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

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

Griffon has raised its dividend by an average of 17.9% annually over the last three years and has raised 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. Research 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 Trading Up 4.1 %

Shares of GFF stock opened at $66.93 on Monday. The company has a 50-day moving average of $65.93 and a two-hundred day moving average of $67.79. The firm has a market cap of $3.32 billion, a PE ratio of 17.66 and a beta of 1.29. Griffon has a 1-year low of $38.33 and a 1-year high of $77.99. The company has a debt-to-equity ratio of 7.80, a current ratio of 2.78 and a quick ratio of 1.56.

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

Insider Activity

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

Analyst Ratings Changes

Several research firms recently issued reports on GFF. Robert W. Baird cut their price objective on Griffon from $86.00 to $84.00 and set an “outperform” rating on the stock in a 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Griffon currently has a consensus rating of “Buy” and a consensus price target of $80.33.

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.