Griffon (NYSE:GFF) Stock Price Down 5%

Griffon Co. (NYSE:GFF)’s stock price fell 5% during trading on Friday . The company traded as low as $38.67 and last traded at $38.70. 240,245 shares changed hands during trading, a decline of 50% from the average session volume of 475,884 shares. The stock had previously closed at $40.74.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on shares of Griffon in a research report on Thursday, August 17th. They set a “strong-buy” rating for the company.

Griffon Price Performance

The stock’s 50-day moving average is $41.37 and its 200 day moving average is $36.05. The company has a debt-to-equity ratio of 4.58, a current ratio of 2.96 and a quick ratio of 1.51. The company has a market cap of $2.12 billion, a PE ratio of -5.25 and a beta of 1.59.

Griffon (NYSE:GFF) last issued its quarterly earnings results on Wednesday, August 2nd. The conglomerate reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.30. Griffon had a negative net margin of 13.85% and a positive return on equity of 54.04%. The business had revenue of $683.40 million for the quarter, compared to analyst estimates of $703.86 million. During the same quarter in the prior year, the business posted $1.23 EPS. Griffon’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities analysts anticipate that Griffon Co. will post 4.14 earnings per share for the current fiscal year.

Griffon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 14th. Shareholders of record on Wednesday, August 23rd were paid a dividend of $0.125 per share. The ex-dividend date was Tuesday, August 22nd. This represents a $0.50 dividend on an annualized basis and a yield of 1.29%. Griffon’s payout ratio is -6.77%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Quadrant Capital Group LLC increased its stake in shares of Griffon by 530.3% in the second quarter. Quadrant Capital Group LLC now owns 769 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 647 shares during the period. Quarry LP increased its stake in shares of Griffon by 931.0% in the first quarter. Quarry LP now owns 1,165 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 1,052 shares during the period. Covestor Ltd increased its stake in shares of Griffon by 128.6% in the second quarter. Covestor Ltd now owns 944 shares of the conglomerate’s stock worth $38,000 after acquiring an additional 531 shares during the period. Captrust Financial Advisors increased its stake in shares of Griffon by 64.5% in the first quarter. Captrust Financial Advisors now owns 2,754 shares of the conglomerate’s stock worth $55,000 after acquiring an additional 1,080 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Griffon in the second quarter worth $80,000. Institutional investors and hedge funds own 73.88% of the company’s stock.

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. 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.