Griffon (NYSE:GFF) Hits New 1-Year High – Time to Buy?

Shares of Griffon Corporation (NYSE:GFF) hit a new 52-week high during trading on Wednesday . The stock traded as high as $98.37 and last traded at $97.5460, with a volume of 329366 shares changing hands. The stock had previously closed at $96.38.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GFF. Weiss Ratings lowered Griffon from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 11th. Wall Street Zen lowered Griffon from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Robert W. Baird set a $115.00 target price on Griffon in a research note on Friday, May 8th. Finally, Zacks Research raised Griffon from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $115.00.

Griffon Price Performance

The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of 750.41 and a beta of 1.42. The stock’s fifty day moving average price is $89.32 and its two-hundred day moving average price is $83.19. The company has a current ratio of 2.86, a quick ratio of 2.43 and a debt-to-equity ratio of 14.77.

Griffon (NYSE:GFF) last posted its earnings results on Thursday, May 7th. The conglomerate reported $1.05 EPS for the quarter, beating the consensus estimate of $0.99 by $0.06. Griffon had a return on equity of 298.42% and a net margin of 0.31%.The firm had revenue of $421.86 million for the quarter, compared to analyst estimates of $414.63 million. During the same quarter in the prior year, the company posted $1.23 earnings per share. Griffon’s revenue for the quarter was down 31.0% compared to the same quarter last year. Equities research analysts expect that Griffon Corporation will post 5.17 EPS for the current year.

Griffon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 29th were issued a $0.22 dividend. The ex-dividend date was Friday, May 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.9%. Griffon’s dividend payout ratio is presently 676.92%.

Insider Activity

In other news, CEO Ronald J. Kramer sold 100,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $94.92, for a total transaction of $9,492,000.00. Following the sale, the chief executive officer owned 1,784,297 shares of the company’s stock, valued at approximately $169,365,471.24. This trade represents a 5.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Robert F. Mehmel sold 286 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $95.66, for a total value of $27,358.76. Following the sale, the chief operating officer owned 790,066 shares of the company’s stock, valued at approximately $75,577,713.56. The trade was a 0.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 125,223 shares of company stock worth $11,902,257 in the last three months. Corporate insiders own 10.20% of the company’s stock.

Institutional Trading of Griffon

Institutional investors have recently modified their holdings of the stock. Voss Capital LP increased its holdings in shares of Griffon by 13.7% in the 3rd quarter. Voss Capital LP now owns 1,535,000 shares of the conglomerate’s stock valued at $116,890,000 after acquiring an additional 185,000 shares during the period. SG Americas Securities LLC raised its position in Griffon by 396.8% in the 4th quarter. SG Americas Securities LLC now owns 66,088 shares of the conglomerate’s stock valued at $4,867,000 after purchasing an additional 52,786 shares during the last quarter. MHR Fund Management LLC acquired a new stake in Griffon during the 3rd quarter worth $9,519,000. Moran Wealth Management LLC boosted its stake in Griffon by 97.4% during the 4th quarter. Moran Wealth Management LLC now owns 52,258 shares of the conglomerate’s stock worth $3,849,000 after purchasing an additional 25,790 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Griffon by 6.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 427,674 shares of the conglomerate’s stock worth $32,567,000 after purchasing an additional 25,681 shares during the last quarter. Hedge funds and other institutional investors own 73.22% of the company’s stock.

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.