Griffon (GFF) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Griffon (NYSE:GFF) posted its quarterly earnings data on Wednesday. The conglomerate reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02, RTT News reports. The business had revenue of $545.51 million during the quarter, compared to the consensus estimate of $590.58 million. Griffon had a net margin of 6.18% and a return on equity of 7.23%. During the same quarter in the prior year, the company posted $0.36 earnings per share.
Shares of GFF traded down $0.55 during trading hours on Thursday, reaching $11.27. The company’s stock had a trading volume of 23,404 shares, compared to its average volume of 179,996. The company has a market capitalization of $551.03 million, a price-to-earnings ratio of 12.95 and a beta of 1.58. Griffon has a 1-year low of $11.73 and a 1-year high of $24.50. The company has a debt-to-equity ratio of 2.41, a current ratio of 2.26 and a quick ratio of 1.31.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, November 29th will be issued a $0.0725 dividend. This is an increase from Griffon’s previous quarterly dividend of $0.07. This represents a $0.29 dividend on an annualized basis and a dividend yield of 2.57%. Griffon’s dividend payout ratio is currently 32.18%.
Several research firms recently weighed in on GFF. Sidoti reduced their price objective on shares of Griffon from $26.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Robert W. Baird set a $15.00 price objective on shares of Griffon and gave the stock a “hold” rating in a report on Thursday. JPMorgan Chase & Co. began coverage on shares of Griffon in a report on Tuesday, October 30th. They issued an “underweight” rating for the company. Goldman Sachs Group assumed coverage on shares of Griffon in a report on Tuesday, October 2nd. They issued a “neutral” rating and a $18.00 price objective for the company. Finally, Deutsche Bank assumed coverage on shares of Griffon in a research report on Friday, September 21st. They issued a “hold” rating and a $18.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $17.50.
Several institutional investors and hedge funds have recently modified their holdings of GFF. BlackRock Inc. increased its holdings in shares of Griffon by 12.5% in the 3rd quarter. BlackRock Inc. now owns 4,851,168 shares of the conglomerate’s stock valued at $78,348,000 after purchasing an additional 539,643 shares during the period. Putnam Investments LLC increased its holdings in shares of Griffon by 570.4% in the 2nd quarter. Putnam Investments LLC now owns 440,395 shares of the conglomerate’s stock valued at $7,839,000 after purchasing an additional 374,700 shares during the period. Gabelli Funds LLC increased its holdings in shares of Griffon by 21.9% in the 2nd quarter. Gabelli Funds LLC now owns 2,058,393 shares of the conglomerate’s stock valued at $36,639,000 after purchasing an additional 369,416 shares during the period. Millennium Management LLC acquired a new position in shares of Griffon in the 2nd quarter valued at about $5,634,000. Finally, Wells Fargo & Company MN increased its holdings in shares of Griffon by 106.7% in the 2nd quarter. Wells Fargo & Company MN now owns 547,844 shares of the conglomerate’s stock valued at $9,751,000 after purchasing an additional 282,845 shares during the period. Institutional investors own 65.55% of the company’s stock.
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Griffon Corporation, through its wholly-owned subsidiaries, engages in home and building, telephonics, and plastic products businesses worldwide. Its Home & Building Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; and residential and commercial garage doors to professional dealers and home center retail chains.
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