Griffon (NYSE:GFF) Sets New 52-Week High After Dividend Announcement

Griffon Co. (NYSE:GFFGet Free Report) reached a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $67.87 and last traded at $67.19, with a volume of 183879 shares traded. The stock had previously closed at $60.21.

The newly announced dividend which will be paid on Thursday, March 21st. Shareholders of record on Thursday, February 29th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.88%. Griffon’s payout ratio is currently 42.86%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Raymond James raised their price objective on Griffon from $60.00 to $75.00 and gave the company a “strong-buy” rating in a report on Monday. Deutsche Bank Aktiengesellschaft lifted their price target on Griffon from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, January 22nd. TheStreet raised Griffon from a “c+” rating to a “b” rating in a research note on Friday, November 24th. Finally, StockNews.com lowered Griffon from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 27th.

View Our Latest Report on Griffon

Griffon Price Performance

The company has a quick ratio of 1.32, a current ratio of 2.73 and a debt-to-equity ratio of 4.63. The stock has a 50-day simple moving average of $57.46 and a 200 day simple moving average of $47.06. The company has a market cap of $3.48 billion, a PE ratio of 48.51 and a beta of 1.39.

Griffon (NYSE:GFFGet Free Report) last issued its quarterly earnings data on Wednesday, November 15th. The conglomerate reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.24. Griffon had a return on equity of 60.20% and a net margin of 2.89%. The business had revenue of $641.40 million during the quarter, compared to analysts’ expectations of $653.83 million. During the same period in the previous year, the firm posted $1.09 earnings per share. The company’s revenue was down 9.5% on a year-over-year basis. Equities analysts expect that Griffon Co. will post 4.67 EPS for the current year.

Griffon declared that its board has initiated a stock buyback program on Wednesday, November 15th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the conglomerate to purchase up to 8.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates lifted its holdings in shares of Griffon by 5.6% in the 3rd quarter. Raymond James & Associates now owns 431,791 shares of the conglomerate’s stock valued at $17,129,000 after purchasing an additional 23,060 shares during the last quarter. Cannell Capital LLC purchased a new stake in shares of Griffon in the 2nd quarter valued at about $9,630,000. Bank of Montreal Can purchased a new stake in Griffon during the 2nd quarter valued at approximately $203,000. Comerica Bank purchased a new stake in Griffon during the 2nd quarter valued at approximately $154,430,000. Finally, Barclays PLC raised its stake in Griffon by 4.9% during the 2nd quarter. Barclays PLC now owns 23,503 shares of the conglomerate’s stock valued at $947,000 after acquiring an additional 1,102 shares during the last quarter. 73.88% of the stock is owned by institutional investors and hedge funds.

About Griffon

(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. 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.

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