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

Fortune Brands Innovations (NYSE:FBIN) issued its quarterly earnings results on Thursday. The company reported $1.16 EPS for the quarter, beating 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 company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter last year, the company posted $1.07 EPS. The firm’s revenue 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 Up 9.1 %

NYSE:FBIN traded up $6.57 during midday trading on Friday, hitting $78.74. 3,359,184 shares of the company were exchanged, compared to its average volume of 1,580,916. The company has a fifty day simple moving average of $68.23 and a 200 day simple moving average of $74.81. Fortune Brands Innovations has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $9.85 billion, a PE ratio of 24.08, a price-to-earnings-growth ratio of 2.62 and a beta of 1.52.

Fortune Brands Innovations Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have commented on FBIN. Robert W. Baird raised their price target on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Royal Bank of Canada raised their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday. Loop Capital decreased their price target on shares of 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. Barclays raised their price target on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Evercore ISI reduced 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 report on Wednesday, May 1st. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average 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.