Griffon (NYSE:GFF) Reaches New 12-Month High Following Earnings Beat

Griffon Co. (NYSE:GFF)’s share price hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $77.99 and last traded at $73.76, with a volume of 199124 shares trading hands. The stock had previously closed at $67.75.

The conglomerate reported $1.35 EPS for the quarter, beating the consensus estimate of $0.84 by $0.51. The firm had revenue of $672.88 million for the quarter, compared to analyst estimates of $625.22 million. Griffon had a return on equity of 72.80% and a net margin of 2.65%. Griffon’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.21 earnings per share.

Griffon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Wednesday, May 29th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.82%. Griffon’s dividend payout ratio is currently 44.78%.

Analyst Upgrades and Downgrades

GFF has been the topic of a number of recent analyst reports. StockNews.com raised shares of 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 stock an “outperform” rating in a research report on Thursday, April 18th. Deutsche Bank Aktiengesellschaft upped 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. Finally, Raymond James boosted their price objective on Griffon from $60.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Monday, February 5th. Two investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Strong Buy” and an average target price of $69.50.

Insider Transactions at Griffon

In other news, Director James W. Sight sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $67.38, for a total value of $134,760.00. Following the transaction, the director now owns 18,843 shares of the company’s stock, valued at $1,269,641.34. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 16.10% of the company’s stock.

Hedge Funds Weigh In On Griffon

Several institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. boosted its stake in shares of Griffon by 22.1% in the fourth quarter. Pacer Advisors Inc. now owns 1,598,353 shares of the conglomerate’s stock valued at $97,420,000 after buying an additional 289,208 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Griffon by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,952,411 shares of the conglomerate’s stock worth $236,132,000 after purchasing an additional 77,058 shares during the period. Johnson Investment Counsel Inc. lifted its stake in shares of Griffon by 10.1% in the third quarter. Johnson Investment Counsel Inc. now owns 32,801 shares of the conglomerate’s stock valued at $1,301,000 after purchasing an additional 3,000 shares during the period. Primecap Management Co. CA boosted its holdings in Griffon by 32.5% during the third quarter. Primecap Management Co. CA now owns 221,700 shares of the conglomerate’s stock worth $8,795,000 after buying an additional 54,400 shares in the last quarter. Finally, Graham Capital Management L.P. acquired a new position in Griffon during the third quarter worth about $842,000. 73.22% of the stock is owned by institutional investors and hedge funds.

Griffon Stock Performance

The company has a market capitalization of $3.71 billion, a PE ratio of 54.96 and a beta of 1.43. The company has a quick ratio of 1.24, a current ratio of 2.46 and a debt-to-equity ratio of 5.02. The stock’s fifty day simple moving average is $69.68 and its 200-day simple moving average is $60.01.

Griffon Company Profile

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.