Griffon (NYSE:GFF) to Buyback $400.00 million in Outstanding Shares

Griffon (NYSE:GFF) declared that its board has authorized a stock repurchase plan on Wednesday, November 13th, RTT News reports. The company plans to buyback $400.00 million in outstanding shares. This buyback authorization allows the conglomerate to purchase up to 10.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on GFF shares. Stephens reissued an “overweight” rating and set a $85.00 price target on shares of Griffon in a research report on Tuesday, September 10th. Robert W. Baird upped their price target on Griffon from $84.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, October 21st. Finally, StockNews.com raised Griffon from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Griffon has a consensus rating of “Buy” and a consensus price target of $83.50.

Griffon Stock Performance

Shares of NYSE GFF opened at $80.51 on Thursday. The business’s 50-day moving average price is $67.01 and its two-hundred day moving average price is $66.70. The company has a debt-to-equity ratio of 6.71, a current ratio of 2.50 and a quick ratio of 1.39. Griffon has a one year low of $44.03 and a one year high of $80.85. The company has a market capitalization of $3.97 billion, a P/E ratio of 21.58 and a beta of 1.31.

Griffon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, November 25th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 0.89%. This is an increase from Griffon’s previous quarterly dividend of $0.15. Griffon’s payout ratio is 16.09%.

Insider Buying and Selling at Griffon

In other news, CEO Ronald J. Kramer sold 100,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $62.26, for a total transaction of $6,226,000.00. Following the completion of the sale, the chief executive officer now owns 2,260,746 shares in the company, valued at approximately $140,754,045.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, 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 transaction of $18,216,389.95. Following the completion of the sale, the chief executive officer now owns 1,860,746 shares in the company, valued at approximately $140,207,211.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ronald J. Kramer sold 100,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $62.26, for a total value of $6,226,000.00. Following the sale, the chief executive officer now owns 2,260,746 shares of the company’s stock, valued at approximately $140,754,045.96. This trade represents a 0.00 % 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 over the last 90 days. 16.10% of the stock is currently owned by corporate insiders.

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.