Griffon (NYSE:GFF) Sets New 1-Year High – Here’s Why

Shares of Griffon Corporation (NYSE:GFF) hit a new 52-week high during trading on Wednesday . The company traded as high as $84.29 and last traded at $82.9950, with a volume of 20561 shares. The stock had previously closed at $83.15.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GFF. Wall Street Zen raised Griffon from a “hold” rating to a “buy” rating in a research report on Saturday, November 22nd. Stephens raised their price objective on Griffon from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Monday, November 24th. CJS Securities upgraded Griffon to a “strong-buy” rating in a report on Thursday, December 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Griffon in a research note on Monday, December 29th. Finally, Zacks Research lowered shares of Griffon from a “hold” rating to a “strong sell” rating in a research note on Friday, December 5th. Three investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Griffon presently has an average rating of “Buy” and a consensus price target of $95.60.

Griffon Price Performance

The company has a current ratio of 2.66, a quick ratio of 1.34 and a debt-to-equity ratio of 18.99. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 83.06, a PEG ratio of 1.20 and a beta of 1.31. The business has a 50-day moving average price of $74.36 and a two-hundred day moving average price of $75.83.

Griffon (NYSE:GFF) last released its quarterly earnings results on Wednesday, November 19th. The conglomerate reported $1.54 EPS for the quarter, missing the consensus estimate of $1.56 by ($0.02). Griffon had a return on equity of 181.66% and a net margin of 2.03%.The firm had revenue of $662.18 million for the quarter, compared to the consensus estimate of $631.47 million. During the same quarter in the prior year, the company posted $1.47 EPS. The firm’s revenue was up .4% on a year-over-year basis. As a group, research analysts forecast that Griffon Corporation will post 5.55 EPS for the current year.

Griffon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 16th. Investors of record on Friday, November 28th were given a $0.22 dividend. The ex-dividend date was Friday, November 28th. This represents a $0.88 annualized dividend and a yield of 1.1%. This is an increase from Griffon’s previous quarterly dividend of $0.18. Griffon’s payout ratio is 88.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its stake in shares of Griffon by 20.2% during the first quarter. Royal Bank of Canada now owns 94,955 shares of the conglomerate’s stock valued at $6,790,000 after purchasing an additional 15,925 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Griffon by 9.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,447 shares of the conglomerate’s stock worth $1,676,000 after purchasing an additional 2,047 shares during the last quarter. NewEdge Advisors LLC bought a new stake in shares of Griffon in the 1st quarter worth approximately $49,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Griffon by 21.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,035 shares of the conglomerate’s stock valued at $6,080,000 after purchasing an additional 14,764 shares during the last quarter. Finally, Strs Ohio bought a new stake in Griffon during the first quarter worth approximately $57,000. Institutional investors own 73.22% of the company’s stock.

About Griffon

Griffon Corporation (NYSE:GFF) is a diversified management and holding company whose subsidiaries design, manufacture and market products for residential, commercial and defense applications. Operating through three primary platforms—Home & Building Products, Defense Electronics and Specialty Industrial—Griffon’s portfolio spans consumer and industrial brands with a focus on long-lived products and recurring aftermarket opportunities.

In the Home & Building Products segment, Griffon’s Clopay Building Products division is a leading North American manufacturer of residential and commercial garage doors, specializing in steel, fiberglass and composite designs as well as decorative carriage-house styles.