Griffon (NYSE:GFF) Hits New 52-Week High – Here’s What Happened

Shares of Griffon Corporation (NYSE:GFF) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $86.11 and last traded at $85.5450, with a volume of 12554 shares changing hands. The stock had previously closed at $85.63.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Zacks Research raised shares of Griffon from a “strong sell” rating to a “hold” rating in a research report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Griffon in a research note on Monday, December 29th. Stephens boosted their price objective on shares of Griffon from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th. CJS Securities upgraded shares of Griffon to a “strong-buy” rating in a report on Thursday, December 11th. Finally, Wall Street Zen upgraded shares of Griffon from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Three investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Griffon currently has a consensus rating of “Buy” and an average price target of $95.60.

Griffon Price Performance

The stock has a market cap of $3.98 billion, a PE ratio of 85.41, a P/E/G ratio of 1.20 and a beta of 1.31. The business has a 50 day moving average price of $75.86 and a two-hundred day moving average price of $76.17. The company has a debt-to-equity ratio of 18.99, a quick ratio of 1.34 and a current ratio of 2.66.

Griffon (NYSE:GFF) last issued its quarterly earnings results on Wednesday, November 19th. The conglomerate reported $1.54 earnings per share for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.02). Griffon had a return on equity of 181.66% and a net margin of 2.03%.The company had revenue of $662.18 million during the quarter, compared to analysts’ expectations of $631.47 million. During the same period last year, the firm posted $1.47 earnings per share. Griffon’s quarterly revenue was up .4% compared to the same quarter last year. Research analysts expect that Griffon Corporation will post 5.55 earnings per share for the current fiscal year.

Griffon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 16th. Investors of record on Friday, November 28th were issued a $0.22 dividend. This is a boost from Griffon’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.0%. Griffon’s payout ratio is presently 88.00%.

Institutional Investors Weigh In On Griffon

Several institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in shares of Griffon by 20.2% in the first quarter. Royal Bank of Canada now owns 94,955 shares of the conglomerate’s stock worth $6,790,000 after purchasing an additional 15,925 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Griffon by 9.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,447 shares of the conglomerate’s stock valued at $1,676,000 after acquiring an additional 2,047 shares during the period. NewEdge Advisors LLC purchased a new stake in shares of Griffon during the first quarter worth $49,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Griffon by 21.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,035 shares of the conglomerate’s stock worth $6,080,000 after acquiring an additional 14,764 shares during the period. Finally, Strs Ohio purchased a new position in shares of Griffon in the first quarter valued at $57,000. 73.22% of the stock is owned by hedge funds and other institutional investors.

Griffon Company Profile

Griffon Corporation (NYSE:GFF) is a diversified management and holding company whose subsidiaries design, manufacture and market products for residential, commercial and defense applications. Operating through three primary platforms—Home & Building Products, Defense Electronics and Specialty Industrial—Griffon’s portfolio spans consumer and industrial brands with a focus on long-lived products and recurring aftermarket opportunities.

In the Home & Building Products segment, Griffon’s Clopay Building Products division is a leading North American manufacturer of residential and commercial garage doors, specializing in steel, fiberglass and composite designs as well as decorative carriage-house styles.