Griffon Co. (NYSE:GFF) has been assigned an average rating of “Hold” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. 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. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $17.50.
Several research analysts have weighed in on GFF shares. Deutsche Bank started coverage on Griffon in a research note on Friday, September 21st. They issued a “hold” rating and a $18.00 target price on the stock. Sidoti lowered their target price on Griffon from $26.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 15th. Robert W. Baird set a $18.00 target price on Griffon and gave the company a “hold” rating in a research note on Tuesday, October 16th. Goldman Sachs Group started coverage on Griffon in a research note on Tuesday, October 2nd. They issued a “neutral” rating and a $18.00 target price on the stock. Finally, JPMorgan Chase & Co. started coverage on Griffon in a research note on Tuesday, October 30th. They issued an “underweight” rating on the stock.
Shares of GFF stock traded up $0.25 during midday trading on Wednesday, hitting $12.08. The company had a trading volume of 12,250 shares, compared to its average volume of 207,587. Griffon has a 52-week low of $10.15 and a 52-week high of $23.95. The company has a market capitalization of $540.33 million, a P/E ratio of 15.97 and a beta of 1.58. The company has a current ratio of 2.32, a quick ratio of 1.31 and a debt-to-equity ratio of 2.34.
The firm also recently declared 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 a boost from Griffon’s previous quarterly dividend of $0.07. This represents a $0.29 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Wednesday, November 28th. Griffon’s dividend payout ratio (DPR) is currently 36.84%.
Griffon announced that its board has approved a stock repurchase plan on Wednesday, August 1st that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the conglomerate to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Griffon news, CEO Ronald J. Kramer purchased 19,997 shares of Griffon stock in a transaction dated Friday, November 16th. The stock was acquired at an average cost of $12.20 per share, with a total value of $243,963.40. Following the acquisition, the chief executive officer now directly owns 2,280,933 shares of the company’s stock, valued at $27,827,382.60. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Ronald J. Kramer purchased 29,997 shares of Griffon stock in a transaction dated Monday, November 19th. The stock was acquired at an average cost of $12.12 per share, with a total value of $363,563.64. Following the completion of the acquisition, the chairman now directly owns 2,280,933 shares in the company, valued at $27,644,907.96. The disclosure for this purchase can be found here. Insiders bought a total of 64,994 shares of company stock valued at $794,027 over the last three months. Insiders own 24.80% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Rehmann Capital Advisory Group acquired a new stake in shares of Griffon in the 2nd quarter valued at approximately $112,000. Piedmont Investment Advisors LLC acquired a new stake in shares of Griffon in the 2nd quarter valued at approximately $139,000. Acadian Asset Management LLC acquired a new stake in shares of Griffon in the 2nd quarter valued at approximately $150,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Griffon in the 2nd quarter valued at approximately $196,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Griffon by 444.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,863 shares of the conglomerate’s stock valued at $211,000 after buying an additional 9,685 shares during the period. 66.66% of the stock is owned by institutional investors and hedge funds.
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.
Featured Article: Cash Flow
Receive News & Ratings for Griffon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Griffon and related companies with MarketBeat.com's FREE daily email newsletter.