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

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

Griffon Stock Performance

Griffon stock traded down $0.44 during midday trading on Friday, hitting $73.81. The company’s stock had a trading volume of 142,339 shares, compared to its average volume of 381,244. The company has a market cap of $3.76 billion, a price-to-earnings ratio of 55.43 and a beta of 1.43. The company has a debt-to-equity ratio of 5.02, a current ratio of 2.46 and a quick ratio of 1.24. The company has a 50-day moving average price of $69.79 and a two-hundred day moving average price of $60.20. Griffon has a 1-year low of $30.09 and a 1-year high of $77.99.

Griffon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Wednesday, May 29th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date of this dividend is Wednesday, May 29th. Griffon’s dividend payout ratio (DPR) is currently 44.78%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft raised their target price on Griffon from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, January 22nd. Robert W. Baird increased their price objective on shares of Griffon from $84.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday. Raymond James increased 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. Finally, StockNews.com raised Griffon from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and an average target price 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.