Griffon (NYSE:GFF) Reaches New 1-Year High Following Strong Earnings

Griffon Corporation (NYSE:GFF)’s stock price reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $88.70 and last traded at $88.4710, with a volume of 60604 shares traded. The stock had previously closed at $84.73.

The conglomerate reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.11. The company had revenue of $649.09 million during the quarter, compared to the consensus estimate of $618.35 million. Griffon had a return on equity of 181.66% and a net margin of 2.03%.Griffon’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.39 earnings per share.

Griffon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 16th. Investors of record on Friday, November 28th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, November 28th. This is a positive change from Griffon’s previous quarterly dividend of $0.18. Griffon’s dividend payout ratio is currently 88.00%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Stephens increased their price target on shares of Griffon from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Monday, November 24th. Zacks Research upgraded Griffon from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. Weiss Ratings reissued a “hold (c)” rating on shares of Griffon in a research report on Monday, December 29th. CJS Securities upgraded Griffon to a “strong-buy” rating in a research report on Thursday, December 11th. Finally, Wall Street Zen upgraded Griffon from a “hold” rating to a “buy” rating in a research report on Saturday, November 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $95.60.

Institutional Investors Weigh In On Griffon

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AlphaQuest LLC lifted its position in shares of Griffon by 2,273.9% during the third quarter. AlphaQuest LLC now owns 14,457 shares of the conglomerate’s stock worth $1,101,000 after purchasing an additional 13,848 shares in the last quarter. Arcadia Investment Management Corp MI lifted its stake in shares of Griffon by 43.2% in the second quarter. Arcadia Investment Management Corp MI now owns 42,701 shares of the conglomerate’s stock worth $3,090,000 after acquiring an additional 12,890 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Griffon by 11.3% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 86,500 shares of the conglomerate’s stock worth $6,587,000 after purchasing an additional 8,773 shares during the last quarter. First Citizens Bank & Trust Co. grew its holdings in Griffon by 200.9% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 8,963 shares of the conglomerate’s stock worth $649,000 after acquiring an additional 5,984 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Griffon by 114.3% during the second quarter. Envestnet Asset Management Inc. now owns 6,259 shares of the conglomerate’s stock worth $453,000 after purchasing an additional 3,339 shares during the last quarter. 73.22% of the stock is currently owned by institutional investors and hedge funds.

Griffon Stock Up 4.4%

The company has a quick ratio of 1.34, a current ratio of 2.66 and a debt-to-equity ratio of 18.99. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of 88.32, a P/E/G ratio of 1.21 and a beta of 1.33. The stock has a 50 day moving average of $78.30 and a 200 day moving average of $76.54.

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.