Fortune Brands Innovations (NYSE:FBIN) Announces Earnings Results

Fortune Brands Innovations (NYSE:FBIN) posted its quarterly earnings data on Tuesday. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07, Yahoo Finance reports. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 23.01%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the firm earned $0.69 earnings per share. The business’s quarterly revenue was up 6.7% on a year-over-year basis. Fortune Brands Innovations updated its FY24 guidance to $4.20 to $4.40 EPS and its FY 2024 guidance to 4.200-4.400 EPS.

Fortune Brands Innovations Trading Up 0.5 %

NYSE:FBIN opened at $71.44 on Thursday. The stock’s 50 day moving average price is $79.51 and its 200 day moving average price is $74.26. Fortune Brands Innovations has a 52 week low of $54.10 and a 52 week high of $84.92. The company has a market capitalization of $8.98 billion, a P/E ratio of 21.75, a P/E/G ratio of 2.08 and a beta of 1.58. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.89 and a current ratio of 1.70.

Wall Street Analyst Weigh In

A number of analysts have commented on FBIN shares. BMO Capital Markets reaffirmed a “market perform” rating and set a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Robert W. Baird upped their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday. Oppenheimer started coverage on shares of Fortune Brands Innovations in a research report on Friday, January 19th. They issued a “market perform” rating for the company. Evercore ISI reduced their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday. Finally, Barclays increased their price target on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus price target of $79.22.

Insider Buying and Selling

In related news, Director Ronald V. Waters sold 2,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $81.10, for a total value of $162,200.00. Following the transaction, the director now owns 2,435 shares in the company, valued at $197,478.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is currently owned by corporate insiders.

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.