Griffon Corporation Chairman and CEO Ronald J. Kramer sold 100,000 shares of common stock on August 5, the same day the company reported strong fiscal third-quarter earnings that sent the stock sharply higher. The shares were sold in multiple tranches at prices ranging from $100 to $104.60 per share, for a weighted average price of $102.42 and a total transaction value of $10.2 million. The sale reduced Kramer's direct holdings by about 6%, leaving him with 1,684,297 shares held directly and an additional 45,538 shares held indirectly through an employee stock ownership plan and his spouse, for a total beneficial position valued at approximately $177.8 million based on the August 5 closing price of $102.81. Griffon reported quarterly revenue of $481 million, a 7% increase, and swung to income from continuing operations of $66 million, with adjusted earnings of $1.51 per share, and guided for full-year revenue of $1.8 billion.
Griffon CorporationCEO sold shares after earnings pop, but earnings were strong; mixed signal.
