Griffon (NYSE:GFF) Announces Earnings Results, Beats Estimates By $0.51 EPS

Griffon (NYSE:GFF - Get Free Report) released its quarterly earnings data on Wednesday. The conglomerate reported $1.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.84 by $0.51, Briefing.com reports. The firm had revenue of $672.88 million for the quarter, compared to analyst estimates of $625.22 million. Griffon had a net margin of 2.65% and a return on equity of 72.80%. The business's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the firm earned $1.21 earnings per share. Griffon updated its FY 2024 guidance to EPS.

Griffon Trading Up 7.2 %

Shares of NYSE:GFF traded up $4.90 during trading on Wednesday, reaching $72.65. 801,561 shares of the company traded hands, compared to its average volume of 379,826. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 54.25 and a beta of 1.43. Griffon has a 52-week low of $29.78 and a 52-week high of $77.99. The company has a current ratio of 2.46, a quick ratio of 1.24 and a debt-to-equity ratio of 5.02. The business's fifty day moving average is $69.68 and its 200-day moving average is $60.01.

Griffon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Wednesday, May 29th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.83%. Griffon's dividend payout ratio is presently 44.78%.

Insider Buying and Selling

In related news, Director James W. Sight sold 2,000 shares of the company's stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $67.38, for a total transaction of $134,760.00. Following the completion of the transaction, the director now owns 18,843 shares in the company, valued at $1,269,641.34. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 16.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Griffon from $72.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, January 22nd. Raymond James upped their price target on Griffon from $60.00 to $75.00 and gave the stock a "strong-buy" rating in a report on Monday, February 5th. Robert W. Baird raised their price objective on Griffon from $82.00 to $84.00 and gave the company an "outperform" rating in a research note on Thursday, April 18th. Finally, StockNews.com raised Griffon from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 2nd. Two analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Strong Buy" and an average target price of $69.50.

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.