Ronald J. Kramer, Chairman and CEO of Griffon Corporation (NYSE:GFF), recently sold a significant portion of his common stock holdings. According to a Form 4 filing with the Securities and Exchange Commission, Kramer sold 6,532 shares of Griffon Corp on October 16, 2024, at a weighted average price of $70.06 per share. This transaction amounted to a total sale value of approximately $457,631.
Following this sale, Kramer retains ownership of 2,169,667 shares directly. Additionally, he holds 5,018 shares indirectly through an Employee Stock Ownership Plan (ESOP) and 40,298 shares through his spouse and children. The sales were executed under a pre-arranged trading plan, as indicated by the filing.
InvestingPro Insights
While Ronald J. Kramer's recent stock sale might raise eyebrows, a closer look at Griffon Corporation's financials and market performance reveals a more nuanced picture. According to InvestingPro data, Griffon's stock has shown remarkable strength, with a 72.93% total return over the past year. This impressive performance aligns with an InvestingPro Tip highlighting the company's high return over the last year.
Despite the CEO's sale, Griffon's financial health appears robust. The company boasts a market capitalization of $3.32 billion and a P/E ratio of 17.45, which is relatively modest considering its growth prospects. An InvestingPro Tip suggests that Griffon is trading at a low P/E ratio relative to its near-term earnings growth, indicating potential undervaluation.
Furthermore, Griffon has demonstrated a commitment to shareholder returns. The company has maintained dividend payments for 14 consecutive years and has been aggressively buying back shares, as noted by InvestingPro Tips. These actions, combined with a current dividend yield of 0.88%, contribute to a high shareholder yield, another positive signal highlighted by InvestingPro.
For investors seeking more comprehensive insights, InvestingPro offers 13 additional tips on Griffon Corporation, providing a deeper understanding of the company's financial position and market outlook.
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