Insider Selling: Griffon Co. (NYSE:GFF) CEO Sells 67,164 Shares of Stock

Griffon Co. (NYSE:GFF) CEO Ronald J. Kramer sold 67,164 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $70.08, for a total value of $4,706,853.12. Following the completion of the sale, the chief executive officer now owns 2,102,503 shares in the company, valued at approximately $147,343,410.24. This represents a 3.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Griffon Price Performance

Shares of NYSE:GFF opened at $73.80 on Friday. Griffon Co. has a one year low of $44.71 and a one year high of $80.85. The stock has a market cap of $3.64 billion, a PE ratio of 17.45 and a beta of 1.31. The business’s fifty day moving average price is $67.53 and its two-hundred day moving average price is $66.82. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.39 and a current ratio of 2.66.

Griffon declared that its Board of Directors has authorized a share repurchase program on Wednesday, November 13th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the conglomerate to buy up to 10.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Griffon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, November 25th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend is Monday, November 25th. This is a positive change from Griffon’s previous quarterly dividend of $0.15. Griffon’s dividend payout ratio is currently 14.18%.

Analyst Ratings Changes

A number of equities research analysts have commented on GFF shares. Robert W. Baird increased their target price on Griffon from $84.00 to $92.00 and gave the company an “outperform” rating in a report on Monday, October 21st. Stephens increased their target price on Griffon from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday. Finally, StockNews.com cut Griffon from a “strong-buy” rating to a “buy” rating in a report on Friday. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $87.25.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Raymond James Trust N.A. lifted its stake in shares of Griffon by 5.1% during the 3rd quarter. Raymond James Trust N.A. now owns 3,487 shares of the conglomerate’s stock worth $244,000 after purchasing an additional 168 shares during the period. Ritholtz Wealth Management lifted its stake in shares of Griffon by 5.0% during the 3rd quarter. Ritholtz Wealth Management now owns 3,913 shares of the conglomerate’s stock worth $274,000 after purchasing an additional 187 shares during the period. Evergreen Capital Management LLC lifted its stake in shares of 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 purchasing an additional 201 shares during the period. SummerHaven Investment Management LLC lifted its stake in shares of Griffon by 1.3% during the 2nd 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 during the period. Finally, National Bank of Canada FI raised its position in shares of Griffon by 2.2% in the 2nd quarter. National Bank of Canada FI now owns 14,562 shares of the conglomerate’s stock worth $930,000 after buying an additional 311 shares during the period. Hedge funds and other institutional investors own 73.22% of the company’s stock.

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.