Griffon (NYSE:GFF) Sets New 1-Year Low - Here's What Happened

Griffon Co. (NYSE:GFF - Get Free Report)'s share price reached a new 52-week low on Wednesday . The stock traded as low as $66.09 and last traded at $68.10, with a volume of 350013 shares traded. The stock had previously closed at $67.83.

Wall Street Analysts Forecast Growth

GFF has been the subject of a number of research analyst reports. Stephens increased their price target on shares of Griffon from $100.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, February 6th. StockNews.com downgraded Griffon from a "strong-buy" rating to a "buy" rating in a report on Thursday, March 20th. Loop Capital raised Griffon to a "strong-buy" rating in a research report on Friday, February 14th. Deutsche Bank Aktiengesellschaft assumed coverage on Griffon in a research report on Tuesday, April 1st. They set a "buy" rating and a $91.00 price objective on the stock. Finally, Raymond James reiterated a "strong-buy" rating and issued a $95.00 price target (up from $92.00) on shares of Griffon in a research report on Thursday, February 6th. Four research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Griffon presently has a consensus rating of "Buy" and an average price target of $97.20.

Griffon Price Performance

The company has a quick ratio of 1.34, a current ratio of 2.51 and a debt-to-equity ratio of 6.44. The company's 50 day moving average is $69.75 and its 200 day moving average is $72.91. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 14.23 and a beta of 1.17.

Griffon (NYSE:GFF - Get Free Report) last issued its earnings results on Wednesday, February 5th. The conglomerate reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.28 by $0.11. Griffon had a return on equity of 120.61% and a net margin of 9.13%. On average, equities research analysts anticipate that Griffon Co. will post 5.55 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, February 25th were issued a $0.18 dividend. The ex-dividend date was Tuesday, February 25th. This represents a $0.72 dividend on an annualized basis and a yield of 1.03%. Griffon's payout ratio is currently 14.69%.

Insider Buying and Selling

In other Griffon news, Director Cheryl L. Turnbull sold 3,000 shares of the firm's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $80.80, for a total transaction of $242,400.00. Following the transaction, the director now directly owns 30,730 shares in the company, valued at approximately $2,482,984. This trade represents a 8.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. McIlrath & Eck LLC lifted its position in shares of Griffon by 116.1% during the fourth quarter. McIlrath & Eck LLC now owns 376 shares of the conglomerate's stock worth $27,000 after acquiring an additional 202 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Griffon during the fourth quarter valued at about $30,000. Grove Bank & Trust purchased a new position in shares of Griffon during the 4th quarter valued at $33,000. R Squared Ltd bought a new position in Griffon in the 4th quarter worth about $37,000. Finally, Signaturefd LLC raised its stake in Griffon by 72.9% in the first quarter. Signaturefd LLC now owns 555 shares of the conglomerate's stock valued at $40,000 after purchasing an additional 234 shares in the last quarter. 73.22% of the stock is currently owned by hedge funds and other institutional investors.

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.