Fortune Brands Innovations (NYSE:FBIN) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

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

Fortune Brands Innovations Trading Down 6.1 %

FBIN traded down $5.16 on Thursday, hitting $79.12. The company had a trading volume of 2,843,790 shares, compared to its average volume of 1,184,638. The business’s fifty day simple moving average is $84.99 and its 200 day simple moving average is $76.26. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. Fortune Brands Innovations has a 12-month low of $59.72 and a 12-month high of $90.54. The company has a market cap of $9.82 billion, a PE ratio of 22.43, a PEG ratio of 2.65 and a beta of 1.51.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.24 per share. 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 is 27.20%.

Analysts Set New Price Targets

FBIN has been the subject of a number of analyst reports. Robert W. Baird reduced their price objective on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday. Royal Bank of Canada increased their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Jefferies Financial Group boosted their price objective on Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Loop Capital cut their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Finally, Evercore ISI cut their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and an average price target of $91.36.

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.