Brokerages Set Griffon Co. (NYSE:GFF) Target Price at $80.33

Shares of Griffon Co. (NYSE:GFF) have been assigned an average rating of “Buy” from the four brokerages that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $81.50.

Several equities research analysts recently issued reports on the stock. Robert W. Baird decreased their target price on shares of Griffon from $86.00 to $84.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Stephens reiterated an “overweight” rating and issued a $85.00 price target on shares of Griffon in a report on Tuesday. Finally, StockNews.com downgraded Griffon from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th.

Insider Activity at Griffon

In other Griffon news, Director Kevin F. Sullivan sold 12,447 shares of the company’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 value of $809,055.00. Following the completion of the transaction, the director now owns 50,390 shares in the company, valued at approximately $3,275,350. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 16.10% of the company’s stock.

Hedge Funds Weigh In On Griffon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GFF. Point72 Asset Management L.P. boosted its stake in shares of Griffon by 6.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 270,805 shares of the conglomerate’s stock valued at $17,294,000 after buying an additional 16,740 shares during the last quarter. Quarry LP boosted its stake in Griffon by 98.7% during the 2nd quarter. Quarry LP now owns 777 shares of the conglomerate’s stock valued at $50,000 after acquiring an additional 386 shares during the last quarter. Algert Global LLC grew its holdings in Griffon by 94.3% during the 2nd quarter. Algert Global LLC now owns 128,870 shares of the conglomerate’s stock worth $8,230,000 after acquiring an additional 62,559 shares in the last quarter. Barington Capital Group L.P. increased its position in shares of Griffon by 50.0% in the 2nd quarter. Barington Capital Group L.P. now owns 30,000 shares of the conglomerate’s stock worth $1,916,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Caxton Associates LP raised its stake in shares of Griffon by 14.0% in the 2nd quarter. Caxton Associates LP now owns 36,687 shares of the conglomerate’s stock valued at $2,343,000 after purchasing an additional 4,498 shares in the last quarter. 73.22% of the stock is owned by hedge funds and other institutional investors.

Griffon Stock Performance

Shares of GFF opened at $64.86 on Tuesday. Griffon has a 1 year low of $38.33 and a 1 year high of $77.99. The company’s 50 day simple moving average is $65.85 and its 200 day simple moving average is $67.45. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 17.11 and a beta of 1.30. The company has a debt-to-equity ratio of 6.71, a quick ratio of 1.39 and a current ratio of 2.50.

Griffon (NYSE:GFF) last announced its quarterly earnings data on Wednesday, August 7th. The conglomerate reported $1.24 EPS for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.07). Griffon had a net margin of 7.27% and a return on equity of 96.05%. The business had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $688.94 million. During the same period in the prior year, the firm earned $1.29 EPS. Griffon’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, sell-side analysts predict that Griffon will post 4.83 EPS for the current year.

Griffon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 28th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend is Wednesday, August 28th. Griffon’s payout ratio is currently 15.83%.

Griffon Company Profile

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.