Griffon CEO Ronald Kramer sold 100,000 shares into a post-earnings pop, cashing out $10.2 million as the company reported a swing to profit.
GRIFFON CORP currently carries an Alpha Score of n/a, giving AlphaScala's model a neutral read on the setup.
Ronald J. Kramer, chairman and CEO of Griffon (NYSE: GFF), sold 100,000 shares on Aug. 5, the same day the company reported fiscal third-quarter earnings that sent the stock sharply higher, according to a Form 4 filing with the SEC.
The shares were sold in multiple tranches with prices ranging from $100 to $104.60, resulting in a weighted average of $102.42. The sale was valued at about $10.2 million.
Post-transaction, Kramer holds 45,538 indirect shares, split between 5,240 shares in an Employee Stock Ownership Plan and 40,298 shares held by his spouse. He retains direct holdings not detailed in the filing.
The earnings report that preceded the sale was strong. Revenue rose 7% to $481 million. The company swung to income from continuing operations of $66 million against a $243.6 million loss a year earlier, when an impairment charge hit the comparison. Adjusted earnings came in at $1.51 a share.
Griffon said it expects full-year revenue of $1.8 billion.
“Griffon has executed particularly well this quarter, which is reflected in today's solid operational and financial results,” Kramer said in the earnings release. He cited strategic actions including the formation of joint ventures for AMES Australasia and AMES North America, which produced equity stakes and cash.
The sale came as the stock rose on the earnings report. On Aug. 6, the stock closed at $106.30, up 3.8% from Kramer's sale price.
Griffon’s market capitalization stands at about $4.9 billion. The company operates through subsidiaries including AMES Companies, True Temper, Clopay, and CornellCookson, serving residential and professional customers across North America, Europe, Australia and other markets.
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