Fortune Brands Innovations (NYSE:FBIN) Updates FY24 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.20 to $4.40 for the period, compared to the consensus earnings per share estimate of $4.29. The company issued revenue guidance of approx $4.79 billion to $4.88 billion, compared to the consensus revenue estimate of $4.85 billion. Fortune Brands Innovations also updated its FY 2024 guidance to 4.200-4.400 EPS.

Analysts Set New Price Targets

FBIN has been the subject of several recent analyst reports. Robert W. Baird decreased their target price on Fortune Brands Innovations from $86.00 to $85.00 and set a neutral rating for the company in a research note on Thursday, April 18th. BMO Capital Markets reiterated a market perform rating and set a $82.00 target price (up previously from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Barclays increased their target price on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. Finally, Oppenheimer assumed coverage on shares of Fortune Brands Innovations in a research note on Friday, January 19th. They set a market perform rating for the company. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $79.25.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded down $2.15 during trading on Tuesday, reaching $73.10. 1,238,839 shares of the company’s stock traded hands, compared to its average volume of 1,065,721. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.70 and a quick ratio of 0.89. Fortune Brands Innovations has a 12 month low of $54.10 and a 12 month high of $84.92. The company has a 50 day moving average of $79.63 and a 200-day moving average of $74.16. The stock has a market capitalization of $9.19 billion, a P/E ratio of 23.06, a price-to-earnings-growth ratio of 2.11 and a beta of 1.57.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, January 30th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.02. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.07 EPS. On average, equities analysts expect that Fortune Brands Innovations will post 4.27 EPS for the current year.

Insider Activity at Fortune Brands Innovations

In related news, Director Ronald V. Waters sold 2,000 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $81.10, for a total transaction of $162,200.00. Following the completion of the sale, the director now directly owns 2,435 shares of the company’s stock, valued at $197,478.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.99% of the company’s stock.

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.