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

Fortune Brands Innovations (NYSE:FBIN) announced its quarterly earnings results on Wednesday. The company reported $1.16 earnings per share for the quarter, beating 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 business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the business posted $1.19 earnings per share. 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 Trading Down 6.1 %

NYSE:FBIN traded down $5.16 during mid-day trading on Thursday, reaching $79.12. The company’s stock had a trading volume of 2,843,790 shares, compared to its average volume of 1,184,639. Fortune Brands Innovations has a twelve month low of $59.72 and a twelve month high of $90.54. The company’s fifty day simple moving average is $84.99 and its two-hundred day simple moving average is $76.26. 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 has a market cap of $9.82 billion, a P/E ratio of 22.43, a P/E/G 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. Investors of record on Friday, November 22nd will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.21%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.20%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. BMO Capital Markets lifted their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. UBS Group reduced their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday. Truist Financial raised their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Royal Bank of Canada upped their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus 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.