Robert F. Mehmel Sells 25,000 Shares of Griffon Co. (NYSE:GFF) Stock

Griffon Co. (NYSE:GFF) COO Robert F. Mehmel sold 25,000 shares of Griffon stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $74.97, for a total value of $1,874,250.00. Following the completion of the transaction, the chief operating officer now owns 712,914 shares of the company’s stock, valued at approximately $53,447,162.58. This represents a 3.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Griffon Stock Performance

Griffon stock opened at $73.81 on Friday. The company has a 50 day moving average price of $67.53 and a 200-day moving average price of $66.83. 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 Co. has a fifty-two week low of $44.71 and a fifty-two week high of $80.85. The company has a market capitalization of $3.64 billion, a PE ratio of 17.45 and a beta of 1.31.

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 paid a $0.18 dividend. This is an increase from Griffon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Monday, November 25th. This represents a $0.72 dividend on an annualized basis and a yield of 0.98%. Griffon’s payout ratio is 14.18%.

Griffon declared that its Board of Directors has approved 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 reacquire up to 10.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Griffon

A number of large investors have recently bought and sold shares of the business. Raymond James Trust N.A. raised its stake in Griffon by 5.1% in 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 in the last quarter. Ritholtz Wealth Management grew its holdings in Griffon by 5.0% in the third 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 last quarter. Evergreen Capital Management LLC grew its holdings in Griffon by 5.3% in the second 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 last quarter. SummerHaven Investment Management LLC grew its holdings in 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 during the last quarter. Finally, National Bank of Canada FI grew its holdings in Griffon by 2.2% in the second quarter. National Bank of Canada FI now owns 14,562 shares of the conglomerate’s stock worth $930,000 after purchasing an additional 311 shares during the last quarter. Institutional investors own 73.22% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.