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

Griffon Co. (NYSE:GFF) declared a quarterly dividend on Wednesday, August 7th, RTT News reports. Shareholders of record on Wednesday, August 28th will be given a dividend of 0.15 per share by the conglomerate on Thursday, September 19th. This represents a $0.60 annualized dividend and a yield of 1.00%.

Griffon has raised its dividend by an average of 17.9% per year over the last three years and has increased its dividend every year for the last 11 years. Griffon has a dividend payout ratio of 10.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Griffon to earn $6.03 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 10.0%.

Griffon Stock Down 13.7 %

Shares of GFF stock traded down $9.53 during trading hours on Wednesday, reaching $60.03. 195,824 shares of the company’s stock were exchanged, compared to its average volume of 423,098. Griffon has a 1 year low of $38.33 and a 1 year high of $77.99. The stock has a market cap of $2.97 billion, a PE ratio of 15.65 and a beta of 1.29. 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’s fifty day moving average price is $67.05 and its two-hundred day moving average price is $67.61.

Griffon (NYSE:GFF) last issued its quarterly earnings results on Wednesday, August 7th. The conglomerate reported $1.24 earnings per share for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.07). Griffon had a return on equity of 90.02% and a net margin of 7.48%. The business had revenue of $647.80 million for the quarter, compared to analysts’ expectations of $688.94 million. During the same quarter in the previous year, the firm posted $1.29 EPS. Griffon’s revenue was down 5.2% on a year-over-year basis. Research analysts predict that Griffon will post 5 EPS for the current year.

Insider Buying and Selling at Griffon

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

Wall Street Analyst Weigh In

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

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.