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Griffon (GFF) Unit Acquires Pope, Boosts Product Offerings
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Griffon Corporation’s (GFF - Free Report) subsidiary, The AMES Companies, Inc., recently completed the acquisition of Pope from The Toro Company (TTC - Free Report) . The financial terms of the transaction have been kept under wraps.
Griffon’s shares inched up 0.3% yesterday to eventually close the trading session at $64.07.
Headquartered in Beverley, Adelaide, Pope provides a wide range of garden watering and irrigation products that cater to the needs of Australian gardeners. Some of the notable products offered by the company include hoses, sprinklers, hand sprays & wands, hose end fittings, tap timers as well as reels, carts and hangers.
Rationale Behind the Acquisition
The latest buyout is in sync with AMES’ policy of acquiring businesses to expand its market share and customer base. The inclusion of Pope’s expertise in residential watering products, coupled with its strong innovation capabilities, will enable AMES to boost its product portfolio in Australia.
Griffon believes that the acquisition will contribute about $25 million to its annualized revenues. It is also anticipated to be accretive to GFF’s earnings in the first year of possession.
Zacks Rank, Price Performance and Estimate Revisions
Griffon, with approximately $3.2 billion market capitalization, currently sports a Zacks Rank #1 (Strong Buy). The company has been benefiting from increased demand for housing, higher repair and remodel activities and solid commercial construction demand. Improving customer orders, and favorable pricing and mix in both commercial and residential markets are likely to drive its performance in the upcoming quarters.
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In the past year, the company’s shares have gained 57.3% compared with the industry’s 11.6% growth.
The Zacks Consensus Estimate for earnings is pegged at $5.00 per share for fiscal 2024 (ending September 2024), indicating an increase of 10.6% from the 60-day-ago figure.
Other Stocks to Consider
A couple of other top-ranked companies from the same space are discussed below:
It delivered a trailing four-quarter average earnings surprise of 17%. In the past 30 days, the Zacks Consensus Estimate for CSL’s 2024 earnings has increased 2.2%.
ITT Inc. (ITT - Free Report) currently carries a Zacks Rank of 2. It delivered a trailing four-quarter average earnings surprise of 6.5%. In the past 30 days, the consensus estimate for ITT’s 2024 earnings has remained stable.
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Griffon (GFF) Unit Acquires Pope, Boosts Product Offerings
Griffon Corporation’s (GFF - Free Report) subsidiary, The AMES Companies, Inc., recently completed the acquisition of Pope from The Toro Company (TTC - Free Report) . The financial terms of the transaction have been kept under wraps.
Griffon’s shares inched up 0.3% yesterday to eventually close the trading session at $64.07.
Headquartered in Beverley, Adelaide, Pope provides a wide range of garden watering and irrigation products that cater to the needs of Australian gardeners. Some of the notable products offered by the company include hoses, sprinklers, hand sprays & wands, hose end fittings, tap timers as well as reels, carts and hangers.
Rationale Behind the Acquisition
The latest buyout is in sync with AMES’ policy of acquiring businesses to expand its market share and customer base. The inclusion of Pope’s expertise in residential watering products, coupled with its strong innovation capabilities, will enable AMES to boost its product portfolio in Australia.
Griffon believes that the acquisition will contribute about $25 million to its annualized revenues. It is also anticipated to be accretive to GFF’s earnings in the first year of possession.
Zacks Rank, Price Performance and Estimate Revisions
Griffon, with approximately $3.2 billion market capitalization, currently sports a Zacks Rank #1 (Strong Buy). The company has been benefiting from increased demand for housing, higher repair and remodel activities and solid commercial construction demand. Improving customer orders, and favorable pricing and mix in both commercial and residential markets are likely to drive its performance in the upcoming quarters.
Image Source: Zacks Investment Research
In the past year, the company’s shares have gained 57.3% compared with the industry’s 11.6% growth.
The Zacks Consensus Estimate for earnings is pegged at $5.00 per share for fiscal 2024 (ending September 2024), indicating an increase of 10.6% from the 60-day-ago figure.
Other Stocks to Consider
A couple of other top-ranked companies from the same space are discussed below:
Carlisle Companies Incorporated (CSL - Free Report) presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
It delivered a trailing four-quarter average earnings surprise of 17%. In the past 30 days, the Zacks Consensus Estimate for CSL’s 2024 earnings has increased 2.2%.
ITT Inc. (ITT - Free Report) currently carries a Zacks Rank of 2. It delivered a trailing four-quarter average earnings surprise of 6.5%. In the past 30 days, the consensus estimate for ITT’s 2024 earnings has remained stable.