Griffon (NYSE:GFF) Sets New 1-Year High – Should You Buy?

Griffon Corporation (NYSE:GFF) shares hit a new 52-week high on Thursday. The company traded as high as $109.00 and last traded at $107.5830, with a volume of 5,819 shares. The stock had previously closed at $102.20.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on GFF shares. Weiss Ratings upgraded shares of Griffon from a “hold (c-)” rating to a “buy (b)” rating in a report on Tuesday, September 22nd. Stephens raised their price objective on shares of Griffon from $115.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Zacks Research cut shares of Griffon from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. Finally, Robert W. Baird set a $125.00 target price on shares of Griffon in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $122.50.

Griffon Stock Down 2.3%

The company has a quick ratio of 1.79, a current ratio of 2.41 and a debt-to-equity ratio of 9.75. The firm has a market capitalization of $4.76 billion, a PE ratio of 26.67 and a beta of 1.50. The business’s 50-day moving average price is $96.18 and its 200-day moving average price is $89.60.

Griffon (NYSE:GFF) last announced its quarterly earnings data on Wednesday, August 5th. The conglomerate reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.17. The firm had revenue of $481.37 million for the quarter, compared to the consensus estimate of $457.70 million. Griffon had a net margin of 8.08% and a return on equity of 249.31%. The firm’s revenue was down 21.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 earnings per share. As a group, equities research analysts predict that Griffon Corporation will post 5.40 EPS for the current fiscal year.

Insider Buying and Selling at Griffon

In other news, Director Kevin F. Sullivan sold 3,500 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $105.59, for a total value of $369,565.00. Following the transaction, the director directly owned 40,602 shares of the company’s stock, valued at approximately $4,287,165.18. This represents a 7.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Robert F. Mehmel sold 3,240 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $107.16, for a total transaction of $347,198.40. Following the completion of the transaction, the chief operating officer directly owned 723,032 shares in the company, valued at $77,480,109.12. This trade represents a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,307 shares of company stock valued at $3,437,707 in the last quarter. Company insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Griffon

Large investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new position in shares of Griffon during the 2nd quarter valued at $31,000. Scarborough Advisors LLC bought a new position in Griffon in the first quarter worth $29,000. Ancora Advisors LLC bought a new stake in shares of Griffon in the 2nd quarter valued at approximately $40,000. Fortitude Family Office LLC lifted its holdings in Griffon by 2,768.8% during the 3rd quarter. Fortitude Family Office LLC now owns 459 shares of the conglomerate’s stock valued at $43,000 after purchasing an additional 443 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Griffon during the 2nd quarter worth approximately $53,000. Institutional investors own 73.22% of the company’s stock.

About Griffon

Griffon Corporation (NYSE:GFF) is a diversified manufacturer and holding company that develops, manufactures and distributes products for the home, building and consumer markets. The company operates through its Home and Building Products and Consumer and Professional Products businesses.

Its Home and Building Products operations include garage doors, rolling steel doors, security grilles, shutters and related building products sold under brands such as Clopay, Cornell, Cookson and Wayne Dalton.