Victor Eugene Renuart Sells 3,710 Shares of Griffon Co. (NYSE:GFF) Stock

Griffon Co. (NYSE:GFF) Director Victor Eugene Renuart sold 3,710 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $16.22, for a total value of $60,176.20. Following the transaction, the director now owns 32,732 shares in the company, valued at approximately $530,913.04. This represents a 10.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $84.46, for a total value of $380,070.00.

Griffon Stock Up 0.9 %

Griffon stock traded up $0.79 during midday trading on Friday, hitting $84.30. The stock had a trading volume of 205,642 shares, compared to its average volume of 439,414. The stock has a market cap of $4.03 billion, a P/E ratio of 19.93 and a beta of 1.31. The business has a fifty day moving average price of $70.30 and a 200 day moving average price of $67.54. Griffon Co. has a 12 month low of $45.70 and a 12 month high of $86.73. The company has a current ratio of 2.66, a quick ratio of 1.44 and a debt-to-equity ratio of 6.74.

Griffon (NYSE:GFF) last posted its earnings results on Wednesday, November 13th. The conglomerate reported $1.47 EPS for the quarter, beating the consensus estimate of $1.18 by $0.29. The company had revenue of $659.70 million during the quarter, compared to analyst estimates of $641.24 million. Griffon had a return on equity of 108.70% and a net margin of 8.00%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.19 earnings per share. Research analysts predict that Griffon Co. will post 5.57 EPS for the current year.

Griffon declared that its Board of Directors has initiated a share repurchase program on Wednesday, November 13th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the conglomerate to repurchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Griffon Increases Dividend

The firm 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 yield of 0.85%. This is a positive change from Griffon’s previous quarterly dividend of $0.15. The ex-dividend date is Monday, November 25th. Griffon’s dividend payout ratio is 17.02%.

Wall Street Analysts Forecast Growth

GFF has been the topic of several recent analyst reports. Robert W. Baird boosted their price target on Griffon from $92.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. StockNews.com raised Griffon from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 23rd. Finally, Stephens boosted their price objective on Griffon from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $89.25.

Hedge Funds Weigh In On Griffon

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hsbc Holdings PLC grew its holdings in Griffon by 228.7% in the 2nd quarter. Hsbc Holdings PLC now owns 61,704 shares of the conglomerate’s stock worth $3,954,000 after buying an additional 42,934 shares in the last quarter. SG Americas Securities LLC grew its holdings in Griffon by 659.0% in the 2nd quarter. SG Americas Securities LLC now owns 30,466 shares of the conglomerate’s stock worth $1,946,000 after buying an additional 26,452 shares in the last quarter. Arcadia Investment Management Corp MI lifted its position in Griffon by 125.6% in the third quarter. Arcadia Investment Management Corp MI now owns 17,426 shares of the conglomerate’s stock worth $1,220,000 after purchasing an additional 9,701 shares during the period. Barington Capital Group L.P. lifted its position in Griffon by 50.0% in the second quarter. Barington Capital Group L.P. now owns 30,000 shares of the conglomerate’s stock worth $1,916,000 after purchasing an additional 10,000 shares during the period. Finally, State of New Jersey Common Pension Fund D acquired a new stake in Griffon in the third quarter worth approximately $2,089,000. 73.22% of the stock is owned by 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.