Griffon (NYSE:GFF) Reaches New 12-Month High Following Better-Than-Expected Earnings

Griffon Corporation (NYSE:GFFGet Free Report)’s stock price reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $103.00 and last traded at $99.21, with a volume of 54191 shares traded. The stock had previously closed at $93.58.

The conglomerate reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.17. The business had revenue of $481.37 million during the quarter, compared to analysts’ expectations of $457.70 million. Griffon had a return on equity of 298.42% and a net margin of 0.31%.The business’s revenue for the quarter was down 21.5% on a year-over-year basis. During the same quarter last year, the business posted $1.50 earnings per share.

Analyst Ratings Changes

GFF has been the subject of a number of research reports. Wall Street Zen cut shares of Griffon from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings lowered shares of Griffon from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 11th. Robert W. Baird set a $115.00 price objective on shares of Griffon in a research note on Friday, May 8th. Finally, Zacks Research upgraded Griffon from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.00.

Read Our Latest Research Report on Griffon

Insider Transactions at Griffon

In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $94.92, for a total transaction of $9,492,000.00. Following the sale, the chief executive officer directly owned 1,784,297 shares of the company’s stock, valued at $169,365,471.24. This trade represents a 5.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert F. Mehmel sold 4,166 shares of Griffon stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $97.76, for a total transaction of $407,268.16. Following the sale, the chief operating officer owned 785,900 shares of the company’s stock, valued at approximately $76,829,584. This trade represents a 0.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 129,389 shares of company stock valued at $12,309,525. 10.20% of the stock is currently owned by company insiders.

Institutional Trading of Griffon

A number of hedge funds have recently bought and sold shares of the company. Voss Capital LP raised its holdings in Griffon by 14.7% in the 4th quarter. Voss Capital LP now owns 1,760,000 shares of the conglomerate’s stock valued at $129,624,000 after acquiring an additional 225,000 shares during the last quarter. State Street Corp boosted its holdings in shares of Griffon by 0.7% during the fourth quarter. State Street Corp now owns 1,535,473 shares of the conglomerate’s stock worth $113,088,000 after purchasing an additional 11,169 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of Griffon by 41.4% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,002,513 shares of the conglomerate’s stock valued at $73,835,000 after purchasing an additional 293,278 shares during the period. LSV Asset Management grew its position in shares of Griffon by 10.0% in the fourth quarter. LSV Asset Management now owns 867,195 shares of the conglomerate’s stock valued at $63,869,000 after purchasing an additional 79,000 shares during the period. Finally, Raymond James Financial Inc. increased its stake in Griffon by 7.7% in the second quarter. Raymond James Financial Inc. now owns 719,046 shares of the conglomerate’s stock valued at $52,037,000 after purchasing an additional 51,354 shares during the last quarter. Institutional investors and hedge funds own 73.22% of the company’s stock.

Griffon Price Performance

The company has a 50 day moving average of $90.89 and a 200 day moving average of $85.65. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 772.21 and a beta of 1.44. The company has a quick ratio of 2.43, a current ratio of 2.86 and a debt-to-equity ratio of 14.77.

Griffon Company Profile

(Get Free Report)

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.

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