Griffon Corp 's (NYSE:GFF) Senior Vice President and Chief Financial Officer, Brian G. Harris, has sold a significant portion of his company stock, according to a recent filing. The transaction, which took place on September 17, involved the sale of 5,819 shares at a weighted average price of $67.65. The total value of the shares sold amounts to approximately $393,655.
The sales were executed in multiple transactions with prices ranging from $67.50 to $67.99 per share. Following the sale, Harris still owns a substantial number of shares, with 193,678 shares remaining in his direct possession. Additionally, there are 4,712 shares held indirectly by an Employee Stock Ownership Plan (ESOP).
Investors often monitor the buying and selling activities of company executives as they can provide insights into the executive's view of the company's future prospects. However, such transactions can also be part of personal financial management strategies, such as diversification or liquidity needs.
Griffon Corp, which is classified under the Metal Doors, Sash, Frames, Molding & Trim Manufacturing industry, has not provided any official statement regarding this transaction. The details of the sale, including the price range and the number of shares sold at each price point, have been made available in the filing, and further information can be provided upon request.
This recent transaction is part of the routine disclosures that executives of publicly-traded companies are required to make when they buy or sell shares in their own firms. It provides transparency to investors and maintains the integrity of the market.
In other recent news, The Toro Company (NYSE:TTC) has sold its Pope Products business to The AMES Company, a Griffon Corporation subsidiary. This strategic move aims to streamline Toro's portfolio and concentrate on areas with potential for profitable growth. The sale is not expected to significantly impact Toro's fiscal 2024 results, which were previously accounted for in the company's forecast. Griffon Corporation, on the other hand, has made significant strides in its business operations. The acquisition of Pope is anticipated to contribute an additional $25 million in annualized revenue and positively impact Griffon's earnings within the first full year of ownership. Griffon also recently reported robust revenue and EBITDA figures, surpassing market expectations, and raised its full-year revenue guidance to $2.65 billion. In addition, Griffon has successfully repriced its Secured Term Loan B facility, anticipated to save the company approximately $1.8 million in annual cash interest expenses. These are among the recent developments in both companies.
InvestingPro Insights
Amid the news of Senior Vice President and Chief Financial Officer Brian G. Harris's sale of Griffon Corp (NYSE:GFF) stock, investors may seek additional context to understand the company's financial health and future prospects. Recent data and analysis from InvestingPro provide some potentially valuable insights.
Griffon Corp has been demonstrating a strong commitment to shareholder value, as indicated by the company's aggressive share buyback strategy. This is often seen as a signal of management's confidence in the company's future performance. Additionally, Griffon Corp boasts a high shareholder yield, which combines dividend payments and share repurchases to give a more complete picture of the returns being provided to shareholders.
From a financial standpoint, Griffon Corp has a market capitalization of approximately $3.34 billion and is currently trading at a P/E ratio of 17.91. The company's P/E ratio, adjusted for the last twelve months as of Q3 2024, stands at a slightly more attractive 15.6. Furthermore, the company's PEG ratio for the same period is remarkably low at 0.12, suggesting that the stock may be undervalued relative to its earnings growth.
InvestingPro Tips also highlight that Griffon Corp has maintained dividend payments for 14 consecutive years and has raised its dividend for 4 consecutive years, reinforcing the company's commitment to returning value to its shareholders. The company has also been profitable over the last twelve months, and analysts predict it will be profitable this year as well. For investors seeking additional insights, there are 13 more InvestingPro Tips available for Griffon Corp at https://www.investing.com/pro/GFF.
Overall, these metrics and tips from InvestingPro may help investors to better assess the implications of insider transactions and the company's broader financial picture.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.