Fortune Brands Innovations, Inc. (NYSE:FBIN) Announces Dividend Increase – $0.25 Per Share

Fortune Brands Innovations, Inc. (NYSE:FBIN) announced a quarterly dividend on Wednesday, December 11th,Wall Street Journal reports. Stockholders of record on Friday, February 21st will be given a dividend of 0.25 per share on Wednesday, March 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Fortune Brands Innovations’s previous quarterly dividend of $0.24.

Fortune Brands Innovations has decreased its dividend by an average of 1.4% annually over the last three years. Fortune Brands Innovations has a payout ratio of 21.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Fortune Brands Innovations to earn $4.53 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 21.2%.

Fortune Brands Innovations Stock Up 0.9 %

Shares of NYSE FBIN traded up $0.73 during mid-day trading on Wednesday, reaching $78.36. The company had a trading volume of 655,283 shares, compared to its average volume of 1,185,203. The stock has a fifty day moving average of $82.27 and a two-hundred day moving average of $76.99. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.69 and a current ratio of 1.32. The company has a market capitalization of $9.73 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 2.53 and a beta of 1.48. Fortune Brands Innovations has a 12-month low of $62.54 and a 12-month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.01. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.19 earnings per share. As a group, equities research analysts expect that Fortune Brands Innovations will post 4.19 EPS for the current year.

Analyst Ratings Changes

FBIN has been the topic of several analyst reports. Truist Financial increased their price target on Fortune Brands Innovations from $82.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Evercore ISI lowered their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group raised their price objective on shares of Fortune Brands Innovations from $86.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Robert W. Baird lowered 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, November 7th. Finally, BMO Capital Markets raised their price objective on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus 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.