Wall Street analysts predict that Griffon Co. (NYSE:GFF) will report sales of $590.58 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Griffon’s earnings. The highest sales estimate is $603.03 million and the lowest is $582.60 million. Griffon reported sales of $430.80 million during the same quarter last year, which indicates a positive year-over-year growth rate of 37.1%. The firm is scheduled to issue its next earnings report after the market closes on Wednesday, November 14th.
According to Zacks, analysts expect that Griffon will report full year sales of $2.02 billion for the current year, with estimates ranging from $2.02 billion to $2.04 billion. For the next year, analysts anticipate that the company will report sales of $2.24 billion, with estimates ranging from $2.22 billion to $2.27 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Griffon.
Several equities research analysts recently issued reports on the stock. Goldman Sachs Group assumed coverage on shares of Griffon in a research report on Tuesday, October 2nd. They set a “neutral” rating and a $18.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on shares of Griffon in a research report on Tuesday, October 30th. They set an “underweight” rating for the company. ValuEngine upgraded shares of Griffon from a “sell” rating to a “hold” rating in a research report on Saturday, July 14th. Robert W. Baird set a $18.00 price objective on shares of Griffon and gave the stock a “hold” rating in a research report on Tuesday, October 16th. Finally, Deutsche Bank assumed coverage on shares of Griffon in a research report on Friday, September 21st. They set a “hold” rating and a $18.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Griffon currently has a consensus rating of “Hold” and an average price target of $18.00.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers increased its position in shares of Griffon by 3.8% during the second quarter. Rhumbline Advisers now owns 81,453 shares of the conglomerate’s stock valued at $1,450,000 after acquiring an additional 2,946 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Griffon by 34.8% during the second quarter. Cubist Systematic Strategies LLC now owns 13,714 shares of the conglomerate’s stock valued at $244,000 after acquiring an additional 3,542 shares during the last quarter. Comerica Bank increased its position in shares of Griffon by 12.2% during the second quarter. Comerica Bank now owns 35,568 shares of the conglomerate’s stock valued at $658,000 after acquiring an additional 3,871 shares during the last quarter. California Public Employees Retirement System increased its position in shares of Griffon by 5.7% during the first quarter. California Public Employees Retirement System now owns 73,124 shares of the conglomerate’s stock valued at $1,335,000 after acquiring an additional 3,953 shares during the last quarter. Finally, American International Group Inc. increased its position in shares of Griffon by 20.8% during the third quarter. American International Group Inc. now owns 27,075 shares of the conglomerate’s stock valued at $437,000 after acquiring an additional 4,655 shares during the last quarter. Institutional investors and hedge funds own 64.68% of the company’s stock.
Griffon stock traded down $0.07 during midday trading on Friday, hitting $12.62. 102,928 shares of the stock were exchanged, compared to its average volume of 164,118. Griffon has a fifty-two week low of $12.08 and a fifty-two week high of $24.50. The stock has a market cap of $597.10 million, a P/E ratio of 14.51 and a beta of 1.58. The company has a current ratio of 2.26, a quick ratio of 1.31 and a debt-to-equity ratio of 2.41.
Griffon announced that its Board of Directors has authorized a share repurchase plan on Wednesday, August 1st that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the conglomerate to repurchase up to 6.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
Griffon Company Profile
Griffon Corporation, through its wholly-owned subsidiaries, engages in home and building, telephonics, and plastic products businesses worldwide. Its Home & Building Products segment manufactures and markets long-handled tools and landscaping products for homeowners and professionals; and residential and commercial garage doors to professional dealers and home center retail chains.
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