of $65.01 and a twelve month high of $108.57. The stock's fifty day moving average price is $92.31 and its 200-day moving average price is $86.24. The company has a debt-to-equity ratio of 9.75, a current ratio of 2.41 and a quick ratio of 1.79.

Griffon (NYSE:GFF - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The conglomerate reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.17. Griffon had a net margin of 8.08% and a return on equity of 249.31%. The company had revenue of $481.37 million during the quarter, compared to the consensus estimate of $457.70 million. During the same quarter in the prior year, the firm earned $1.50 EPS. Griffon's quarterly revenue was down 21.5% on a year-over-year basis. Sell-side analysts expect that Griffon Corporation will post 5.33 EPS for the current year.

Griffon Announces Dividend

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Moran Wealth Management LLC lifted its stake in shares of Griffon by 97.4% in the 4th quarter. Moran Wealth Management LLC now owns 52,258 shares of the conglomerate's stock valued at $3,849,000 after purchasing an additional 25,790 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in shares of Griffon during the 1st quarter worth about $1,265,000. OP Asset Management Ltd purchased a new stake in Griffon in the 1st quarter valued at about $1,547,000. Walleye Capital LLC purchased a new stake in Griffon in the 1st quarter valued at about $1,135,000. Finally, SG Americas Securities LLC lifted its position in Griffon by 77.2% in the first quarter. SG Americas Securities LLC now owns 117,092 shares of the conglomerate's stock valued at $8,510,000 after buying an additional 51,004 shares during the last quarter. 73.22% of the stock is currently owned by institutional investors and hedge funds.

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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