Fortune Brands Innovations (NYSE:FBIN) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Fortune Brands Innovations (NYSE:FBIN) issued its quarterly earnings data on Thursday. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.12 by $0.04, Briefing.com reports. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 23.10%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the business posted $1.07 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. 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 Performance

Shares of FBIN stock traded up $6.57 during mid-day trading on Friday, hitting $78.74. The stock had a trading volume of 3,359,184 shares, compared to its average volume of 1,580,916. Fortune Brands Innovations has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The firm has a market cap of $9.85 billion, a PE ratio of 24.08, a PEG ratio of 2.62 and a beta of 1.52. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. The company’s 50-day simple moving average is $68.23 and its 200-day simple moving average is $74.81.

Fortune Brands Innovations Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have recently commented on FBIN. Robert W. Baird upped their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Barclays increased their target price on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a report on Friday. Truist Financial increased their target price on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Friday. Evercore ISI dropped 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 report on Wednesday, May 1st. Finally, The Goldman Sachs Group increased their price objective on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research report on Friday. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations presently has a consensus rating of “Hold” and an average price target of $83.11.

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.