Griffon (NYSE:GFF) Upgraded to “Strong-Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Griffon (NYSE:GFFGet Rating) from a hold rating to a strong-buy rating in a report released on Wednesday morning, Zacks.com reports. The brokerage currently has $26.00 price objective on the conglomerate’s stock.

According to Zacks, “Griffon Corporation ( GFF ) is a diversified management and holding company conducting business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital. Griffon currently conducts its operations through three reportable segments: Home & Building Product, Telephonics Corporation and Clopay Plastic Products. Griffon Corporation is listed on the New York Stock Exchanges and trades under the symbol GFF. “

Several other equities analysts have also commented on GFF. StockNews.com started coverage on Griffon in a report on Thursday, March 31st. They issued a hold rating on the stock. Raymond James raised Griffon from an outperform rating to a strong-buy rating and increased their target price for the company from $33.00 to $40.00 in a report on Monday. Finally, Robert W. Baird increased their target price on Griffon from $32.00 to $40.00 in a report on Friday, April 29th.

Griffon stock opened at $24.26 on Wednesday. Griffon has a twelve month low of $17.56 and a twelve month high of $29.42. The stock’s fifty day simple moving average is $20.71 and its 200-day simple moving average is $23.88. The company has a current ratio of 2.83, a quick ratio of 1.65 and a debt-to-equity ratio of 2.20. The firm has a market capitalization of $1.38 billion, a P/E ratio of 11.03 and a beta of 1.73.

Griffon (NYSE:GFFGet Rating) last posted its quarterly earnings data on Thursday, April 28th. The conglomerate reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $1.05. The business had revenue of $779.60 million for the quarter, compared to analyst estimates of $668.92 million. Griffon had a return on equity of 16.52% and a net margin of 4.54%. The company’s revenue was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 earnings per share. Sell-side analysts predict that Griffon will post 2.87 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 16th. Shareholders of record on Thursday, May 19th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend is Wednesday, May 18th. Griffon’s payout ratio is 16.36%.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC boosted its stake in shares of Griffon by 1.2% during the third quarter. Voya Investment Management LLC now owns 30,842 shares of the conglomerate’s stock worth $759,000 after buying an additional 354 shares during the period. Comerica Bank boosted its stake in shares of Griffon by 1.0% during the third quarter. Comerica Bank now owns 43,138 shares of the conglomerate’s stock worth $1,143,000 after buying an additional 426 shares during the period. California State Teachers Retirement System boosted its stake in shares of Griffon by 0.9% during the third quarter. California State Teachers Retirement System now owns 64,572 shares of the conglomerate’s stock worth $1,588,000 after buying an additional 547 shares during the period. State of Tennessee Treasury Department boosted its stake in shares of Griffon by 2.0% during the fourth quarter. State of Tennessee Treasury Department now owns 29,184 shares of the conglomerate’s stock worth $831,000 after buying an additional 580 shares during the period. Finally, Public Sector Pension Investment Board lifted its position in Griffon by 0.8% in the fourth quarter. Public Sector Pension Investment Board now owns 96,965 shares of the conglomerate’s stock valued at $2,762,000 after purchasing an additional 770 shares during the period. Institutional investors and hedge funds own 84.39% of the company’s stock.

About Griffon (Get Rating)

Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. Its Consumer and Professional Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; 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; wheelbarrows and lawn carts; snow, striking, and hand tools; planters and lawn accessories; garden hoses; and pruners, loppers, shears, and other tools, as well as cleaning products for professional, home, and industrial use.

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