Griffon (NYSE:GFF) Issues Quarterly Earnings Results

Griffon (NYSE:GFF) posted its earnings results on Wednesday. The conglomerate reported $1.35 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.51, Briefing.com reports. Griffon had a return on equity of 72.80% and a net margin of 2.65%. The firm had revenue of $672.88 million for the quarter, compared to analyst estimates of $625.22 million. During the same period in the previous year, the company posted $1.21 earnings per share. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. Griffon updated its FY 2024 guidance to EPS.

Griffon Trading Up 9.5 %

NYSE:GFF traded up $6.43 during trading hours on Wednesday, hitting $74.18. 158,946 shares of the company were exchanged, compared to its average volume of 372,167. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 50.56 and a beta of 1.43. The company has a current ratio of 2.46, a quick ratio of 1.24 and a debt-to-equity ratio of 5.02. Griffon has a one year low of $29.78 and a one year high of $77.99. The company has a fifty day simple moving average of $69.68 and a 200 day simple moving average of $60.01.

Griffon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Wednesday, May 29th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.81%. Griffon’s dividend payout ratio is currently 44.78%.

Insider Buying and Selling

In related news, Director James W. Sight sold 2,000 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $67.38, for a total transaction of $134,760.00. Following the completion of the transaction, the director now directly owns 18,843 shares of the company’s stock, valued at approximately $1,269,641.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 16.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GFF. Raymond James lifted their price target on Griffon from $60.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Monday, February 5th. StockNews.com raised Griffon from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 2nd. Robert W. Baird lifted their target price on Griffon from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Griffon from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, January 22nd. Two research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Strong Buy” and an average target price of $69.50.

About Griffon

Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. The company operates through two segments: Home and Building Products, and Consumer and Professional Products. The Home and Building Products segment manufactures and markets residential and commercial sectional garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers for the use in commercial construction and repair, and home remodeling applications.