Fortune Brands Innovations (NYSE:FBIN) Announces Quarterly Earnings Results

Fortune Brands Innovations (NYSE:FBIN) posted its earnings results on Wednesday. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01, Briefing.com reports. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the business earned $1.19 EPS. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. Fortune Brands Innovations updated its FY 2024 guidance to 4.170-4.230 EPS.

Fortune Brands Innovations Stock Performance

Shares of FBIN traded down $5.16 on Thursday, reaching $79.12. The company’s stock had a trading volume of 2,843,790 shares, compared to its average volume of 1,184,638. Fortune Brands Innovations has a 12-month low of $59.72 and a 12-month high of $90.54. The stock has a market capitalization of $9.82 billion, a P/E ratio of 22.43, a PEG ratio of 2.65 and a beta of 1.51. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. The stock’s 50 day simple moving average is $84.99 and its two-hundred day simple moving average is $76.26.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.20%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FBIN. BMO Capital Markets upped their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group increased their price target on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI decreased their target price on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a research note on Thursday. Robert W. Baird dropped their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Loop Capital cut their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $91.36.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.