Zacks: Analysts Expect Griffon Co. (GFF) Will Post Earnings of $0.14 Per Share

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Brokerages forecast that Griffon Co. (NYSE:GFF) will post $0.14 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Griffon’s earnings, with the lowest EPS estimate coming in at $0.12 and the highest estimate coming in at $0.16. Griffon reported earnings of $0.06 per share during the same quarter last year, which would suggest a positive year over year growth rate of 133.3%. The business is expected to announce its next quarterly earnings results on Thursday, May 2nd.

On average, analysts expect that Griffon will report full-year earnings of $1.02 per share for the current fiscal year, with EPS estimates ranging from $0.90 to $1.11. For the next year, analysts expect that the business will report earnings of $1.35 per share, with EPS estimates ranging from $1.22 to $1.42. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Griffon.

Griffon (NYSE:GFF) last announced its quarterly earnings results on Thursday, January 31st. The conglomerate reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.14. The firm had revenue of $510.52 million for the quarter, compared to the consensus estimate of $518.74 million. Griffon had a return on equity of 8.25% and a net margin of 5.04%.

A number of research analysts have weighed in on the company. Zacks Investment Research raised Griffon from a “hold” rating to a “strong-buy” rating and set a $19.00 target price on the stock in a report on Wednesday. Robert W. Baird set a $17.00 target price on Griffon and gave the company a “hold” rating in a report on Saturday, February 2nd. JPMorgan Chase & Co. assumed coverage on Griffon in a report on Tuesday, October 30th. They issued an “underweight” rating on the stock. Finally, Sidoti lowered their target price on Griffon from $26.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $18.20.

GFF stock traded down $0.10 during trading on Friday, reaching $16.40. The stock had a trading volume of 289,923 shares, compared to its average volume of 319,463. Griffon has a 52 week low of $9.65 and a 52 week high of $23.55. The company has a debt-to-equity ratio of 2.42, a quick ratio of 1.26 and a current ratio of 2.50. The company has a market cap of $771.60 million, a price-to-earnings ratio of 21.58 and a beta of 2.04.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 21st. Shareholders of record on Thursday, February 21st will be given a $0.0725 dividend. This represents a $0.29 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Wednesday, February 20th. Griffon’s payout ratio is 38.16%.

In related news, CEO Ronald J. Kramer purchased 5,000 shares of Griffon stock in a transaction on Wednesday, November 21st. The stock was acquired at an average price of $12.72 per share, for a total transaction of $63,600.00. Following the completion of the transaction, the chief executive officer now directly owns 2,295,933 shares in the company, valued at approximately $29,204,267.76. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ronald J. Kramer purchased 19,997 shares of Griffon stock in a transaction on Friday, November 16th. The stock was bought at an average price of $12.20 per share, with a total value of $243,963.40. Following the transaction, the chief executive officer now owns 2,280,933 shares of the company’s stock, valued at $27,827,382.60. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 95,044 shares of company stock valued at $1,156,164. Company insiders own 10.60% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its position in Griffon by 2.6% in the fourth quarter. BlackRock Inc. now owns 4,976,297 shares of the conglomerate’s stock worth $52,004,000 after buying an additional 125,129 shares in the last quarter. New York State Common Retirement Fund increased its position in Griffon by 19.2% in the fourth quarter. New York State Common Retirement Fund now owns 37,200 shares of the conglomerate’s stock worth $389,000 after buying an additional 6,000 shares in the last quarter. California Public Employees Retirement System increased its position in Griffon by 9.4% in the fourth quarter. California Public Employees Retirement System now owns 91,018 shares of the conglomerate’s stock worth $951,000 after buying an additional 7,828 shares in the last quarter. Oregon Public Employees Retirement Fund purchased a new stake in Griffon in the fourth quarter worth about $134,000. Finally, ETF Managers Group LLC increased its position in Griffon by 43.2% in the fourth quarter. ETF Managers Group LLC now owns 34,942 shares of the conglomerate’s stock worth $365,000 after buying an additional 10,541 shares in the last quarter. Institutional investors and hedge funds own 65.66% of the company’s stock.

Griffon Company Profile

Griffon Corporation, through its subsidiaries, engages in the home and building products, and defense electronics businesses primarily in the United States, Canada, Australia, the United Kingdom, Mexico, and China. The company's Home & Building Products segment manufactures and markets wood and wire closet organization, general living storage, and wire garage storage products to home center retail chains, mass merchandisers, and direct-to builder professional installers; residential and commercial garage doors to professional dealers and various home center retail chains; and rolling steel door and grille products designed for commercial, industrial, institutional, and retail uses, as well as long-handled tools and landscaping products for homeowners and professionals.

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