Griffon (GFF) Outperforms Broader Market: What You Need to Know
Griffon (GFF) closed the latest trading day at $59.09, indicating a +1.42% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily gain of 1.25%. Meanwhile, the Dow experienced a rise of 0.97%, and the technology-dominated Nasdaq saw an increase of 1.3%.
Heading into today, shares of the garage door and building products maker had gained 0.52% over the past month, outpacing the Conglomerates sector's loss of 5.17% and lagging the S&P 500's gain of 1.58% in that time.
The investment community will be closely monitoring the performance of Griffon in its forthcoming earnings report. The company is scheduled to release its earnings on February 7, 2024. On that day, Griffon is projected to report earnings of $0.78 per share, which would represent a year-over-year decline of 9.3%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $597.26 million, down 8.03% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $4.62 per share and a revenue of $2.6 billion, signifying shifts of +1.76% and -3.16%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Griffon. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, Griffon boasts a Zacks Rank of #4 (Sell).
Digging into valuation, Griffon currently has a Forward P/E ratio of 12.6. This expresses a discount compared to the average Forward P/E of 15.71 of its industry.
The Diversified Operations industry is part of the Conglomerates sector. With its current Zacks Industry Rank of 90, this industry ranks in the top 36% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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Griffon Corporation (GFF) : Free Stock Analysis Report
