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

Fortune Brands Innovations (NYSE:FBIN) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 4.170-4.230 for the period, compared to the consensus EPS estimate of 4.280. The company issued revenue guidance of $4.6 billion-$4.7 billion, compared to the consensus revenue estimate of $4.8 billion.

Fortune Brands Innovations Stock Performance

Shares of Fortune Brands Innovations stock traded down $1.38 during trading hours on Wednesday, hitting $84.22. 2,315,095 shares of the company were exchanged, compared to its average volume of 1,176,922. Fortune Brands Innovations has a 1 year low of $59.72 and a 1 year high of $90.54. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The business has a 50-day moving average of $84.88 and a 200-day moving average of $76.20. The stock has a market capitalization of $10.45 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 2.64 and a beta of 1.51.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 27.20%.

Analysts Set New Price Targets

FBIN has been the subject of several research analyst reports. 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. Truist Financial raised their price target on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. BMO Capital Markets boosted their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. Robert W. Baird boosted their target price on Fortune Brands Innovations from $82.00 to $94.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, JPMorgan Chase & Co. upped their target price on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Fortune Brands Innovations currently has an average rating of “Hold” and an average price target of $90.20.

Fortune Brands Innovations Company Profile

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.