Griffon (NYSE:GFF) Reaches New 52-Week High Following Strong Earnings

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

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

Griffon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors 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%. The ex-dividend date is Wednesday, May 29th. Griffon’s dividend payout ratio is currently 44.78%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GFF shares. Deutsche Bank Aktiengesellschaft raised their target price on Griffon from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, January 22nd. StockNews.com raised Griffon from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 2nd. Robert W. Baird raised their target price on Griffon from $84.00 to $86.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Raymond James raised their target price on Griffon from $60.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 5th. Two research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy” and an average price target of $81.00.

Institutional Trading of Griffon

A number of large investors have recently bought and sold shares of GFF. GAMMA Investing LLC acquired a new stake in shares of Griffon in the 4th quarter valued at about $30,000. Scarborough Advisors LLC acquired a new stake in shares of Griffon in the 4th quarter valued at about $35,000. Parkside Financial Bank & Trust grew its stake in shares of Griffon by 671.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 640 shares of the conglomerate’s stock valued at $39,000 after buying an additional 557 shares during the period. Sage Rock Capital Management LP acquired a new stake in shares of Griffon in the 4th quarter valued at about $98,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Griffon by 11.2% in the 4th quarter. Russell Investments Group Ltd. now owns 3,336 shares of the conglomerate’s stock valued at $203,000 after buying an additional 336 shares during the period. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Griffon Stock Performance

The company has a debt-to-equity ratio of 5.02, a quick ratio of 1.24 and a current ratio of 2.46. The company has a 50 day moving average price of $69.79 and a 200 day moving average price of $60.20. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 55.43 and a beta of 1.43.

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.