Griffon Co. Plans Quarterly Dividend of $0.15 (NYSE:GFF)

Griffon Co. (NYSE:GFF) declared a quarterly dividend on Wednesday, August 7th, RTT News reports. Shareholders of record on Wednesday, August 28th will be given a dividend of 0.15 per share by the conglomerate on Thursday, September 19th. This represents a $0.60 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Wednesday, August 28th.

Griffon has increased its dividend by an average of 17.9% annually over the last three years and has increased its dividend every year for the last 11 years. Griffon has a payout ratio of 10.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Griffon to earn $6.03 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 10.0%.

Griffon Stock Performance

NYSE:GFF opened at $66.48 on Tuesday. The company has a fifty day simple moving average of $65.95 and a two-hundred day simple moving average of $67.78. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 17.54 and a beta of 1.29. The company has a quick ratio of 1.56, a current ratio of 2.78 and a debt-to-equity ratio of 7.80. Griffon has a 52 week low of $38.33 and a 52 week high of $77.99.

Griffon (NYSE:GFF) last posted its quarterly earnings results on Wednesday, August 7th. The conglomerate reported $1.24 EPS for the quarter, missing the consensus estimate of $1.31 by ($0.07). The business had revenue of $647.80 million during the quarter, compared to analyst estimates of $688.94 million. Griffon had a return on equity of 90.02% and a net margin of 7.48%. The business’s revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.29 EPS. As a group, equities analysts anticipate that Griffon will post 5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on GFF. Robert W. Baird decreased their price objective on shares of Griffon from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. StockNews.com cut shares of Griffon from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $80.33.

Insider Transactions at Griffon

In related news, CEO Ronald J. Kramer sold 100,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $67.07, for a total value of $6,707,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,500,746 shares of the company’s stock, valued at $167,725,034.22. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Ronald J. Kramer sold 100,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $67.07, for a total value of $6,707,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,500,746 shares of the company’s stock, valued at $167,725,034.22. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kevin F. Sullivan sold 12,447 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $65.00, for a total transaction of $809,055.00. Following the completion of the sale, the director now directly owns 50,390 shares of the company’s stock, valued at $3,275,350. The disclosure for this sale can be found here. In the last three months, insiders sold 125,447 shares of company stock valued at $8,385,495. Insiders own 16.10% of the company’s stock.

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.