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

Griffon Co. (NYSE:GFF) declared 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 dividend on an annualized basis and a dividend yield of 0.83%.

Griffon has raised its dividend payment by an average of 17.9% per year over the last three years and has raised its dividend annually for the last 11 consecutive years. Griffon has a dividend payout ratio of 10.9% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

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

Griffon (NYSE:GFF) last released its earnings results on Wednesday, May 8th. The conglomerate reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.51. The business had revenue of $672.88 million for the quarter, compared to the consensus estimate of $625.22 million. Griffon had a return on equity of 72.80% and a net margin of 2.65%. Griffon’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.21 earnings per share. Equities research analysts expect that Griffon will post 4.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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