Griffon (NYSE:GFF) Stock Rating Lowered by StockNews.com

Griffon (NYSE:GFF - Get Free Report) was downgraded by StockNews.com from a "strong-buy" rating to a "buy" rating in a note issued to investors on Friday.

Several other research analysts also recently commented on GFF. Robert W. Baird raised their price target on shares of Griffon from $84.00 to $92.00 and gave the stock an "outperform" rating in a research note on Monday, October 21st. Stephens raised their price target on shares of Griffon from $85.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $87.25.

Griffon Stock Down 2.8 %

NYSE GFF traded down $2.17 during trading hours on Friday, reaching $75.22. 206,268 shares of the company's stock traded hands, compared to its average volume of 434,422. The firm has a 50-day simple moving average of $67.31 and a 200 day simple moving average of $66.78. Griffon has a 52-week low of $44.71 and a 52-week high of $80.85. The firm has a market cap of $3.71 billion, a PE ratio of 18.30 and a beta of 1.31. The company has a debt-to-equity ratio of 6.74, a current ratio of 2.66 and a quick ratio of 1.39.

Griffon announced that its Board of Directors has initiated a share repurchase program on Wednesday, November 13th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the conglomerate to purchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Kevin F. Sullivan sold 12,447 shares of the company's stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $65.00, for a total transaction of $809,055.00. Following the transaction, the director now directly owns 50,390 shares of the company's stock, valued at approximately $3,275,350. The trade was a 19.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ronald J. Kramer sold 241,757 shares of the company's stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $75.35, for a total value of $18,216,389.95. Following the sale, the chief executive officer now owns 1,860,746 shares of the company's stock, valued at approximately $140,207,211.10. This trade represents a 11.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 578,082 shares of company stock worth $40,777,353 in the last three months. 16.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Griffon

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Trust N.A. grew its position in shares of Griffon by 5.1% in the third quarter. Raymond James Trust N.A. now owns 3,487 shares of the conglomerate's stock valued at $244,000 after purchasing an additional 168 shares during the last quarter. Ritholtz Wealth Management lifted its stake in Griffon by 5.0% during the third quarter. Ritholtz Wealth Management now owns 3,913 shares of the conglomerate's stock worth $274,000 after purchasing an additional 187 shares during the last quarter. Evergreen Capital Management LLC lifted its stake in Griffon by 5.3% during the second quarter. Evergreen Capital Management LLC now owns 4,011 shares of the conglomerate's stock worth $256,000 after purchasing an additional 201 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in shares of Griffon by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 17,753 shares of the conglomerate's stock valued at $1,134,000 after acquiring an additional 231 shares during the last quarter. Finally, National Bank of Canada FI lifted its stake in shares of Griffon by 2.2% in the 2nd quarter. National Bank of Canada FI now owns 14,562 shares of the conglomerate's stock valued at $930,000 after acquiring an additional 311 shares during the last quarter. 73.22% of the stock is owned by institutional investors and hedge funds.

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.