Griffon Co. (NYSE:GFF) Announces Quarterly Dividend of $0.18

Griffon Co. (NYSE:GFF) announced a quarterly dividend on Wednesday, November 13th,RTT News reports. Stockholders of record on Monday, November 25th will be given a dividend of 0.18 per share by the conglomerate on Wednesday, December 18th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.90%. This is a positive change from Griffon’s previous quarterly dividend of $0.15.

Griffon has raised its dividend payment by an average of 17.9% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. Griffon has a payout ratio of 10.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Griffon to earn $5.69 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 10.5%.

Griffon Trading Up 17.9 %

GFF stock traded up $12.17 on Wednesday, reaching $80.29. The company’s stock had a trading volume of 1,366,068 shares, compared to its average volume of 430,107. The business has a fifty day simple moving average of $66.68 and a two-hundred day simple moving average of $66.60. Griffon has a 12-month low of $44.03 and a 12-month high of $80.85. The firm has a market cap of $3.96 billion, a PE ratio of 20.92 and a beta of 1.31. The company has a debt-to-equity ratio of 6.71, a quick ratio of 1.39 and a current ratio of 2.50.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Robert W. Baird raised their price target on Griffon from $84.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st. StockNews.com raised Griffon from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Finally, Stephens reissued an “overweight” rating and set a $85.00 price objective on shares of Griffon in a research report on Tuesday, September 10th. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $83.50.

Insider Buying and Selling at Griffon

In other news, CEO Ronald J. Kramer sold 100,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $62.26, for a total transaction of $6,226,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,260,746 shares in the company, valued at $140,754,045.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ronald J. Kramer sold 100,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $62.26, for a total transaction of $6,226,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,260,746 shares in the company, valued at $140,754,045.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kevin F. Sullivan sold 12,447 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $65.00, for a total value of $809,055.00. Following the transaction, the director now owns 50,390 shares of the company’s stock, valued at $3,275,350. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 260,464 shares of company stock valued at $17,244,450. 16.10% of the stock is currently owned by company insiders.

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. 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.