Griffon Co. (NYSE:GFF) to Issue Dividend Increase – $0.09 Per Share

Griffon Co. (NYSE:GFF) declared a quarterly dividend on Tuesday, November 16th, RTT News reports. Stockholders of record on Monday, November 29th will be paid a dividend of 0.09 per share by the conglomerate on Thursday, December 16th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, November 26th. This is a positive change from Griffon’s previous quarterly dividend of $0.08.

Griffon has raised its dividend payment by 22.0% over the last three years and has raised its dividend every year for the last 9 years. Griffon has a dividend payout ratio of 20.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Griffon to earn $2.12 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 17.0%.

Shares of Griffon stock opened at $27.29 on Thursday. The stock has a 50 day moving average price of $25.47. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.68 and a current ratio of 2.57. Griffon has a 52-week low of $19.22 and a 52-week high of $29.19. The stock has a market cap of $1.54 billion, a P/E ratio of 18.44 and a beta of 1.89.

Griffon (NYSE:GFF) last released its earnings results on Tuesday, November 16th. The conglomerate reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.05). The company had revenue of $570.20 million for the quarter, compared to analysts’ expectations of $677.02 million. Griffon had a return on equity of 12.36% and a net margin of 3.22%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.44 EPS. As a group, equities research analysts expect that Griffon will post 1.82 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in GFF. Millennium Management LLC purchased a new stake in shares of Griffon in the 3rd quarter valued at $552,000. Royal Bank of Canada lifted its stake in shares of Griffon by 4.7% in the 3rd quarter. Royal Bank of Canada now owns 34,276 shares of the conglomerate’s stock valued at $844,000 after purchasing an additional 1,528 shares during the period. Morgan Stanley lifted its stake in shares of Griffon by 28.4% in the 2nd quarter. Morgan Stanley now owns 197,305 shares of the conglomerate’s stock valued at $5,057,000 after purchasing an additional 43,613 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Griffon by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 703,874 shares of the conglomerate’s stock valued at $17,315,000 after purchasing an additional 22,085 shares during the period. 72.67% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Griffon from a “hold” rating to a “strong sell” rating in a research report on Friday, November 19th. Robert W. Baird dropped their price objective on shares of Griffon from $36.00 to $34.00 and set an “outperform” rating on the stock in a report on Wednesday, November 17th. They noted that the move was a valuation call.

Griffon Company Profile

Griffon Corp. is a diversified management and holding company, which conducts business through its subsidiaries. It provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities. The company operates through three reportable segments: Consumer and Professional Products, Home and Building Products, and Defense Electronics.

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Dividend History for Griffon (NYSE:GFF)

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