Griffon (NYSE:GFF) Posts Earnings Results

Griffon (NYSE:GFF) announced its earnings results on Wednesday. The conglomerate reported $1.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.07), Briefing.com reports. Griffon had a net margin of 7.48% and a return on equity of 90.02%. The business had revenue of $647.80 million during the quarter, compared to analyst estimates of $688.94 million. During the same period in the previous year, the company earned $1.29 earnings per share. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. Griffon updated its FY 2024 guidance to EPS.

Griffon Stock Performance

NYSE:GFF traded down $14.06 during mid-day trading on Wednesday, hitting $55.50. The stock had a trading volume of 1,463,092 shares, compared to its average volume of 431,490. Griffon has a 52 week low of $38.33 and a 52 week high of $77.99. The company has a current ratio of 2.78, a quick ratio of 1.56 and a debt-to-equity ratio of 7.80. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 15.18 and a beta of 1.29. The company has a 50 day simple moving average of $67.05 and a 200-day simple moving average of $67.61.

Griffon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, August 28th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.08%. Griffon’s dividend payout ratio (DPR) is presently 15.83%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GFF. Robert W. Baird boosted their price target on Griffon from $84.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, May 9th. StockNews.com upgraded Griffon from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 2nd. Two research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Strong Buy” and a consensus price target of $81.00.

Insiders Place Their Bets

In other Griffon news, CEO Ronald J. Kramer sold 100,000 shares of Griffon stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $67.07, for a total value of $6,707,000.00. Following the transaction, the chief executive officer now owns 2,500,746 shares in the company, valued at $167,725,034.22. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Griffon news, CAO W. Christopher Durborow sold 13,000 shares of Griffon stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $66.88, for a total value of $869,440.00. Following the transaction, the chief accounting officer now owns 48,368 shares in the company, valued at $3,234,851.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ronald J. Kramer sold 100,000 shares of Griffon stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $67.07, for a total transaction of $6,707,000.00. Following the completion of the transaction, the chief executive officer now owns 2,500,746 shares in the company, valued at approximately $167,725,034.22. The disclosure for this sale can be found here. 16.10% of the stock is owned by insiders.

Griffon Company Profile

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.