Griffon (NYSE:GFF) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS

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

Griffon Stock Up 1.3 %

Shares of GFF traded up $0.73 during trading hours on Friday, reaching $59.02. The stock had a trading volume of 580,091 shares, compared to its average volume of 434,103. Griffon has a 12 month low of $38.33 and a 12 month high of $77.99. The firm has a 50-day simple moving average of $66.53 and a 200 day simple moving average of $67.46. 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 company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 15.58 and a beta of 1.29.

Griffon Dividend Announcement

The company also recently announced 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 1.02%. The ex-dividend date is Wednesday, August 28th. Griffon’s dividend payout ratio is currently 15.83%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Robert W. Baird reduced their price objective on shares of Griffon from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday. StockNews.com downgraded shares of Griffon from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Three analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $80.33.

Insider Buying and Selling

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

About Griffon

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.