Griffon (NYSE:GFF) Hits New 52-Week High – Here’s What Happened

Griffon Corporation (NYSE:GFF) shares reached a new 52-week high on Thursday . The stock traded as high as $97.58 and last traded at $97.4340, with a volume of 30776 shares traded. The stock had previously closed at $94.86.

Analysts Set New Price Targets

GFF has been the subject of several analyst reports. Robert W. Baird set a $115.00 price target on shares of Griffon in a report on Friday, May 8th. Weiss Ratings cut shares of Griffon from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 11th. Zacks Research raised shares of Griffon from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. Finally, Wall Street Zen cut shares of 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 given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $115.00.

Griffon Stock Performance

The stock has a 50 day moving average price of $88.87 and a two-hundred day moving average price of $82.80. The company has a debt-to-equity ratio of 14.77, a current ratio of 2.86 and a quick ratio of 2.43. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of 742.86 and a beta of 1.42.

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

Griffon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 29th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.9%. Griffon’s payout ratio is currently 676.92%.

Insider Buying and Selling

In related news, COO Robert F. Mehmel sold 7,873 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $96.02, for a total value of $755,965.46. Following the completion of the transaction, the chief operating officer owned 790,352 shares in the company, valued at $75,889,599.04. The trade was a 0.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald J. Kramer sold 100,000 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $94.92, for a total value of $9,492,000.00. Following the transaction, the chief executive officer directly owned 1,784,297 shares in the company, valued at approximately $169,365,471.24. This represents a 5.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 124,937 shares of company stock worth $11,874,898 over the last quarter. 10.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Griffon

Institutional investors and hedge funds have recently made changes to their positions in the company. Hantz Financial Services Inc. lifted its stake in shares of Griffon by 149.6% during the fourth quarter. Hantz Financial Services Inc. now owns 352 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 211 shares during the period. Scarborough Advisors LLC acquired a new stake in Griffon in the first quarter worth about $29,000. Huntington National Bank increased its position in Griffon by 645.0% in the third quarter. Huntington National Bank now owns 447 shares of the conglomerate’s stock worth $34,000 after purchasing an additional 387 shares during the period. Hilton Head Capital Partners LLC bought a new stake in Griffon during the 4th quarter worth about $34,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Griffon by 362.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 495 shares of the conglomerate’s stock worth $36,000 after purchasing an additional 388 shares during the last quarter. Institutional investors own 73.22% of the company’s stock.

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.