Zacks: Brokerages Expect Griffon Co. (GFF) Will Post Quarterly Sales of $592.82 Million

Equities research analysts expect Griffon Co. (NYSE:GFF) to announce $592.82 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Griffon’s earnings. The lowest sales estimate is $582.60 million and the highest is $603.03 million. Griffon reported sales of $430.80 million during the same quarter last year, which suggests a positive year-over-year growth rate of 37.6%. The firm is scheduled to issue its next quarterly earnings results on Thursday, November 15th.

On average, analysts expect that Griffon will report full-year sales of $2.03 billion for the current financial year, with estimates ranging from $2.02 billion to $2.04 billion. For the next year, analysts expect that the firm will post sales of $2.25 billion, with estimates ranging from $2.23 billion to $2.27 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Griffon.

Griffon (NYSE:GFF) last announced its earnings results on Wednesday, August 1st. The conglomerate reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. The company had revenue of $516.55 million during the quarter. Griffon had a net margin of 6.18% and a return on equity of 7.23%.

A number of equities research analysts have recently issued reports on GFF shares. Deutsche Bank started coverage on shares of Griffon in a research report on Friday, September 21st. They issued a “hold” rating and a $18.00 target price for the company. Goldman Sachs Group started coverage on shares of Griffon in a research report on Tuesday, October 2nd. They issued a “neutral” rating and a $18.00 target price for the company. ValuEngine raised shares of Griffon from a “sell” rating to a “hold” rating in a research report on Saturday, July 14th. TheStreet cut shares of Griffon from a “b-” rating to a “c+” rating in a research report on Friday, June 29th. Finally, Robert W. Baird started coverage on shares of Griffon in a research report on Thursday, September 13th. They issued a “neutral” rating and a $20.00 target price for the company. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Griffon currently has an average rating of “Hold” and a consensus target price of $18.67.

In other news, Director Henry A. Alpert acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The stock was acquired at an average price of $18.09 per share, with a total value of $90,450.00. Following the completion of the transaction, the director now directly owns 64,741 shares of the company’s stock, valued at approximately $1,171,164.69. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 24.80% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rehmann Capital Advisory Group bought a new stake in Griffon during the second quarter worth about $112,000. Piedmont Investment Advisors LLC bought a new stake in Griffon during the second quarter worth about $139,000. Acadian Asset Management LLC bought a new stake in Griffon during the second quarter worth about $150,000. OMERS ADMINISTRATION Corp bought a new stake in Griffon during the second quarter worth about $196,000. Finally, Tower Research Capital LLC TRC lifted its position in Griffon by 444.7% during the second quarter. Tower Research Capital LLC TRC now owns 11,863 shares of the conglomerate’s stock worth $211,000 after purchasing an additional 9,685 shares during the period. 64.38% of the stock is owned by institutional investors and hedge funds.

Shares of Griffon stock traded down $0.35 during trading on Wednesday, reaching $15.18. The company’s stock had a trading volume of 138,410 shares, compared to its average volume of 181,511. The stock has a market cap of $736.69 million, a PE ratio of 17.45 and a beta of 1.30. Griffon has a 52 week low of $15.06 and a 52 week high of $24.50. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.31 and a current ratio of 2.26.

Griffon announced that its board has authorized a stock buyback program on Wednesday, August 1st that permits the company to buyback $50.00 million in shares. This buyback authorization permits the conglomerate to buy up to 6.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Stockholders of record on Thursday, August 23rd were given a $0.07 dividend. The ex-dividend date was Wednesday, August 22nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.84%. Griffon’s payout ratio is presently 32.18%.

Griffon Company Profile

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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