In a recent transaction, Ronald J. Kramer, Chairman of the Board and CEO of Griffon Corp (NYSE:GFF), sold 300 shares of the company's common stock. The sale, which took place on October 2, 2024, amounted to a total value of over $21,000, with the shares being sold at a weighted average price of $70.07.
The price range for these transactions was from $70.04 to $70.09 per share. Following this sale, Kramer still holds a significant amount of Griffon Corp's stock, with 2,176,199 shares remaining in his direct ownership. Additionally, indirect holdings through an Employee Stock Ownership Plan (ESOP) and by Kramer's spouse and children account for 5,018 and 40,298 shares, respectively.
Investors often keep a close eye on insider transactions, as they can provide insights into executives' perspectives on the company's current valuation and future prospects. The sale by Kramer represents a relatively small fraction of his total holdings in Griffon Corp, suggesting that his overall investment in the company remains substantial.
Griffon Corp, headquartered in New York, operates in the manufacturing sector, specifically producing metal doors, sash, frames, molding, and trim. The company, incorporated in Delaware, has a fiscal year end on September 30.
The transaction was made public through a Form 4 filing with the Securities and Exchange Commission, with all necessary details provided for regulatory purposes. Interested parties can request additional information about the specific prices of shares sold within the reported range.
InvestingPro Insights
To provide additional context to Ronald J. Kramer's recent stock sale, let's examine some key financial metrics and insights from InvestingPro for Griffon Corp (NYSE:GFF).
According to InvestingPro data, Griffon Corp has a market capitalization of $3.4 billion, with a P/E ratio of 17.72. This valuation comes in the wake of a remarkable 75.64% price total return over the past year, indicating strong market performance.
One InvestingPro Tip highlights that management has been aggressively buying back shares, which could be seen as a vote of confidence in the company's future prospects. This action aligns with Kramer's decision to retain a substantial portion of his holdings despite the recent sale.
Another relevant InvestingPro Tip notes that Griffon Corp has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns. The current dividend yield stands at 0.88%, with the most recent ex-dividend date on August 28, 2024.
It's worth noting that Griffon Corp's revenue for the last twelve months as of Q3 2024 was $2.61 billion, with a gross profit margin of 39.79%. The company's profitability is further underscored by its operating income margin of 15.97% for the same period.
These financial metrics and insights provide a broader picture of Griffon Corp's financial health and market position, offering context to the insider transaction reported in the article. Investors seeking a more comprehensive analysis can access additional tips and data through InvestingPro, which offers 13 more tips for Griffon Corp.
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