Ronald J. Kramer Sells 241,757 Shares of Griffon Co. (NYSE:GFF) Stock

Griffon Co. (NYSE:GFF) CEO Ronald J. Kramer sold 241,757 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $75.35, for a total transaction of $18,216,389.95. Following the completion of the sale, the chief executive officer now owns 1,860,746 shares in the company, valued at approximately $140,207,211.10. This trade represents a 11.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Griffon Price Performance

Shares of GFF opened at $77.40 on Friday. Griffon Co. has a 12 month low of $44.03 and a 12 month high of $80.85. The company has a debt-to-equity ratio of 6.71, a current ratio of 2.50 and a quick ratio of 1.39. The stock has a fifty day moving average price of $67.31 and a 200 day moving average price of $66.78. The company has a market cap of $3.81 billion, a P/E ratio of 18.30 and a beta of 1.31.

Griffon declared that its board has initiated a share repurchase plan on Wednesday, November 13th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the conglomerate to purchase up to 10.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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 issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from Griffon’s previous quarterly dividend of $0.15. Griffon’s dividend payout ratio (DPR) is 17.02%.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

GFF has been the subject of a number of research analyst reports. StockNews.com downgraded Griffon from a “strong-buy” rating to a “buy” rating in a report on Friday. Stephens increased their target price on shares of Griffon from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Robert W. Baird lifted their price target on shares of Griffon from $84.00 to $92.00 and gave the company an “outperform” rating in a report on Monday, October 21st. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Griffon has an average rating of “Buy” and a consensus target price of $87.25.

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.