Griffon Corporation (NYSE:GFF) Director James Sight sold 3,070 shares of the company’s stock on February 9, 2024, for a total of $295,180.50. The shares were sold at an average price of $96.15. Following this transaction, Sight now holds 13,872 shares, valued at approximately $1,333,792.80, reflecting an 18.12% decrease in his stake in the company. This sale was documented in a legal filing with the Securities and Exchange Commission.
In midday trading on Wednesday, shares of Griffon rose by 0.2%, reaching $93.86. The company experienced a trading volume of 599,511 shares, surpassing its average volume of 312,128. Griffon currently holds a market capitalization of $4.37 billion, with a price-to-earnings ratio of 102.02 and a beta of 1.33. The stock has fluctuated between a 12-month low of $63.92 and a high of $97.58.
Quarterly Earnings and Analyst Ratings
Griffon released its quarterly earnings data on February 5, 2024, reporting earnings per share (EPS) of $1.45. This figure surpassed analysts’ expectations, which estimated an EPS of $1.34. The company’s revenue for the quarter reached $649.09 million, exceeding forecasts of $618.35 million. Year-over-year, Griffon’s revenue marked an increase of 2.6%. Analysts project an EPS of 5.55 for the current fiscal year.
Recent reports from several analysts provide a mixed outlook on Griffon’s stock. Weiss Ratings maintained a “hold (c)” rating, while Wall Street Zen upgraded their stance from “hold” to “buy.” Stephens raised their price target from $92.00 to $115.00 and rated the stock as “overweight.” Overall, three analysts classified the stock as a Strong Buy, with an average price target of $101.80.
Institutional Investor Activity
Institutional investors have also been adjusting their positions in Griffon. During the fourth quarter, Hantz Financial Services Inc. increased its stake by 149.6%, now owning 352 shares valued at approximately $26,000. Similarly, Caitong International Asset Management Co. Ltd raised its position by 151.7% in the second quarter, acquiring 438 shares worth $32,000. Other notable increases include IFP Advisors Inc., which raised its holdings by an astonishing 8,720.0%, and Huntington National Bank, which increased its stake by 645.0%.
Overall, institutional investors now hold approximately 73.22% of Griffon’s stock, indicating significant confidence in the company’s future performance.
Griffon Corporation operates as a diversified management and holding company, with subsidiaries that design, manufacture, and market products across residential, commercial, and defense sectors. The company focuses on three primary platforms: Home & Building Products, Defense Electronics, and Specialty Industrial. Its Clopay Building Products division is a leading manufacturer of residential and commercial garage doors in North America.
As market conditions evolve, investors will be closely monitoring Griffon’s performance and the implications of recent stock sales by key executives.
