Victor Eugene Renuart Sells 2,617 Shares of Griffon Co. (NYSE:GFF) Stock

Griffon Co. (NYSE:GFF) Director Victor Eugene Renuart sold 2,617 shares of the stock in a transaction on Friday, June 24th. The stock was sold at an average price of $26.79, for a total transaction of $70,109.43. Following the sale, the director now owns 24,579 shares of the company’s stock, valued at approximately $658,471.41. This represents a 9.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 transaction of $380,070.00.

Griffon Stock Performance

NYSE GFF opened at $84.30 on Friday. The company has a current ratio of 2.66, a quick ratio of 1.44 and a debt-to-equity ratio of 6.74. The business’s 50 day moving average is $70.62 and its two-hundred day moving average is $67.65. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 19.93 and a beta of 1.31. Griffon Co. has a 12-month low of $45.70 and a 12-month high of $86.73.

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

Griffon declared that its Board of Directors has authorized a stock repurchase program on Wednesday, November 13th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the conglomerate to repurchase up to 10.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Griffon Increases Dividend

The business 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 a boost from Griffon’s previous quarterly dividend of $0.15. The ex-dividend date is Monday, November 25th. This represents a $0.72 annualized dividend and a dividend yield of 0.85%. Griffon’s dividend payout ratio (DPR) is 17.02%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Stephens boosted their price target on Griffon from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Robert W. Baird upped 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. Finally, StockNews.com raised shares of Griffon from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 23rd. Three investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $89.25.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new position in Griffon in the 1st quarter valued at approximately $65,000. Virtu Financial LLC acquired a new position in shares of Griffon during the 1st quarter worth $375,000. SG Americas Securities LLC boosted its position in shares of 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. Welch Group LLC grew its stake in Griffon by 66.7% in the 2nd quarter. Welch Group LLC now owns 5,000 shares of the conglomerate’s stock valued at $319,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Griffon during the 2nd quarter valued at about $4,764,000. 73.22% of the stock is 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.