Griffon (NYSE:GFF) Hits New 1-Year High – What’s Next?

Griffon Corporation (NYSE:GFF) hit a new 52-week high on Wednesday . The company traded as high as $84.29 and last traded at $82.9950, with a volume of 20561 shares traded. The stock had previously closed at $83.15.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GFF shares. Stephens boosted their target price on shares of Griffon from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Monday, November 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Griffon in a research report on Monday, December 29th. Zacks Research cut Griffon from a “hold” rating to a “strong sell” rating in a report on Friday, December 5th. Wall Street Zen upgraded Griffon from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Finally, CJS Securities raised shares of Griffon to a “strong-buy” rating in a report on Thursday, December 11th. Three analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $95.60.

Griffon Stock Down 0.6%

The company has a debt-to-equity ratio of 18.99, a current ratio of 2.66 and a quick ratio of 1.34. The business’s 50 day moving average price is $74.85 and its 200 day moving average price is $75.95. The firm has a market cap of $3.94 billion, a PE ratio of 84.71, a PEG ratio of 1.22 and a beta of 1.31.

Griffon (NYSE:GFF) last posted its quarterly earnings data on Wednesday, November 19th. The conglomerate reported $1.54 earnings per share for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.02). The company had revenue of $662.18 million for the quarter, compared to analysts’ expectations of $631.47 million. Griffon had a return on equity of 181.66% and a net margin of 2.03%.The firm’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.47 EPS. On average, equities research analysts expect that Griffon Corporation will post 5.55 earnings per share for the current year.

Griffon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 16th. Investors of record on Friday, November 28th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, November 28th. This is a positive change from Griffon’s previous quarterly dividend of $0.18. Griffon’s dividend payout ratio (DPR) is presently 88.00%.

Hedge Funds Weigh In On Griffon

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in Griffon by 15.8% during the third quarter. Nisa Investment Advisors LLC now owns 1,040 shares of the conglomerate’s stock valued at $79,000 after purchasing an additional 142 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Griffon by 33.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 572 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 142 shares in the last quarter. Equitable Holdings Inc. increased its stake in shares of Griffon by 4.0% in the third quarter. Equitable Holdings Inc. now owns 3,811 shares of the conglomerate’s stock valued at $290,000 after buying an additional 148 shares in the last quarter. McIlrath & Eck LLC lifted its position in shares of Griffon by 43.4% during the third quarter. McIlrath & Eck LLC now owns 539 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 163 shares in the last quarter. Finally, Trust Co. of Vermont boosted its position in Griffon by 12.0% in the 4th quarter. Trust Co. of Vermont now owns 1,680 shares of the conglomerate’s stock valued at $124,000 after buying an additional 180 shares during the last quarter. 73.22% of the stock is owned by institutional investors.

About Griffon

Griffon Corporation (NYSE:GFF) is a diversified management and holding company whose subsidiaries design, manufacture and market products for residential, commercial and defense applications. Operating through three primary platforms—Home & Building Products, Defense Electronics and Specialty Industrial—Griffon’s portfolio spans consumer and industrial brands with a focus on long-lived products and recurring aftermarket opportunities.

In the Home & Building Products segment, Griffon’s Clopay Building Products division is a leading North American manufacturer of residential and commercial garage doors, specializing in steel, fiberglass and composite designs as well as decorative carriage-house styles.