Robert Mehmel Sells 3,240 Shares of Griffon (NYSE:GFF) Stock

Key Points

• Griffon COO Robert Mehmel sold 3,240 shares at an average price of $107.16, generating $347,198.40. The transaction was made under a pre-arranged Rule 10b5-1 plan, leaving him with 723,032 shares.
• Griffon shares recently traded at $105.81, near their 52-week high of $108.57. The company beat quarterly expectations with adjusted earnings of $1.51 per share and revenue of $481.37 million, although revenue declined 21.5% year over year.
• The company declared a quarterly dividend of $0.22 per share, equal to an annualized $0.88 dividend and 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 3,240 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $107.16, for a total transaction of $347,198.40. Following the sale, the chief operating officer directly owned 723,032 shares of the company's stock, valued at $77,480,109.12. This represents a 0.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Griffon Trading Up 0.9%

Shares of GFF stock traded up $0.93 on Thursday, reaching $105.81. 357,420 shares of the stock were exchanged, compared to its average volume of 353,171. The company has a quick ratio of 1.79, a current ratio of 2.41 and a debt-to-equity ratio of 9.75. The stock has a market cap of $4.79 billion, a P/E ratio of 26.99 and a beta of 1.44. The firm has a 50 day moving average of $93.12 and a two-hundred day moving average of $86.53. Griffon Corporation has a 1-year low of $65.01 and a 1-year high of $108.57.

Griffon (NYSE:GFF - Get Free Report) last issued its earnings results on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $457.70 million. During the same quarter last year, the firm earned $1.50 earnings per share. The firm's revenue for the quarter was down 21.5% compared to the same quarter last year. On average, research analysts anticipate that Griffon Corporation will post 5.41 EPS for the current year.

Griffon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders 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 dividend yield of 0.8%. The ex-dividend date is Monday, August 31st. Griffon's dividend payout ratio (DPR) is 22.45%.

Institutional Investors Weigh In On Griffon

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

Wall Street Analyst Weigh In

GFF has been the subject of a number of research reports. Zacks Research upgraded Griffon from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. Wall Street Zen lowered shares of Griffon from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Stephens lifted their price target on shares of Griffon from $115.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Griffon in a research note on Friday, August 7th. Finally, Robert W. Baird set a $125.00 price objective 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 issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target 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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