Griffon Co. (NYSE:GFF) COO Sells $609,659.70 in Stock

Griffon Co. (NYSE:GFF) COO Robert F. Mehmel sold 8,697 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $70.10, for a total value of $609,659.70. Following the sale, the chief operating officer now directly owns 737,914 shares of the company’s stock, valued at approximately $51,727,771.40. This trade represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Griffon Stock Down 3.9 %

NYSE:GFF opened at $77.40 on Friday. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.39 and a current ratio of 2.66. The stock has a 50-day simple moving average of $67.31 and a 200 day simple moving average of $66.78. Griffon Co. has a one year low of $44.03 and a one year high of $80.85. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of 18.30 and a beta of 1.31.

Griffon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, November 25th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from Griffon’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 0.93%. Griffon’s dividend payout ratio (DPR) is 14.18%.

Griffon announced that its board has authorized a stock repurchase plan on Wednesday, November 13th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the conglomerate to reacquire up to 10.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GFF. Stephens boosted their target price on Griffon from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday. Robert W. Baird boosted their target price on shares of Griffon from $84.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st. Finally, StockNews.com lowered Griffon from a “strong-buy” rating to a “buy” rating in a research note on Friday. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Griffon currently has a consensus rating of “Buy” and a consensus price target of $87.25.

Institutional Trading of Griffon

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Trust N.A. grew its holdings in shares of Griffon by 5.1% during the third quarter. Raymond James Trust N.A. now owns 3,487 shares of the conglomerate’s stock valued at $244,000 after purchasing an additional 168 shares during the last quarter. Ritholtz Wealth Management lifted its stake in shares of Griffon by 5.0% in the 3rd quarter. Ritholtz Wealth Management now owns 3,913 shares of the conglomerate’s stock worth $274,000 after acquiring an additional 187 shares during the period. Evergreen Capital Management LLC boosted its stake in Griffon by 5.3% during the 2nd quarter. Evergreen Capital Management LLC now owns 4,011 shares of the conglomerate’s stock valued at $256,000 after purchasing an additional 201 shares in the last quarter. SummerHaven Investment Management LLC raised its position in Griffon by 1.3% in the second quarter. SummerHaven Investment Management LLC now owns 17,753 shares of the conglomerate’s stock worth $1,134,000 after acquiring an additional 231 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in shares of Griffon by 2.2% during the 2nd quarter. National Bank of Canada FI now owns 14,562 shares of the conglomerate’s stock valued at $930,000 after acquiring an additional 311 shares during the last quarter. 73.22% of the stock is owned by institutional investors and hedge funds.

Griffon Company Profile

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.