Griffon (NYSE:GFF) COO Sells $347,198.40 in Stock

Griffon Corporation (NYSE:GFF) COO Robert Mehmel sold 3,240 shares of the company’s stock in a transaction dated 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 approximately $77,480,109.12. This represents a 0.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Griffon Trading Down 1.7%

GFF opened at $104.17 on Friday. The company has a debt-to-equity ratio of 9.75, a current ratio of 2.41 and a quick ratio of 1.79. The company’s 50 day simple moving average is $93.89 and its two-hundred day simple moving average is $86.81. Griffon Corporation has a 1-year low of $65.01 and a 1-year high of $108.57. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 26.57 and a beta of 1.44.

Griffon (NYSE:GFF) last issued its earnings results on Wednesday, August 5th. The conglomerate reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.17. The business had revenue of $481.37 million for the quarter, compared to analysts’ expectations of $457.70 million. Griffon had a return on equity of 249.31% and a net margin of 8.08%.The business’s revenue for the quarter was down 21.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.50 EPS. Analysts expect that Griffon Corporation will post 5.41 EPS for the current fiscal year.

Griffon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Monday, August 31st will be paid 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 yield of 0.8%. Griffon’s payout ratio is 22.45%.

Hedge Funds Weigh In On Griffon

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its position in shares of Griffon by 20.2% during the first quarter. Royal Bank of Canada now owns 94,955 shares of the conglomerate’s stock worth $6,790,000 after buying an additional 15,925 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Griffon by 9.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,447 shares of the conglomerate’s stock valued at $1,676,000 after buying an additional 2,047 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Griffon in the 1st quarter valued at $49,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Griffon by 21.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,035 shares of the conglomerate’s stock valued at $6,080,000 after buying an additional 14,764 shares during the period. Finally, Strs Ohio acquired a new position in Griffon during the 1st quarter worth about $57,000. Hedge funds and other institutional investors own 73.22% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on GFF shares. Robert W. Baird set a $125.00 target price on Griffon in a report on Thursday, August 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Griffon in a research report on Friday, August 7th. Stephens boosted 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. Zacks Research raised shares of Griffon from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. Finally, Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. 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 company. Based on data from MarketBeat.com, Griffon presently 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.