Fortune Brands Innovations, Inc. Declares Quarterly Dividend of $0.24 (NYSE:FBIN)

Fortune Brands Innovations, Inc. (NYSE:FBIN) declared a quarterly dividend on Monday, September 23rd,Wall Street Journal reports. Investors of record on Friday, November 22nd will be paid a dividend of 0.24 per share on Wednesday, December 11th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Friday, November 22nd.

Fortune Brands Innovations has decreased its dividend payment by an average of 1.4% per year over the last three years. Fortune Brands Innovations has a payout ratio of 21.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Fortune Brands Innovations to earn $4.60 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 20.9%.

Fortune Brands Innovations Trading Down 1.0 %

FBIN stock opened at $73.56 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 20.72, a P/E/G ratio of 2.37 and a beta of 1.51. Fortune Brands Innovations has a fifty-two week low of $62.54 and a fifty-two week high of $90.54. The business has a fifty day moving average price of $84.62 and a 200 day moving average price of $76.46.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a return on equity of 22.22% and a net margin of 9.61%. Fortune Brands Innovations’s revenue was down 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.19 earnings per share. Analysts expect that Fortune Brands Innovations will post 4.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FBIN. Royal Bank of Canada raised their price target on shares of 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. Evercore ISI lowered their price objective on shares of Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday, November 7th. BMO Capital Markets increased their price target on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. Jefferies Financial Group upped their price target on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, The Goldman Sachs Group increased their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $91.36.

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.