Griffon (NYSE:GFF) Issues Quarterly Earnings Results, Beats Expectations By $0.51 EPS

Griffon (NYSE:GFF) posted its earnings results on Wednesday. The conglomerate reported $1.35 EPS for the quarter, beating the consensus estimate of $0.84 by $0.51, Briefing.com reports. The firm had revenue of $672.88 million for the quarter, compared to analyst estimates of $625.22 million. Griffon had a return on equity of 72.80% and a net margin of 2.65%. Griffon’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.21 earnings per share. Griffon updated its FY 2024 guidance to EPS.

Griffon Stock Performance

NYSE GFF traded down $0.44 during trading on Friday, reaching $73.81. 142,339 shares of the company’s stock were exchanged, compared to its average volume of 381,244. The stock has a market capitalization of $3.76 billion, a P/E ratio of 55.43 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 fifty-two week low of $30.09 and a fifty-two week high of $77.99. The business has a 50 day moving average price of $69.79 and a 200-day moving average price of $60.20.

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 issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend is Wednesday, May 29th. Griffon’s payout ratio is 44.78%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on GFF shares. Raymond James boosted their target price on shares of 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 lifted their price objective 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. Robert W. Baird upped their price objective on shares of Griffon from $84.00 to $86.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, StockNews.com raised shares of Griffon from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Griffon has an average rating of “Strong Buy” and an average target price of $81.00.

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.