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

Griffon Corporation (NYSE:GFF) COO Robert Mehmel sold 6,639 shares of Griffon stock in a transaction that occurred 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 completion of the transaction, the chief operating officer directly owned 726,272 shares in the company, valued at $75,779,220.48. This represents a 0.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Griffon Stock Up 0.9%

NYSE GFF opened at $105.81 on Friday. Griffon Corporation has a 12 month low of $65.01 and a 12 month high of $108.57. The company has a market capitalization of $4.79 billion, a P/E ratio of 26.99 and a beta of 1.44. The company’s 50 day simple moving average is $93.51 and its 200 day simple moving average is $86.69. 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) last posted its quarterly earnings results on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.17. Griffon had a net margin of 8.08% and a return on equity of 249.31%. The firm had revenue of $481.37 million for the quarter, compared to analyst estimates of $457.70 million. During the same quarter in the previous year, the business posted $1.50 earnings per share. The firm’s quarterly revenue was down 21.5% compared to the same quarter last year. Equities research analysts expect that Griffon Corporation will post 5.41 earnings per share for the current fiscal year.

Griffon Dividend Announcement

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

Institutional Trading of Griffon

Several institutional investors have recently made changes to their positions in GFF. Sanctuary Advisors LLC purchased a new position in Griffon during the second quarter valued at approximately $9,169,000. Elevation Point Wealth Partners LLC purchased a new stake in Griffon in the 2nd quarter worth approximately $418,000. Commerce Bank acquired a new stake in shares of Griffon during the 2nd quarter valued at $390,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Griffon during the 2nd quarter valued at $75,000. Finally, Vise Technologies Inc. purchased a new position in shares of Griffon during the 2nd quarter valued at $1,985,000. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GFF has been the subject of a number of recent analyst reports. Stephens increased their price target on Griffon from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Wall Street Zen downgraded Griffon from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Robert W. Baird set a $125.00 target price on shares of Griffon in a report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Griffon in a report on Friday, August 7th. Finally, Zacks Research upgraded shares of Griffon from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus 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.