Griffon Corporation Declares Quarterly Dividend of $0.18 (NYSE:GFF)

Key Points

• Griffon Corporation announced a quarterly dividend of $0.18 per share, with a payout date set for September 16th for investors of record as of August 29th.
• The company's payout ratio is 11.3%, indicating that its dividend is well-covered by earnings, with analysts projecting future earnings of $6.44 per share.
• Griffon stock recently decreased by 13.9%, trading at $70.88, with a market capitalization of $3.33 billion and a price-to-earnings ratio of 14.50.

Griffon Corporation (NYSE:GFF - Get Free Report) announced a quarterly dividend on Wednesday, August 6th, RTT News reports. Stockholders of record on Friday, August 29th will be paid a dividend of 0.18 per share by the conglomerate on Tuesday, September 16th. This represents a c) dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, August 29th.

Griffon has a payout ratio of 11.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Griffon to earn $6.44 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 11.2%.

Griffon Stock Performance

Shares of Griffon stock traded up $1.79 on Friday, reaching $69.76. 1,097,170 shares of the company were exchanged, compared to its average volume of 436,908. The company has a debt-to-equity ratio of 22.58, a quick ratio of 1.48 and a current ratio of 2.70. The company's 50-day moving average is $74.76 and its two-hundred day moving average is $72.71. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 52.06, a P/E/G ratio of 0.76 and a beta of 1.09. Griffon has a 1-year low of $57.57 and a 1-year high of $86.73.

Griffon (NYSE:GFF - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The conglomerate reported $1.50 earnings per share for the quarter, hitting analysts' consensus estimates of $1.50. Griffon had a return on equity of 144.21% and a net margin of 2.78%. The business had revenue of $613.63 million for the quarter, compared to analysts' expectations of $649.95 million. During the same period in the prior year, the firm earned $1.24 EPS. The business's quarterly revenue was down 5.3% on a year-over-year basis. As a group, research analysts expect that Griffon will post 5.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wall Street Zen lowered Griffon from a "buy" rating to a "hold" rating in a report on Saturday. Robert W. Baird increased their price objective on Griffon from $92.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $100.00 price objective (up from $95.00) on shares of Griffon in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $98.20.

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.