Griffon (NYSE:GFF) Announces Earnings Results

Griffon (NYSE:GFF) announced its quarterly earnings results on Wednesday. The conglomerate reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.24, Briefing.com reports. Griffon had a return on equity of 60.20% and a net margin of 2.89%. The company had revenue of $641.40 million during the quarter, compared to the consensus estimate of $653.83 million. During the same period in the previous year, the business earned $1.09 EPS. Griffon’s revenue for the quarter was down 9.5% on a year-over-year basis.

Griffon Stock Performance

NYSE GFF opened at $44.99 on Friday. The firm has a market cap of $2.46 billion, a P/E ratio of 32.14, a P/E/G ratio of 1.34 and a beta of 1.51. Griffon has a 52-week low of $25.97 and a 52-week high of $47.40. The business’s 50-day moving average price is $40.53 and its 200 day moving average price is $38.83. The company has a quick ratio of 1.51, a current ratio of 2.73 and a debt-to-equity ratio of 4.63.

Griffon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Tuesday, November 28th will be given a $0.15 dividend. This is an increase from Griffon’s previous quarterly dividend of $0.13. The ex-dividend date is Monday, November 27th. This represents a $0.60 annualized dividend and a yield of 1.33%. Griffon’s dividend payout ratio is 35.71%.

Analyst Ratings Changes

Several research firms recently weighed in on GFF. Deutsche Bank Aktiengesellschaft started coverage on Griffon in a research note on Friday, October 27th. They set a “buy” rating and a $65.00 target price for the company. Raymond James upped their target price on shares of Griffon from $55.00 to $60.00 and gave the company a “strong-buy” rating in a report on Thursday. Finally, StockNews.com lowered Griffon from a “strong-buy” rating to a “buy” rating in a report on Friday, October 27th.

Institutional Trading of Griffon

A number of hedge funds have recently added to or reduced their stakes in the stock. Quarry LP raised its stake in shares of Griffon by 931.0% during the first quarter. Quarry LP now owns 1,165 shares of the conglomerate’s stock worth $37,000 after purchasing an additional 1,052 shares during the last quarter. Captrust Financial Advisors raised its position in Griffon by 64.5% during the 1st quarter. Captrust Financial Advisors now owns 2,754 shares of the conglomerate’s stock worth $55,000 after buying an additional 1,080 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Griffon in the 2nd quarter worth $80,000. State of Wyoming lifted its stake in shares of Griffon by 49.5% in the 2nd quarter. State of Wyoming now owns 2,290 shares of the conglomerate’s stock worth $92,000 after acquiring an additional 758 shares during the period. Finally, UBS Group AG boosted its holdings in shares of Griffon by 116.6% in the third quarter. UBS Group AG now owns 3,373 shares of the conglomerate’s stock valued at $99,000 after acquiring an additional 1,816 shares in the last quarter. 73.88% of the stock is owned by institutional investors and hedge funds.

Griffon announced that its Board of Directors has authorized a stock repurchase program on Wednesday, November 15th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the conglomerate to buy up to 8.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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. Its Consumer and Professional Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; wood and wire closet organization, general living storage, and wire garage storage products to home center retail chains, mass merchandisers, and direct-to builder professional installers; wheelbarrows and lawn carts; snow, striking, and hand tools; planters and lawn accessories; garden hoses; and pruners, loppers, shears, and other tools, as well as cleaning products for professional, home, and industrial use.