James Sight, a director at Griffon Corporation (NYSE:GFF), sold 3,070 shares of the company’s stock on February 9, 2024. The shares were sold at an average price of $96.15, resulting in a total transaction value of approximately $295,180.50. Following this sale, Sight holds 13,872 shares, which are currently valued at about $1,333,792.80. This transaction reflects an 18.12% decrease in his overall position in the company.
The sale was reported in a filing with the Securities and Exchange Commission, providing transparency regarding insider trading activities.
Market Activity and Financial Performance
On the day following the transaction, shares of Griffon Corporation experienced a slight increase, trading up 0.2% to reach $93.86. During midday trading, the company saw a volume of 599,511 shares, significantly higher than its average daily volume of 312,128 shares.
Financially, Griffon Corporation has demonstrated robust metrics, with a current ratio of 2.55 and a quick ratio of 1.27. The company’s debt-to-equity ratio stands at 12.36, suggesting a leveraged capital structure. Over the past year, the stock has fluctuated between a low of $63.92 and a high of $97.58. The stock’s market capitalization is approximately $4.37 billion, with a price-to-earnings ratio of 102.02 and a PEG ratio of 1.45.
Griffon’s most recent quarterly earnings report, released on February 5, 2024, revealed earnings per share of $1.45, surpassing analysts’ expectations of $1.34 by $0.11. The company reported revenues of $649.09 million, exceeding the forecast of $618.35 million. This represents a 2.6% increase in revenue compared to the same quarter last year.
Analyst Ratings and Institutional Investor Activity
Several analysts have recently updated their ratings and price targets for Griffon Corporation. Weiss Ratings maintained a “hold” rating on December 29, 2023, while Wall Street Zen upgraded the stock from “hold” to “buy” on November 22, 2023. Stephens raised its price target from $92.00 to $115.00 and assigned an “overweight” rating, while CJS Securities designated Griffon as a “strong-buy” on December 11, 2023. Following these updates, Robert W. Baird set a price target of $108.00 on February 6, 2024. The consensus among analysts indicates a strong buy, with an average price target of $101.80.
Institutional investors have also shown increased interest in Griffon. For instance, Hantz Financial Services Inc. raised its position by 149.6% in the fourth quarter, acquiring an additional 211 shares. Caitong International Asset Management Co. Ltd boosted its stake by 151.7% in the second quarter, while IFP Advisors Inc. increased its holdings by 8,720.0% during the same period. Huntington National Bank expanded its stake by 645.0% in the third quarter. Overall, institutional investors now own 73.22% of Griffon’s stock.
Griffon Corporation operates as a diversified management and holding company, focusing on products for residential, commercial, and defense applications. Its primary segments include Home & Building Products, Defense Electronics, and Specialty Industrial. The company’s Clopay Building Products division is recognized as a leading manufacturer of garage doors in North America, specializing in various materials and designs. As it continues to navigate the market, Griffon’s ability to adapt and grow will be closely monitored by both investors and analysts alike.
