Griffon Co. (NYSE:GFF) CFO Sells $16,942.50 in Stock

Griffon Co. (NYSE:GFF) CFO Brian G. Harris sold 251 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $67.50, for a total value of $16,942.50. Following the completion of the transaction, the chief financial officer now directly owns 199,497 shares in the company, valued at $13,466,047.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Griffon Trading Up 0.7 %

NYSE GFF opened at $67.61 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 2.50 and a debt-to-equity ratio of 6.71. Griffon Co. has a 52 week low of $38.33 and a 52 week high of $77.99. The business has a 50 day moving average price of $66.02 and a 200-day moving average price of $67.37. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 17.84 and a beta of 1.29.

Griffon (NYSE:GFF) last announced its quarterly earnings results on Wednesday, August 7th. The conglomerate reported $1.24 EPS for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.07). Griffon had a net margin of 7.27% and a return on equity of 96.05%. The business had revenue of $647.80 million for the quarter, compared to the consensus estimate of $688.94 million. During the same quarter last year, the firm posted $1.29 EPS. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, equities analysts expect that Griffon Co. will post 4.87 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, August 28th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.89%. Griffon’s dividend payout ratio is presently 15.83%.

Hedge Funds Weigh In On Griffon

Several large investors have recently added to or reduced their stakes in GFF. Scarborough Advisors LLC purchased a new stake in shares of Griffon in the fourth quarter worth approximately $35,000. Quarry LP grew its holdings in Griffon by 98.7% during the second quarter. Quarry LP now owns 777 shares of the conglomerate’s stock worth $50,000 after buying an additional 386 shares in the last quarter. GAMMA Investing LLC raised its position in Griffon by 65.1% in the 1st quarter. GAMMA Investing LLC now owns 842 shares of the conglomerate’s stock valued at $62,000 after buying an additional 332 shares during the last quarter. Picton Mahoney Asset Management bought a new position in Griffon during the 2nd quarter valued at $55,000. Finally, Plato Investment Management Ltd purchased a new position in Griffon during the 1st quarter worth $65,000. Institutional investors own 73.22% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on GFF. StockNews.com lowered Griffon from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Stephens reiterated an “overweight” rating and set a $85.00 target price on shares of Griffon in a research report on Tuesday, September 10th. Finally, Robert W. Baird reduced their price target on shares of Griffon from $86.00 to $84.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Griffon currently has an average rating of “Buy” and an average price target of $81.50.

About Griffon

Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. The company operates through two segments: Home and Building Products, and Consumer and Professional Products. The Home and Building Products segment manufactures and markets residential and commercial sectional garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers for the use in commercial construction and repair, and home remodeling applications.