Fortune Brands Innovations (NYSE:FBIN) Releases Earnings Results, Beats Expectations By $0.01 EPS

Fortune Brands Innovations (NYSE:FBIN) announced its quarterly earnings results on Wednesday. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.01, Briefing.com reports. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.44%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the company earned $1.19 earnings per share. Fortune Brands Innovations’s quarterly revenue 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 Stock Performance

NYSE:FBIN traded down $0.07 during trading hours on Friday, reaching $79.05. The company had a trading volume of 1,499,190 shares, compared to its average volume of 1,005,199. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of 22.27, a PEG ratio of 2.66 and a beta of 1.51. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The firm’s 50 day moving average price is $84.99 and its 200-day moving average price is $76.32. Fortune Brands Innovations has a 52 week low of $59.72 and a 52 week high of $90.54.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio is currently 27.04%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FBIN shares. Loop Capital lowered their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Friday, July 12th. Truist Financial raised their price objective on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday. Robert W. Baird reduced their target price on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday. BMO Capital Markets lifted 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 research report on Tuesday, October 22nd. Finally, Evercore ISI cut 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 report on Thursday. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Fortune Brands Innovations currently has a consensus rating of “Hold” and an average target price 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.