Robert Mehmel Sells 4,726 Shares of Griffon (NYSE:GFF) Stock

Griffon Corporation (NYSE:GFF) COO Robert Mehmel sold 4,726 shares of Griffon stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $95.46, for a total value of $451,143.96. Following the completion of the sale, the chief operating officer directly owned 798,225 shares in the company, valued at approximately $76,198,558.50. This represents a 0.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Griffon Stock Performance

Shares of NYSE GFF opened at $96.56 on Friday. The company has a debt-to-equity ratio of 14.77, a quick ratio of 2.43 and a current ratio of 2.86. The stock has a 50 day moving average price of $88.87 and a 200 day moving average price of $82.80. The stock has a market capitalization of $4.43 billion, a PE ratio of 742.86 and a beta of 1.42. Griffon Corporation has a 52 week low of $65.01 and a 52 week high of $97.70.

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

Griffon Dividend Announcement

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

Hedge Funds Weigh In On Griffon

A number of large investors have recently made changes to their positions in GFF. Corient Private Wealth LLC lifted its holdings in Griffon by 3.4% during the 4th quarter. Corient Private Wealth LLC now owns 3,546 shares of the conglomerate’s stock worth $261,000 after purchasing an additional 115 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in Griffon by 1.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 10,299 shares of the conglomerate’s stock valued at $759,000 after buying an additional 132 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Griffon by 1.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 8,929 shares of the conglomerate’s stock worth $658,000 after buying an additional 136 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Griffon by 30.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 585 shares of the conglomerate’s stock worth $43,000 after buying an additional 137 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Griffon by 33.0% during the second quarter. EverSource Wealth Advisors LLC now owns 572 shares of the conglomerate’s stock worth $41,000 after buying an additional 142 shares in the last quarter. Institutional investors own 73.22% of the company’s stock.

Analyst Ratings Changes

GFF has been the subject of several recent analyst reports. Weiss Ratings downgraded shares of Griffon from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 11th. Zacks Research upgraded Griffon from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Robert W. Baird set a $115.00 price objective on Griffon in a research report on Friday, May 8th. Finally, Wall Street Zen downgraded Griffon from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.00.

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.