Griffon (NYSE:GFF) Price Target Raised to $60.00 at Raymond James

Griffon (NYSE:GFF) had its price objective lifted by Raymond James from $55.00 to $60.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has a strong-buy rating on the conglomerate’s stock.

GFF has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Griffon in a research report on Friday, October 27th. They set a buy rating and a $65.00 price target for the company. StockNews.com downgraded shares of Griffon from a strong-buy rating to a buy rating in a research report on Friday, October 27th.

Griffon Price Performance

Griffon stock opened at $44.99 on Thursday. Griffon has a 52 week low of $25.97 and a 52 week high of $47.40. The company’s 50 day moving average price is $40.53 and its two-hundred day moving average price is $38.83. The stock 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. 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 (NYSE:GFF) last issued its quarterly earnings results on Wednesday, November 15th. The conglomerate reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.24. The business had revenue of $641.40 million for the quarter, compared to analyst estimates of $653.83 million. Griffon had a return on equity of 60.20% and a net margin of 2.89%. Griffon’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same period last year, the company posted $1.09 earnings per share. On average, equities analysts predict that Griffon will post 4.09 earnings per share for the current year.

Griffon announced that its board has initiated a stock buyback plan 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 shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Griffon Increases Dividend

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

Hedge Funds Weigh In On Griffon

Institutional investors have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC raised its position in shares of Griffon by 530.3% during the 2nd quarter. Quadrant Capital Group LLC now owns 769 shares of the conglomerate’s stock valued at $31,000 after buying an additional 647 shares in the last quarter. Quarry LP increased its stake in Griffon by 931.0% in the first quarter. Quarry LP now owns 1,165 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 1,052 shares during the last quarter. Covestor Ltd raised its position in Griffon by 128.6% during the second quarter. Covestor Ltd now owns 944 shares of the conglomerate’s stock valued at $38,000 after purchasing an additional 531 shares in the last quarter. Captrust Financial Advisors lifted its stake in Griffon by 64.5% during the first quarter. Captrust Financial Advisors now owns 2,754 shares of the conglomerate’s stock worth $55,000 after purchasing an additional 1,080 shares during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Griffon in the 2nd quarter worth about $80,000. 73.88% of the stock is currently owned by institutional investors.

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.