Griffon (NYSE:GFF) Posts Earnings Results, Beats Expectations By $0.24 EPS

Griffon (NYSE:GFFGet Free Report) posted its quarterly earnings data on Wednesday. The conglomerate reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.24, reports. The company had revenue of $641.40 million during the quarter, compared to analyst estimates of $653.83 million. Griffon had a net margin of 2.89% and a return on equity of 60.20%. The company’s revenue was down 9.5% on a year-over-year basis. During the same quarter last year, the business posted $1.09 earnings per share.

Griffon Price Performance

NYSE GFF traded up $0.94 on Friday, hitting $45.94. 768,513 shares of the company’s stock were exchanged, compared to its average volume of 463,296. The company has a current ratio of 2.73, a quick ratio of 1.51 and a debt-to-equity ratio of 4.63. Griffon has a 52 week low of $25.97 and a 52 week high of $47.40. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of 32.14, a P/E/G ratio of 1.34 and a beta of 1.51. The stock has a 50-day moving average of $40.53 and a 200-day moving average of $38.83.

Griffon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Tuesday, November 28th will be issued a dividend of $0.15 per share. This is a positive change from Griffon’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Monday, November 27th. Griffon’s dividend payout ratio is 35.71%.

Griffon declared that its Board of Directors has initiated a share repurchase plan on Wednesday, November 15th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the conglomerate to repurchase up to 8.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GFF shares. lowered Griffon from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 27th. Deutsche Bank Aktiengesellschaft began coverage on shares of Griffon in a research note on Friday, October 27th. They set a “buy” rating and a $65.00 target price for the company. Finally, Raymond James increased their target price on Griffon from $55.00 to $60.00 and gave the stock a “strong-buy” rating in a research note on Thursday.

Check Out Our Latest Research Report on Griffon

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GFF. Point72 Asset Management L.P. increased its stake in shares of Griffon by 829.3% in the second quarter. Point72 Asset Management L.P. now owns 572,217 shares of the conglomerate’s stock valued at $23,060,000 after buying an additional 510,641 shares during the period. Norges Bank acquired a new position in shares of Griffon during the fourth quarter worth $14,521,000. Vanguard Group Inc. grew its stake in shares of Griffon by 7.4% in the first quarter. Vanguard Group Inc. now owns 5,656,744 shares of the conglomerate’s stock worth $113,304,000 after purchasing an additional 388,996 shares during the last quarter. Marshall Wace LLP lifted its holdings in Griffon by 185.3% during the 4th quarter. Marshall Wace LLP now owns 369,702 shares of the conglomerate’s stock worth $13,232,000 after buying an additional 240,137 shares during the period. Finally, Two Sigma Investments LP grew its position in shares of Griffon by 123.8% during the 1st quarter. Two Sigma Investments LP now owns 428,968 shares of the conglomerate’s stock worth $13,731,000 after buying an additional 237,317 shares during the period. Institutional investors and hedge funds own 73.88% of the company’s stock.

Griffon Company Profile

(Get Free Report)

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.

See Also

Earnings History for Griffon (NYSE:GFF)

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