Griffon (NYSE:GFF) Shares Gap Up Following Dividend Announcement

Griffon Co. (NYSE:GFF - Get Free Report)'s stock price gapped up before the market opened on Wednesday after the company announced a dividend. The stock had previously closed at $68.12, but opened at $73.00. Griffon shares last traded at $75.29, with a volume of 243,727 shares trading hands.

The newly announced dividend which will be paid on Wednesday, December 18th. Stockholders of record on Monday, November 25th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 0.89%. This is an increase from Griffon's previous quarterly dividend of $0.15. Griffon's payout ratio is presently 16.09%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Stephens reiterated an "overweight" rating and issued a $85.00 price target on shares of Griffon in a research note on Tuesday, September 10th. Robert W. Baird lifted their target price on Griffon from $84.00 to $92.00 and gave the stock an "outperform" rating in a research report on Monday, October 21st. Finally, StockNews.com upgraded Griffon from a "buy" rating to a "strong-buy" rating in a report on Thursday, November 7th. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $83.50.

Griffon Stock Up 18.2 %

The stock has a market cap of $3.97 billion, a P/E ratio of 20.92 and a beta of 1.31. The stock's fifty day simple moving average is $66.68 and its 200-day simple moving average is $66.60. The company has a debt-to-equity ratio of 6.71, a current ratio of 2.50 and a quick ratio of 1.39.

Insider Buying and Selling

In other news, CFO Brian G. Harris sold 13,314 shares of the business's stock in a transaction on Friday, September 13th. The shares were sold at an average price of $66.10, for a total transaction of $880,055.40. Following the completion of the transaction, the chief financial officer now owns 199,748 shares of the company's stock, valued at approximately $13,203,342.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Kevin F. Sullivan sold 12,447 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $65.00, for a total value of $809,055.00. Following the completion of the transaction, the director now directly owns 50,390 shares of the company's stock, valued at $3,275,350. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian G. Harris sold 13,314 shares of Griffon stock in a transaction on Friday, September 13th. The shares were sold at an average price of $66.10, for a total value of $880,055.40. Following the sale, the chief financial officer now directly owns 199,748 shares in the company, valued at $13,203,342.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 578,082 shares of company stock valued at $40,777,353. Insiders own 16.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP lifted its holdings in Griffon by 98.7% in the second quarter. Quarry LP now owns 777 shares of the conglomerate's stock worth $50,000 after purchasing an additional 386 shares during the period. Picton Mahoney Asset Management bought a new position in shares of Griffon in the second quarter valued at approximately $55,000. Plato Investment Management Ltd acquired a new position in shares of Griffon during the first quarter valued at approximately $65,000. DekaBank Deutsche Girozentrale bought a new stake in Griffon during the second quarter worth approximately $70,000. Finally, GAMMA Investing LLC lifted its position in Griffon by 56.9% in the third quarter. GAMMA Investing LLC now owns 1,133 shares of the conglomerate's stock worth $79,000 after purchasing an additional 411 shares during the period. Institutional investors own 73.22% of the company's stock.

Griffon Company Profile

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.