Fortune Brands Innovations (NYSE:FBIN) Announces Earnings Results

Fortune Brands Innovations (NYSE:FBIN) issued its quarterly earnings results on Tuesday. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07, Yahoo Finance reports. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The business’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.69 EPS. Fortune Brands Innovations updated its FY24 guidance to $4.20 to $4.40 EPS and its FY 2024 guidance to 4.200-4.400 EPS.

Fortune Brands Innovations Stock Down 3.4 %

Fortune Brands Innovations stock traded down $2.46 during trading hours on Wednesday, hitting $70.64. The company had a trading volume of 1,224,977 shares, compared to its average volume of 1,066,348. The firm has a market capitalization of $8.88 billion, a P/E ratio of 22.26, a price-to-earnings-growth ratio of 2.14 and a beta of 1.57. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.70 and a quick ratio of 0.89. The firm’s fifty day moving average is $79.63 and its 200-day moving average is $74.16. Fortune Brands Innovations has a fifty-two week low of $54.10 and a fifty-two week high of $84.92.

Insiders Place Their Bets

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $81.10, for a total value of $162,200.00. Following the completion of the sale, the director now directly owns 2,435 shares of the company’s stock, valued at $197,478.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FBIN shares. Evercore ISI reduced their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research note on Wednesday. Oppenheimer assumed coverage on shares of Fortune Brands Innovations in a research note on Friday, January 19th. They set a “market perform” rating for the company. BMO Capital Markets reissued a “market perform” rating and set a $82.00 target price (up from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Barclays increased their target price on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. Finally, Robert W. Baird increased their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $79.22.

Fortune Brands Innovations Company Profile

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.