Insider Selling: Griffon Co. (NYSE:GFF) Director Sells $70,109.43 in Stock

Griffon Co. (NYSE:GFF) Director Victor Eugene Renuart sold 2,617 shares of Griffon stock in a transaction on Friday, June 24th. The shares were sold at an average price of $26.79, for a total value of $70,109.43. Following the sale, the director now directly owns 24,579 shares of the company’s stock, valued at $658,471.41. This represents a 9.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Victor Eugene Renuart also recently made the following trade(s):

• On Tuesday, November 26th, Victor Eugene Renuart sold 4,500 shares of Griffon stock. The shares were sold at an average price of $84.46, for a total value of $380,070.00.

Griffon Stock Performance

NYSE:GFF opened at $84.30 on Monday. Griffon Co. has a 1-year low of $45.70 and a 1-year high of $86.73. The company has a debt-to-equity ratio of 6.74, a current ratio of 2.66 and a quick ratio of 1.44. The business has a 50 day moving average of $70.62 and a 200 day moving average of $67.63. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of 19.93 and a beta of 1.31.

Griffon (NYSE:GFF) last announced its quarterly earnings data on Wednesday, November 13th. The conglomerate reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.29. Griffon had a net margin of 8.00% and a return on equity of 108.70%. The company had revenue of $659.70 million during the quarter, compared to analysts’ expectations of $641.24 million. During the same quarter in the prior year, the company earned $1.19 EPS. The firm’s revenue was up 2.9% on a year-over-year basis. On average, sell-side analysts predict that Griffon Co. will post 5.57 earnings per share for the current fiscal year.

Griffon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, November 25th will be paid a dividend of $0.18 per share. This is a boost from Griffon’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend is Monday, November 25th. Griffon’s dividend payout ratio (DPR) is 17.02%.

Griffon announced that its board has authorized a share repurchase plan on Wednesday, November 13th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the conglomerate to buy up to 10.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GFF shares. StockNews.com upgraded shares of Griffon from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 23rd. Stephens increased their price target on shares of Griffon from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Finally, Robert W. Baird lifted their price objective on shares of Griffon from $92.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $89.25.

Institutional Investors Weigh In On Griffon

Several institutional investors have recently bought and sold shares of GFF. Plato Investment Management Ltd purchased a new position in Griffon in the 1st quarter worth approximately $65,000. Virtu Financial LLC purchased a new position in shares of Griffon in the first quarter worth $375,000. SG Americas Securities LLC raised its holdings in Griffon by 659.0% during the 2nd quarter. SG Americas Securities LLC now owns 30,466 shares of the conglomerate’s stock valued at $1,946,000 after buying an additional 26,452 shares during the last quarter. Welch Group LLC boosted its position in Griffon by 66.7% during the 2nd quarter. Welch Group LLC now owns 5,000 shares of the conglomerate’s stock valued at $319,000 after buying an additional 2,000 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in Griffon in the 2nd quarter worth $4,764,000. 73.22% of the stock is currently owned by hedge funds and other institutional investors.

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.