Fortune Brands Innovations (NYSE:FBIN) Announces Earnings Results

Fortune Brands Innovations (NYSE:FBIN) posted its earnings results on Thursday. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04, Briefing.com reports. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 23.10%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 earnings per share. Fortune Brands Innovations updated its FY24 guidance to $4.25-$4.35 EPS and its FY 2024 guidance to 4.250-4.350 EPS.

Fortune Brands Innovations Stock Up 9.1 %

Fortune Brands Innovations stock traded up $6.57 during mid-day trading on Friday, reaching $78.74. The company’s stock had a trading volume of 3,359,184 shares, compared to its average volume of 1,580,916. The business’s 50 day simple moving average is $68.23 and its 200 day simple moving average is $74.81. Fortune Brands Innovations has a 12 month low of $54.10 and a 12 month high of $84.92. The company has a market capitalization of $9.85 billion, a price-to-earnings ratio of 24.08, a price-to-earnings-growth ratio of 2.62 and a beta of 1.52. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04.

Fortune Brands Innovations Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Friday, August 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 29.36%.

Wall Street Analyst Weigh In

FBIN has been the topic of several research analyst reports. Loop Capital decreased their price objective on shares of 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. The Goldman Sachs Group upped their price objective on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday. Evercore ISI decreased their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Barclays upped their price objective on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Royal Bank of Canada upped their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $83.11.

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.