Griffon (NYSE:GFF) Reaches New 1-Year High Following Earnings Beat

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 company 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, topping the consensus estimate of $0.84 by $0.51. Griffon had a return on equity of 72.80% and a net margin of 2.65%. The firm had revenue of $672.88 million during the quarter, compared to analyst estimates of $625.22 million. During the same period in the previous year, the company posted $1.21 EPS. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year.

Griffon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Wednesday, May 29th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.83%. Griffon’s payout ratio is currently 44.78%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. 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. Raymond James lifted 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. Deutsche Bank Aktiengesellschaft raised their price target on Griffon from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, January 22nd. Finally, StockNews.com raised Griffon from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Griffon has a consensus rating of “Strong Buy” and a consensus price target of $80.33.

Institutional Investors Weigh In On Griffon

A number of institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its stake in Griffon by 353.3% during the first quarter. Russell Investments Group Ltd. now owns 15,123 shares of the conglomerate’s stock worth $1,109,000 after acquiring an additional 11,787 shares during the period. Sei Investments Co. raised its stake in Griffon by 62.0% during the first quarter. Sei Investments Co. now owns 47,724 shares of the conglomerate’s stock worth $3,500,000 after acquiring an additional 18,256 shares during the period. Significant Wealth Partners LLC raised its stake in Griffon by 629.8% during the first quarter. Significant Wealth Partners LLC now owns 31,321 shares of the conglomerate’s stock worth $2,297,000 after acquiring an additional 27,029 shares during the period. Illinois Municipal Retirement Fund raised its stake in Griffon by 6.8% during the first quarter. Illinois Municipal Retirement Fund now owns 24,113 shares of the conglomerate’s stock worth $1,768,000 after acquiring an additional 1,545 shares during the period. Finally, SG Americas Securities LLC raised its stake in Griffon by 14.2% during the first quarter. SG Americas Securities LLC now owns 4,014 shares of the conglomerate’s stock worth $294,000 after acquiring an additional 498 shares during the period. Institutional investors and hedge funds own 73.22% of the company’s stock.

Griffon Trading Up 7.2 %

The stock has a market cap of $3.70 billion, a price-to-earnings ratio of 54.22 and a beta of 1.43. The firm’s 50 day moving average is $69.73 and its two-hundred day moving average is $60.10. The company has a quick ratio of 1.24, a current ratio of 2.46 and a debt-to-equity ratio of 5.02.

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.