Griffon hikes dividend by 6.7%

Griffon Corp (GFF) will raise its quarterly dividend by 6.7 percent to 8 cents per share in 2020. This follows a 3.4 percent increase to $0.075 per share announced in the fourth quarter of 2019. This marks 9 consecutive years of dividend increases by Griffon.

The next dividend is payable on December 17, 2020 to shareholders of record as of the close of business on November 25, 2020. A new annual rate of 32 cents yields 1.3% at a stock price of $19.71.

Griffon Corporation, founded in 1959, is a holding company. Griffon currently conducts its operations through three reportable segments: Consumer and Professional Products (CCP), Home and Building Products (HBP) and Defense Electronics. CPP conducts its operations through AMES, a manufacturer of branded consumer and professional tools and products for home storage and organization, landscaping, and enhancing outdoor lifestyles. CPP's brands include True Temper, AMES, and ClosetMaid. HBP conducts its operations through Clopay, a manufacturer and marketer of garage doors and rolling steel doors. Brands include Clopay, Ideal, Holmes and CornellCookson. Defense Electronics conducts its operations through Telephonics Corporation, a provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.