Why Shares of Griffon Are Down 19% Today
Shares of diversified conglomerate Griffon (NYSE: GFF) plunged 19% as of noon EST today. The company reported earnings for the fiscal fourth quarter and full year after the close yesterday.
Griffon reported a quarterly revenue increase of 15% and raised its quarterly dividend by 6.7%. So why are investors abandoning the stock today? It may be because they didn't get a boost of confidence from management.
The company operates under three business segments. Its consumer and professional products (CPP) segment consists of The AMES Companies. The maker of hand tools and products for home landscaping and care was founded in Massachusetts in 1774 and is one of the oldest continuously operating U.S. businesses.
Source Fool.com
