Griffon Co. (NYSE:GFF) Announces Quarterly Dividend of $0.15

Griffon Co. (NYSE:GFF) announced a quarterly dividend on Wednesday, May 8th, RTT News reports. Investors of record on Wednesday, May 29th will be given a dividend of 0.15 per share by the conglomerate on Thursday, June 20th. This represents a $0.60 annualized dividend and a yield of 0.83%.

Griffon has raised its dividend by an average of 17.9% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. Griffon has a payout ratio of 10.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Griffon to earn $5.60 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 10.7%.

Griffon Price Performance

NYSE GFF opened at $72.65 on Thursday. The firm has a market capitalization of $3.70 billion, a PE ratio of 54.22 and a beta of 1.43. The company has a debt-to-equity ratio of 5.02, a current ratio of 2.46 and a quick ratio of 1.24. Griffon has a 12 month low of $29.78 and a 12 month high of $77.99. The company’s 50 day simple moving average is $69.73 and its 200 day simple moving average is $60.10.

Griffon (NYSE:GFF) last announced its earnings results on Wednesday, May 8th. The conglomerate reported $1.35 earnings per share for the quarter, beating 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 business had revenue of $672.88 million during the quarter, compared to analysts’ expectations of $625.22 million. During the same quarter last year, the business posted $1.21 earnings per share. The company’s quarterly revenue was down 5.4% on a year-over-year basis. As a group, equities research analysts forecast that Griffon will post 4.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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. 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.