Fortune Brands Innovations (NYSE:FBIN) Announces Earnings Results

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

Fortune Brands Innovations Trading Up 0.8 %

NYSE FBIN traded up $0.61 on Friday, hitting $79.73. 102,612 shares of the company were exchanged, compared to its average volume of 1,179,652. The firm has a market capitalization of $9.90 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 2.65 and a beta of 1.51. Fortune Brands Innovations has a twelve month low of $59.72 and a twelve month high of $90.54. 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 company’s 50 day moving average price is $85.00 and its 200-day moving average price is $76.28.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.20%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.04%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. UBS Group decreased their target price on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday. Robert W. Baird cut their price objective on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday. Jefferies Financial Group upped their price objective on shares of Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group lifted their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Evercore ISI decreased their price target 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. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and an average target price 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.