Fortune Brands Innovations (NYSE:FBIN) Updates FY 2024 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 4.250-4.350 for the period, compared to the consensus earnings per share estimate of 4.280. The company issued revenue guidance of $4.7 billion-$4.8 billion, compared to the consensus revenue estimate of $4.9 billion. Fortune Brands Innovations also updated its FY24 guidance to $4.25-$4.35 EPS.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a buy rating in a research report 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 on the stock in a research report on Friday, July 12th. Robert W. Baird raised their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a research report on Wednesday, May 1st. Royal Bank of Canada raised their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a sector perform rating in a research report on Friday. Finally, Evercore ISI lowered their target price on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating on the stock in a research report on Wednesday, May 1st. 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, Fortune Brands Innovations has an average rating of Hold and an average target price of $83.11.

Fortune Brands Innovations Stock Performance

NYSE:FBIN traded up $6.57 during midday trading on Friday, reaching $78.74. The stock had a trading volume of 3,359,184 shares, compared to its average volume of 1,580,916. The firm has a fifty day simple moving average of $68.23 and a two-hundred day simple moving average of $74.83. Fortune Brands Innovations has a 12-month low of $54.10 and a 12-month high of $84.92. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. The stock has a market cap of $9.85 billion, a P/E ratio of 24.08, a P/E/G ratio of 2.40 and a beta of 1.52.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.12 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 23.10%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS. On average, equities analysts expect that Fortune Brands Innovations will post 4.26 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

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

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.