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

Fortune Brands Innovations (NYSE:FBIN) posted its earnings results on Wednesday. The company reported $1.16 earnings per share 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 return on equity of 22.93% and a net margin of 9.39%. The business’s quarterly revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.19 EPS. Fortune Brands Innovations updated its FY 2024 guidance to 4.170-4.230 EPS.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock traded down $5.16 during midday trading on Thursday, reaching $79.12. The company’s stock had a trading volume of 2,843,790 shares, compared to its average volume of 1,184,639. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34. Fortune Brands Innovations has a fifty-two week low of $59.72 and a fifty-two week high of $90.54. The firm has a market capitalization of $9.82 billion, a PE ratio of 22.43, a P/E/G ratio of 2.65 and a beta of 1.51. The stock’s 50 day simple moving average is $84.99 and its 200 day simple moving average is $76.26.

Fortune Brands Innovations Dividend Announcement

The firm also recently disclosed 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 1.21%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is 27.20%.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of research reports. UBS Group reduced their price objective on Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday. Robert W. Baird decreased their price target on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday. JPMorgan Chase & Co. upped their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. BMO Capital Markets raised their price target on Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada increased their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus 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.