In recent transactions reported by Griffon Corp (NYSE:GFF), Seth L. Kaplan, the company's Senior Vice President, General Counsel, and Secretary, sold a significant amount of the company's common stock. Kaplan disposed of shares totaling approximately $1,047,862. The sales occurred on December 2, 2024, with prices ranging from $82.40 to $83.97 per share. The stock has shown remarkable strength, delivering a 73% return over the past year and trading near its 52-week high of $86.73. According to InvestingPro analysis, the stock appears slightly overvalued at current levels.
These transactions reduced Kaplan's direct ownership to 144,268 shares. Additionally, he holds 4,759 shares indirectly through an Employee Stock Ownership Plan (ESOP).
Earlier, on November 30, 2024, Kaplan had 10,407 shares withheld to satisfy tax obligations upon the vesting of restricted stock, valued at $84.30 per share. This withholding was part of routine tax obligations and not a sale in the open market.
In other recent news, Griffon Corporation has been garnering attention with its robust fiscal fourth-quarter results and strategic planning. Analysts from Baird and Stephens have increased the stock price target for Griffon, with Baird maintaining an Outperform rating and Stephens keeping an Overweight rating. These upgrades are based on the company's strong earnings and revenue results, as well as its positive fiscal 2025 guidance.
Griffon's fourth-quarter performance was notable for its impressive Home & Building Products (HBP) profitability and outlook, and the significant improvement in Consumer and Professional Products (CPP) profitability. The company has also announced a new $400 million buyback program, reflecting its strategic approach to capital allocation.
Griffon has projected a steady revenue stream from its HBP segment, contributing to a forecasted $1 billion in free cash flow over the next three years. However, the CPP segment experienced a 6% decline in revenue, despite a 44% increase in EBITDA to $73 million. These recent developments highlight Griffon's commitment to improving profitability and shareholder value.
The company's fiscal 2025 guidance predicts a consistent revenue of $2.6 billion, with adjusted EBITDA expected to range between $575 million and $600 million. This guidance, despite being slightly below analyst estimates, exceeded expectations in terms of implied margin. These projections and recent financial performance underline Griffon's strategic financial planning and its focus on long-term growth.
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