Fortune Brands Innovations (NYSE:FBIN) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Fortune Brands Innovations (NYSE:FBIN) released its earnings results on Thursday. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.04, Briefing.com reports. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the firm posted $1.07 EPS. The firm’s quarterly 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 Trading Up 9.1 %

Fortune Brands Innovations stock traded up $6.57 during midday trading on Friday, reaching $78.74. 3,359,184 shares of the stock traded hands, compared to its average volume of 1,220,107. The company has a 50-day simple moving average of $68.23 and a two-hundred day simple moving average of $74.83. 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 firm has a market cap of $9.85 billion, a PE ratio of 24.08, a price-to-earnings-growth ratio of 1.92 and a beta of 1.52. Fortune Brands Innovations has a 12-month low of $54.10 and a 12-month high of $84.92.

Fortune Brands Innovations Announces Dividend

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

Analyst Ratings Changes

Several research firms have recently issued reports on FBIN. Truist Financial lifted their price objective on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada lifted their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday. Loop Capital lowered their target price on shares of 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. The Goldman Sachs Group lifted their price objective on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a report on Friday. Finally, Robert W. Baird lifted their price objective on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price 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.