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

Fortune Brands Innovations (NYSE:FBIN) announced its quarterly earnings results on Thursday. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04, Briefing.com reports. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a return on equity of 23.10% and a net margin of 9.39%. Fortune Brands Innovations’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.07 earnings per share. 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 Stock Up 9.1 %

Shares of FBIN stock traded up $6.57 during trading hours on Friday, reaching $78.74. 3,359,184 shares of the company’s stock were exchanged, compared to its average volume of 1,580,916. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 24.08, a P/E/G ratio of 2.40 and a beta of 1.52. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33. Fortune Brands Innovations has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The stock’s 50 day moving average is $68.23 and its 200-day moving average is $74.83.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Friday, August 23rd. Fortune Brands Innovations’s payout ratio is presently 29.36%.

Analysts Set New Price Targets

A number of brokerages recently commented on FBIN. Robert W. Baird boosted their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Royal Bank of Canada boosted 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 reduced their price objective 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. Truist Financial boosted their price objective on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Barclays boosted their price objective on shares of Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus 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.