Griffon Co. (NYSE:GFF) to Issue Quarterly Dividend of $0.15

Griffon Co. (NYSE:GFF) declared a quarterly dividend on Wednesday, May 8th, RTT News reports. Stockholders 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 0.81%.

Griffon has raised its dividend by an average of 17.9% annually over the last three years and has increased its dividend every year for the last 11 years. Griffon has a dividend payout ratio of 10.9% meaning its dividend is sufficiently covered by earnings. Research 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 Trading Up 8.9 %

Shares of GFF stock traded up $6.06 during trading hours on Wednesday, reaching $73.81. The company’s stock had a trading volume of 293,655 shares, compared to its average volume of 373,972. The company has a current ratio of 2.46, a quick ratio of 1.24 and a debt-to-equity ratio of 5.02. The stock has a market capitalization of $3.76 billion, a P/E ratio of 54.96 and a beta of 1.43. The firm’s fifty day simple moving average is $69.68 and its 200 day simple moving average is $60.01. Griffon has a one year low of $29.78 and a one year high of $77.99.

Griffon (NYSE:GFF) last issued its quarterly earnings data 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. Griffon had a net margin of 2.65% and a return on equity of 72.80%. The business had revenue of $672.88 million for the quarter, compared to the consensus estimate of $625.22 million. During the same period in the previous year, the firm earned $1.21 EPS. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. Equities research analysts expect that Griffon will post 4.56 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Raymond James increased their target price on Griffon from $60.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 5th. Robert W. Baird raised their price objective on Griffon from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. StockNews.com raised shares of Griffon from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Strong Buy” and a consensus price target of $69.50.

Insider Buying and Selling at Griffon

In related news, Director James W. Sight sold 2,000 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $67.38, for a total transaction of $134,760.00. Following the completion of the transaction, the director now directly owns 18,843 shares of the company’s stock, valued at $1,269,641.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.10% of the stock is owned by company 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.